Investor Relations Report
TORONTO, Ontario, December, 2022 - As per the last quarter of 2022 we remain on schedule and within the budgetary allowances as we continue to make significant steps towards implementation of the hydrogen fueling network.
As development of the fueling system continues, we have advanced into configuration testing. This process involves using identical fueling units that all look the same and perform the same external function, providing pressurized fuel. Internally, we test different configurations and methods of generating, compressing and storing hydrogen. The data collected from these tests is critical to the Network Implementation Plan as it serves as a research-analytical foundation on which we make decisions regarding the locations of different types of fueling stations. As a result of multiple strategic partnerships with IBM, University of Toronto, and Toronto Metropolitan University, shareholders will be pleased to know that this critical research is completed at limited cost through the use of federal research funding. Beyond advancing our technology, these partnerships have resulted in the publishing of scientific literature involving chemical and mechanical engineering as it pertains to hydrogen-handling components.
We are also pleased to announce that our implementation team has begun the formal planning on the installation of the first station of the network. This station, once put online, will be the first Hydrogen Fuel Cell Vehicle fueling station in Ontario. Proposed locations are actively being discussed with officials from the City of Toronto, the City of Markham, and the Ministry of Economic Development. We expect to provide a further update in the second quarter of 2023.
For employees, associates and contractors of ProtonFuels, we expect to offer many new opportunities stemming from the launch of new programs from energy retrofits, to commercial energy solutions. For those interested in joining our incredible team of passionate innovators, a new recruitment round can be expected around late February, 2023.
In closing, as we prepare to embark on new year of challenges and successes, we would like to thank all that have been a part of this important process, we have made tremendous progress and significant advancements. We strive to continue the rapid and steady growth of the company, creating opportunities for our employees and shareholders all while providing an the innovative system that we need as we work towards a cleaner world.