Ahead Energy Corporation

Maintained and operated our R&D facility for current users and their projects. A previous Asset Retirement Obligation was partially reversed, based on an option to cancel period expiring with a facility user, who restarted the labs for fuel cell and electrolyzer membrane R&D. The building and its infrastructure are now being carried at a value consistent with a recent appraisal, and is held for sale to free up assets for R&D and demonstration projects, or to develop a smaller facility which is suitable for vocational training.

Member and board participation in the Ammonia Energy Association, a group which is supporting the use of ammonia as a carbon-free energy carrier made from hydrogen (from electrolyzers) and nitrogen (from air separation). An objective is to make AHEAD's facility available for system integration and demonstration of ammonia-based microgrid solutions.

Purge labs, scrapping or donating certain test stand equipment to Alfred University, in preparation for new facility user - for R&D and demonstration of low carbon technologies. Building may be sold or refinanced in 2023.