Vancouver, British Columbia--(Newsfile Corp. - March 16, 2021) - VPN Technologies Inc. (CSE: VPN) (OTCQB: SRBBF) (FSE: 6GQ1) ("VPN Technologies", or the "Company") is pleased to announce the appointment of a new advisory team to provide guidance on near-term and future endeavors.
As the world looks for lower-carbon energy pathways, hydrogen has captured the attention of policy makers and investors alike. Governments around the world are releasing and executing hydrogen strategies that are facilitating venture capital formation and unleashing the power of private enterprise to enable expedited development of clean energy technologies. In December 2020, Canadian federal government seized this momentum by developing and launching a new Hydrogen Strategy for Canada, designed to be the cornerstone for global hydrogen deployment. Development of an at-scale, clean hydrogen economy is a strategic priority for Canada who is looking to diversify its future energy mix, uplift critical segments of the economy and achieve net-zero emissions by 2050.
VPN Technologies is pleased to welcome Enzo Cavaliere, P.Eng. and Sujit Sengupta BSc, MTech, DIIT, P.Eng. as advisors to the board of directors.
Enzo Cavaliere, P.Eng. is a diversified design engineering, construction and project management professional with over 23 years of experience in industrial gases. Enzo's extensive experience in plant design, production, liquefaction, compression and distribution of hydrogen infrastructure assets has led to successful installations in nearly every Canadian province, California, Texas, Monterrey Mexico, Belgium and Shanghai, China. Throughout his career, Enzo has forged numerous relationships critical to the supply of hydrogen technologies; renewables, electrolyzers, fuel cells, composite pressure vessels, methane reformer technologies, clean biofuels, and cryogenic energy storage to name a few. In light of his vast experience, Enzo founded 1008 Energy Inc., a private consultancy focused on hydrogen technologies and supply initiatives.
Sujit Sengupta BSc, MTech, DIIT, P.Eng. is an accredited, highly experienced chemical, cryogenic, process & electrical engineer who has led several successful green technology companies. Mr. Sengupta unites his experiences working across sectors to help large polluters integrate renewable energy with a focus on renewable and sustainable technologies. His dedicated work as a leading engineer and climate change expert has delivered several multi-million-dollar infrastructure projects including electric transit projects across North America.
Both Mr. Cavaliere and Mr. Sengupta offer a wealth of experience, knowledge and a personal network of industry experts that can provide valuable insight in identifying potential high growth business opportunities within their respective areas of expertise.
Globally, there are a wide range of long-term hydrogen related growth forecasts through 2050, with China, the EU, Japan, South Korea and California likely to be at the forefront of hydrogen adoption based on their current policy objectives and targets.
Recent findings suggest hydrogen could ultimately account for one third of global energy demand, with some calling for a potential $10 trillion market. The International Renewable Energy Agency (IRENA) believes hydrogen is perhaps best suited to meet 30% of global energy demand that is not readily decarbonized (even with electrification). Long-haul transport, city buses, rail, marine and aerospace are clear candidates for hydrogen adoption. The recently published Hydrogen Strategy for Canada details a path for the country to lead in innovation, intellectual property and industry. Canada has already surged to account for over 1/2 of fuel cells deployed in buses globally make use of Canadian powertrain technology.
Despite the rapid growth of electrification throughout the economy, roughly one-third of global energy related emissions come from sectors for which there are no economic alternatives to fossil fuels (IRENA, 2017). These emissions originate primarily from energy intensive industrial sectors and freight transport.
Currently the primary means of investing in the longer-term development of a hydrogen economy is through companies that provide fuel cells, electrolyzers and related equipment.
VPN Technologies President & CEO, Paul Dickson, stated, "It is our intention to employ the combined skills of our newly formed advisory team to identify opportunities and implement strategies outside of our current business scope. There is a movement underway to accelerate energy efficiencies in clean technologies, it's our fiduciary duty to include potential business opportunities that would be of benefit to our shareholders."
About VPN Technologies Inc.
VPN Technologies Inc. is a provider of Virtual Private Network (VPN) services to the retail market and SMEs.
The Company's flagship service is VPNLogix.com.
On Behalf of the Board,
President & CEO
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of VPN Technologies Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved, or disapproved the content of this press release.
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