MOLECULAR ENERGIES PLC (Alliance News) - Molecular Energies PLC on Thursday said it launched a new joint venture with dual fuel technology business G-volution.
As part of the joint venture, the Leeds, England-based energy company has formed Dual Fuel Ltd for its Green House Capital division.
Molecular Energies said Dual Fuel has been incorporated to provide an engineering to implementation solution for the conversion of commercial diesel engines to run on a diesel and hydrogen mix.
The business will provide engineering solutions using G-volution's proprietary technology to convert existing commercial road and off-road vehicles, as well as barge transport to run on a mix of diesel and green hydrogen.
Dual Fuel aims to have its first prototype of converted dual fuel vehicles in the field by the end of 2023.
The initial lead market will be Paraguay, which Molecular Energies said is due to the favourable strategic and commercial environment, and the availability of green hydrogen fuel for mobility from Atome Energy PLC, in which Molecular Energies is one of the largest shareholders.
"Dual Fuel aims to provide a quick and cost-effective solution to users across the spectrum who want to make a meaningful contribution to reduction of emissions now, whilst at the same time keeping their existing vehicles on the road with the flexibility that dual fuel use will provide," Chair Peter Levine said.
Molecular Energies shares were up 4.6% to 146.50 pence on Thursday morning in London.
By Jaskeet Briah, Alliance News reporter
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