LOS ANGELES, July 16, 2021 (GLOBE NEWSWIRE) — New Energy Ventures, LLC (“NEV”), a wholly owned indirect subsidiary of Foothills Exploration, Inc. (OTC: FTXP), signed a binding letter of intent with Perspectum Drone Inspection Services Ltd. (“PDIS”), to create and fund a new enterprise dedicated to developing and commercializing PDIS’s drone-based natural hydrogen and helium detection technology.
New Energy Ventures and PDIS will collaborate to jointly develop the early stage technology further, produce a working protype and refine the business model for commercialization. “It is important that we all do our part to help reach an energy efficient low carbon future. NEV plans to contribute to this mission by partnering with talented entrepreneurial management teams to develop technologies that will help protect our planet and reduce our carbon footprint,” said Tara Roberts CEO of New Energy Ventures, LLC.
“Perspectum is pleased and excited to collaborate with New Energy Ventures in the search for naturally occurring, native hydrogen – the only realistic approach to a net zero energy source. For the past two years, Perspectum has been developing drone-based/AI-driven, multi-sensor arrays for methane detection in the oil and gas industry allowing clients to meet the ever-increasing reporting and compliance requirements focused on greenhouse gas emissions. Developing a drone-based detection system to identify natural hydrogen emanations is a logical progression for our Company,” said Ty Pfeifer, CEO of Perspectum. “We obviously want to be on the leading edge of this rapidly growing trend and the synergies of the partners in this collaboration create a strong organization,” continued Pfeifer.
Hydrogen, the most abundant element on Earth, has become a key component of the global energy transition to zero-carbon energy and provides numerous opportunities for attractive financial returns. Hydrogen is also gaining unprecedented economic and political momentum globally as an alternative net-zero energy vector and a complement to the ‘electrify everything’ movement. Bank of America forecasts that the hydrogen industry is at a tipping point and headed to $11 trillion, with hydrogen production projected to see a 5000% increase by 2026. Global demand for clean and green energy continues to increase rapidly, coupled with the need to optimize production, and minimize greenhouse gas emissions. Energy companies will increasingly need to embrace the concept of clean tech by focusing on both the tools and processes to solve such challenges. The field of natural (or native) hydrogen exploration has recently emerged on the international stage as a potentially viable alternative production method with costs projected to be significantly lower than steam methane reforming (“grey hydrogen”) and electrolysis using renewable energy (“green hydrogen”).
Helium is the second-most abundant element on Earth but finding helium is incredibly challenging. Almost every known helium reserve was discovered by accident, and the helium produced was merely a byproduct of natural gas exploration and production. The United States has been the largest producer of helium since 1925, but production has slowed causing a shortage and driving up the cost of helium significantly. Recent prices for bulk helium reached $280/mcf and the current global market for bulk helium is estimated at USD $2.7 billion. Helium’s unique physical and chemical characteristic makes it a high-value, non-renewable commodity with numerous applications in critical fields of industry and technology. NEV plans to explore for new helium reserves utilizing its drone technology to assist in the effort to mitigate the global shortage.
About Foothills Exploration, Inc.
Foothills Exploration, Inc. (“FTXP” or the “Company”), is an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow. The Company’s strategy is to build a balanced portfolio of assets through two core initiatives. The first initiative is to generate high-impact oil and gas exploration projects. The second is to invest in hydrogen and geothermal projects for a low carbon future through its New Energy Ventures division by identifying areas where the Company can contribute to a viable, realistic, and balanced future energy mix. For additional information please visit the Company’s website at www.foothillspetro.com.
About Perspectum Drone Inspection Services Ltd.
Perspectum Drone Inspection Services, Ltd. (“PDIS”) is a Canadian company based in Calgary, Alberta. PDIS’ novel drone platform integrates AI with high resolution flight video, optical gas imaging cameras and leading-edge software to provide clients with superior post flight presentation, reporting and data storage.
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