TORONTO, Jan. 07, 2025 (GLOBE NEWSWIRE) — DiagnaMed Holdings Corp. (“DiagnaMed” or the “Company”) (CSE: DMED) (OTCQB: DGNMF), a leading innovator in hydrogen-producing technologies and artificial intelligence (AI) medical applications, proudly announces it has entered into a limited license and option agreement with the Texas Tech University System to commercialize a ground-breaking technology (WO2023044149A1) that produces hydrogen directly from petroleum reservoirs and natural hydrogen fields.
This proprietary technology, developed by Dr. Qingwang Yuan of the HOPE Group in Texas Tech University’s (https://www.thehopegroup.tech/) Edward E. Whitacre, Jr. College of Engineering, integrates hydraulic fracturing with electromagnetic wave heating to generate hydrogen from light oil, gas, and shale reservoirs, as well as a potential application for stimulating geologic hydrogen from ultramafic rock formation. With potential hydrogen production costs as low as $0.86 per kilogram1, the method aligns perfectly with the U.S. Department of Energy’s “Hydrogen Energy Earthshot” initiative to achieve $1/kg hydrogen production by 2031.
Fabio Chianelli, Chairman and CEO of DiagnaMed, commented: “This collaboration marks a significant milestone in our mission to drive innovation in hydrogen production. By transforming over 25,000 active oil and gas fields globally and repurposing 2-3 million abandoned wells in the United States, this technology not only meets global clean energy demands but also strengthens our commitment to a sustainable future. DiagnaMed is dedicated to enabling petroleum companies and natural hydrogen explorers to unlock untapped potential, reducing greenhouse gas emissions, and delivering cost-effective, carbon-zero hydrogen.”
A Transformative Opportunity for the Energy Sector
This first-of-its-kind technology redefines hydrogen production by speeding up hydrocarbon cracking, enhancing energy efficiency, and significantly reducing costs and carbon footprints. Backed by a Techno-Economic Analysis by Argonne National Laboratory1, it represents a sustainable alternative to conventional methods. Reusing existing oil and gas infrastructure further reduces costs, offering a competitive advantage to hydrogen producers.
As global hydrogen demand surges, with the market projected to grow from USD 262.13 billion in 2024 to USD 556.56 billion by 20342, DiagnaMed’s commercialization initiatives with Texas Tech’s pioneering technology positions it at the forefront of the clean energy revolution. Together, we are driving the transformation of the energy landscape and supporting the transition to a low-carbon economy.
About DiagnaMed
DiagnaMed Holdings Corp. (CSE: DMED) (OTCQB: DGNMF) is a leading innovator in hydrogen-producing technologies and artificial intelligence (AI) medical applications. Visit DiagnaMed.com.
For more information, please contact:
Fabio Chianelli
Chairman and CEO
DiagnaMed Holdings Corp.
Tel: 416-800-2684
Email: [email protected]
Website: www.diagnamed.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “will”, “may”, “expect”, “could”, “can”, “estimate”, “anticipate”, “intend”, “believe”, “projected”, “aims”, and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Company’s management’s discussion and analysis for the three and nine months ended June 30, 2024 (“MD&A”), dated August 22, 2024, which is available on the Company’s profile at www.sedarplus.ca. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
Footnote:
- Argonne National Laboratory: Technoeconomic Analysis and Life Cycle Analysis on the In-situ Hydrogen Production with Electro-magnetic Heating.
- Precedence Research: Hydrogen Market Size, Share and Trends 2024 to 2034. Accessed January 2, 2025.
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