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CASCAIS, Portugal, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) ("Pulsar" or the "Company"), the helium project development company, is pleased to announce that its wholly owned Minnesotan subsidiary, Keewaydin Resources Inc., has signed an agreement (the “Agreement”) with Earthly Labs, a subsidiary of Chart Industries (NYSE: GTLS, market capitalisation approx. USD$7.1 billion), a leading supplier of industrial gas processing plant and equipment. The Agreement outlines a procurement roadmap, specific to Pulsar's needs, and facilitates access to advanced gas processing technologies, including helium and carbon dioxide capture, essential for servicing a potential production scenario at Pulsar's flagship Topaz project in Minnesota ("Topaz").
The Agreement sets out the following principal terms for how the parties could work together, which would be further detailed in a master services agreement to be entered into:
Pulsar would agree to purchase the Chart carbon capture solution to capture helium and CO2 from Topaz, allowing Pulsar to monetise these products, whilst also reducing its emissions
Under the terms of the agreement, Chart will complete engineering studies and provide helium and CO2 plant and storage recommendations for Pulsar
Thomas Abraham-James, President & CEO of Pulsar, commented: “We are thrilled to have signed an Agreement with Chart Industries, the gold standard when it comes to gas processing equipment. We look forward to working towards the signing of a master service agreement and utilising this impressive cutting-edge technology. This development is one of great significance for Pulsar, as it is in line with our commitment to realise production at Topaz whilst monetising both its helium and CO2products, all while reducing emissions. The additional benefit of Earthly Labs and Chart carrying out engineering studies means that we will reduce third-party costs, while reducing risk and time-to-value.”
Details of the Agreement
The Agreement states that Keewaydin Resources Inc. and Earthly Labs will work together to enter into a binding agreement under which Earthly Labs will sell its CiCi (Elm) carbon capture solution to Keewaydin Resources Inc. The CiCi (Elm) solution includes CO2 capture, purification and liquefaction technology, commissioning, and training.
Under the terms of the Agreement, Earthly Labs will complete an engineering study for a CO2 plant, which will include P&ID and heat, material balance and helium recoveries. Chart will provide recommendations on a helium plant design and CO2 storage tanks made in Minnesota.
About Chart Industries
Chart Industries is a leading global manufacturer of highly engineered equipment for the energy and industrial gas sectors, offering innovative solutions across the entire liquid gas supply chain. The company excels in developing cutting-edge technologies for gas processing, including helium liquefaction and carbon dioxide capture and utilisation.
Chart's acquisition of Cryo Technologies has significantly enhanced its capabilities in helium processing, enabling the company to provide complete solutions for liquefying, storing, distributing, and marketing helium, regardless of plant capacity. Their helium liquefaction systems utilise advanced vacuum cold box technology and proprietary processes to achieve unparalleled performance and quality. In the realm of carbon dioxide, Chart offers award-winning technologies through its Sustainable Energy Solutions (SES) and Earthly Labs acquisitions, capable of capturing CO2 emissions from hard-to-abate industries and converting them into purified, liquid CO2 for reuse or resale.
With a strong commitment to innovation, environmental responsibility, and a global presence spanning over 65 manufacturing locations, Chart Industries proves to be an invaluable partner in gas processing, offering comprehensive, efficient, and sustainable solutions tailored to meet the evolving needs of the industry.
About the Topaz Helium Project
The Jetstream #1 appraisal well was drilled at the Company’s Topaz Helium Project in Minnesota, USA in February 2024. The well successfully flowed helium-bearing gas to surface, with helium concentrations in the range of 8.7 – 14.5%. Following the successful drilling and testing of Jetstream #1, the Company intends to maintain momentum and has accordingly signed a new drilling contract with Capstar Drilling to deepen the well by approximately 500m to fully penetrate the entire interpreted helium-bearing zone. The rig is scheduled to commence drilling in December 2024 with all necessary site improvements and permits in place.
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly traded company listed on the AIM market of the London Stock Exchange and the TSX Venture Exchange with the ticker PLSR, as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each.
*OAK Securities is the trading name of Merlin Partners LLP, a firm incorporated in the United Kingdom and regulated by the UK Financial Conduct Authority.
Chart Industries Investor Contact: John Walsh SVP, Investor & Government Relations 770-721-8899 john.walsh@chartindustries.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
