Vortex Energy’s Collaboration with the University of Alberta Receives MITACS/NSERC Funding of $1.08 Million
November 07 2024 - 8:00AM
Vortex Energy Corp. (CSE:
VRTX | OTC:
VTECF | FRA:
AA3)
(“
Vortex” or the “
Company”) is
pleased to announce its collaboration with the University of
Alberta (“
UofA”) on the research project titled
“Assessing and optimizing hydrogen storage in Canadian domal and
bedded salts" has received additional funding. The research project
aims to improve hydrogen storage efficiency, safety and scalability
within Canada’s geological formations.
The research project has received funding from
the Natural Sciences and Engineering Research Council of Canada
(“NSERC”) through the Alliance Missions Grants for
Critical Minerals Research. NSERC has committed $720,000 of funding
over a four-year period, which began on October 15, 2024. The
research project has also received funding from MITACS Accelerate
in a total amount of $360,000, which will be allocated to support
salaries for interns and students involved in the research project.
Vortex will closely collaborate with the UofA team by providing
field data, samples, personnel time, and facilitating regular
visits to its property in Newfoundland and Labrador.
“We’re excited to see this critical research
move forward, as we believe that it has the potential to unlock
safer and more efficient hydrogen storage options in Canada,” said
Paul Sparkes, CEO of Vortex Energy. “By supporting this project,
Vortex hopes to assist in the advancement of sustainable energy
infrastructure capable of paving the way for scalable, long-term
energy solutions that can contribute to Canada’s clean energy
future.”
Dr. Hassan Dehghanpour, Professor and Co-Director at the School
of Petroleum Engineering and Senior Research Chair in Subsurface
Energy Systems at the University of Alberta, commented, "This
partnership among U of A, federal and provincial funding agencies,
and industry partners across Canada has fostered a collaborative
environment for training highly qualified personnel and advancing
hydrogen storage science and technology from lab to field
scales."
About Vortex Energy Corp.
Vortex Energy Corp. is a Canadian mineral
exploration company focused on identifying and developing
high-quality assets in North America. The Company is focused on
leveraging its assets for salt mining, energy and CO₂ cavern
storage. The Company is holding a North American Salt project with
multiple salt structures identified on the property with access to
infrastructure.The Company is also currently advancing its Fire Eye
Uranium Property in the Athabasca Basin, a region globally renowned
for its uranium deposits.
For further information, investors are
encouraged to review the Company’s filings available at
www.sedar.com.
On Behalf of the Board of Directors
Paul Sparkes CEO, Vortex Energy Corp.+1 (778)
819-0164info@vortexenergycorp.com
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words “could”, “intend”, “expect”, “believe”, “will”,
“projected”, “estimated” and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company’s
current beliefs or assumptions as to the outcome and timing of such
future events. In particular, this press release contains
forward-looking information relating to, among other things, the
aim of the research of the U of A, the planned phases and timing of
this research and the expected outcomes of this research, including
the Company’s belief that the research has the potential to unlock
safer and more efficient hydrogen storage options in Canada and
advance sustainable energy infrastructure capable of paving the way
for scalable, long-term energy solutions that can contribute to
Canada’s clean energy future; the Company’s intention to provide
field data, samples, personnel time, and site access to support the
U of A’s research; and the receipt by the U of A of the total
amount of the funding which has been allocated by MITACS and
NSERC.
Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information, including, in
respect of the forward-looking information included in this press
release, assumptions regarding the Company’s partnership with the U
of A, including that the collaboration will be carried out in
accordance with the collaborative research sponsorship agreement on
the timeline currently anticipated and that the collaboration will
be successful in achieving its stated objectives; and that the U of
A will receive the entire amount of the funding allocated by MITACS
and NSERC.
Although forward-looking information is based on
the reasonable assumptions of the Company’s management, there can
be no assurance that any forward-looking information will prove to
be accurate. Forward looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such factors include,
among other things, the risk that the Company’s collaboration with
the U of A may not yield the anticipated benefits, including that
the Company’s collaboration with the U of A may not be carried out
pursuant to the collaborative research sponsorship or on the
timeline currently anticipated, or at all; risks related to the
development of the hydrogen and hydrogen storage markets, including
that these markets may not grow and develop as anticipated, as a
result of industry specific trends and events, global economic
trends and events or otherwise, and may experience downturns; and
the risk that the entire amount of the funding from MITACS and
NSERC may not be received by U of A, whether as a result of actions
by the Company, the U of A, MITACS or NSERC. The forward-looking
information contained in this release is made as of the date
hereof, and the Company not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing
statements expressly qualify any forward-looking information
contained herein.
The Canadian Securities Exchange (CSE) has not reviewed,
approved, or disapproved the contents of this press release.
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