Vision Energy New Dutch Subsidiaries
01.10.2023
JERSEY CITY, January 10, 2023 — via Globe Newswire — Vision Energy Corporation (OTCQB:VENG) (“Vision Energy” or the “Company”) announces the incorporation of new Dutch subsidiaries to accommodate strategic initiatives for prospective partners, operators and launching customers for its integrated Green Energy Hub development in North Sea Port of Vlissingen, the Netherlands.
The Company has incorporated “Vision Hydrogen BV” as a project development company to develop, own and operate the Company’s planned Ammonia Cracking Facility, for back-cracking imported green ammonia to hydrogen gas as a service. It is planned that the Ammonia Cracking Facility will integrate with the Company’s import, storage and handling terminal development in Vlissingen via a short pipeline enabling dedicated storage and handling capacity for imported green Ammonia feedstock, subject to additional studies and obtaining all requisite permits and approvals.
On December 2, 2022, the Company entered into a Memorandum of Understanding with Linde Engineering in connection with a mutual interest to participate in co-investment, development and operations associated with Hydrogen production through Ammonia back-cracking (please refer to Company News Release December 12, 2022). Vision Hydrogen BV plans to commence pre-feasibility, pre-development and initial permit preparation efforts in consultation with Linde Engineering to define the land area required for the facility, and to allocate suitable lands for detailed development and engineering.
The Company has also incorporated “Evolution Terminals Operating BV”, a dedicated operating entity to jointly own and operate logistics infrastructure under a joint operating agreement on behalf of the terminal in the event that the terminal’s tank storage assets are owned by more than one strategic equity partner, and “Evolution Terminals SPV II BV”, a special purpose vehicle to be utilized for joint ownership of specific storage assets with a strategic launching customer or partner.