AmmPower Corp. (OTCQB: AMMPF) (CSE: AMMP) is engaged as a resource exploration company, which is focused on expanding clean energy solutions. The company owns and operates several lithium exploration and development properties across Canada. Shares of the renewable energy company are rallying 27% through early trading on Monday, January 31, 2022. Over the past three months, AmmPower has seen average daily volume of 267,259 shares. However, volume of 312,525 shares or dollar volume of around $146,902, has already exchanged hands through early trading Monday.
Shares of AmmPower Corp. are gaining after the company announced that it has entered into a letter of intent to develop a green ammonia & hydrogen facility at the Port of South Louisiana. The planned facility will be able to produce, store, and distribute “green” ammonia for use as a carbon-free fuel. Based on future feasibility studies conducted, the planned facility could produce up to 4,000 tones of green energy ammonia and hydrogen.
The company’s positioning at the Port of South Louisiana (POSL) is ideal for its green energy operation. POSL is one of the most significant energy trade hubs in the Western Hemisphere, which services over $57 billion worth of exports and $18 billion in imports each year.
“This is truly an incredible step for AmmPower. We have known since the inception of this company that green ammonia was the future of the shipping industry & green energy movement. Striking such a formative deal with one of the largest ports in the world is validation of that vision. We could not be more fortunate to work with the incredible people at Port of South Louisiana, one of the largest tonnage ports in the western hemisphere. This initiative allows the Port of South Louisiana, being the largest energy transfer port in the United States, to move towards green hydrogen and ammonia in a robust manner. Indeed, POSL is not only one of the largest ports in the world, but will now have the infrastructure to support any oceangoing vessels that require green ammonia for fuel. AmmPower looks forward to working closely with the Port of South Louisiana to help become industry leaders in the transition to green energy within the maritime industry,” states CEO of AmmPower, Gary Benninger.
Disclosure: Neither Spotlight Growth nor its officers have any position or relationship with any companies mentioned in this article, but may choose to initiate a position at any time. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.