(NewsDirect)
Volatus AerospaceCorp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "theCompany") is pleased to announce that its UK subsidiary, iRed Ltd,has signed a contract for monthly recurring inspections to detectfugitive methane leaks at 14 water treatment facilities across thenorthwest of the United Kingdom.
According to “Faster and Further: Canada’sMethane Strategy,” Sept. 2022, Methane is a potent greenhouse gaswith 25 times more global warming potential than carbon dioxide over a100-year period. Fugitive methane emissions occurring due to leaks,loose valves, or venting of methane gas results in the loss ofvaluable energy, increased costs, and damage to the environment.Optical gas imaging (OGI) visualizes a narrow band of the infraredspectrum allow the identification of methane and other hydrocarbongases which may otherwise be invisible to the naked eye.
Under the terms of the12-month contract, iRed® will conduct remote analysis ofinfrastructure at water treatment facilities across the northwest UKusing Optical Gas imaging cameras.
“This is a very strategic win,” said GlenLynch, CEO of Volatus. “In Canada, gas leak detection for the oiland gas industry is already a major line of business for our SynergyAviation subsidiary. The added capability of Optical Gas Imaging isexpected to open new doors with our existing oil and gas customers aswell as create new opportunities in the North American wastemanagement sector. In parallel, iRed® can leverage the strength ofour Oil and Gas expertise to generate new opportunities in that sectorin the UK.”
RayFaulkner, President of iRed® added, “The production of methane is anatural part of the waste treatment process. Methane gas is capturedand used for bio-energy production and carbon capture. iRed is aspecialist in fugitive gas detection, mitigation, and inspection. Butcapturing that data is only half the story, we turn data intoactionable reports for stakeholders such the Environment Agency towhom the operators are responsible. The potential for us issignificant.”
According toDeloitte, for the UK to progress towards net zero by 2050 they need todramatically increase use of renewable and other low carbon energysources. Incinerating waste, including biomass, is consideredrenewable energy that reduces overall emissions compared to lettingthe waste go into a landfill. Energy generation falls when the windstops blowing and the sun goes down, but Biomass incineration canprovide renewable baseload power. Research undertaken by TheUniversity of Manchester suggests that the UK “has the potential togenerate up to 44% of its energy from biomass sources, includinghousehold waste, agricultural residues, and home-grown biofuels by2050.”
About Volatus Aerospace:
VolatusAerospace Corp. is a leading provider of integrated drone solutionsthroughout North America and growing into Latin America and globally.Volatus serves civil, public safety, and defense markets with imagingand inspection, security and surveillance, equipment sales andsupport, training, as well as R&D, design, and manufacturing.Through our subsidiary, Volatus Aviation, we are introducing green andinnovative drone solutions to supplement and replace traditionalaircraft and helicopters for long-linear inspections such as pipeline,energy, rail, and cargo services. Volatus is committed to carbonneutrality; the fostering of a safe, equitable and inclusiveworkplace; and responsible governance.
Forward-LookingInformation
This news release contains statements thatconstitute “forward-looking information” and “forward-lookingstatements” within the meaning of applicable securities laws,including statements regarding the plans, intentions, beliefs, andcurrent expectations of the Company with respect to future businessactivities and operating performance. Often, but not always,forward-looking information and forward-looking statements can beidentified by the use of words such as “plans”, “expects”,“is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes”or variations (including negative variations) of such words andphrases, or statements formed in the future tense or indicating thatcertain actions, events or results “may”, “could”,“would”, “might” or “will” (or other variations of theforegoing) be taken, occur, be achieved, or come to pass.Forward-looking information includes information regarding: (i) thebusiness plans and expectations of the Company; and (ii) expectationsfor other economic, business, and/or competitive factors.Forward-looking information is based on currently availablecompetitive, financial, and economic data and operating plans,strategies, or beliefs as of the date of this news release, butinvolve known and unknown risks, uncertainties, assumptions and otherfactors that may cause the actual results, performance or achievementsof the Company to be materially different from any future results,performance or achievements expressed or implied by theforward-looking information. Such factors may be based on informationcurrently available to the Company, including information obtainedfrom third-party industry analysts and other third-party sources, andare based on management’s current expectations or beliefs. Any andall forward-looking information contained in this news release isexpressly qualified by this cautionary statement. Investors arecautioned that forward-looking information is not based on historicalfacts but instead reflects expectations, estimates or projectionsconcerning future results or events based on the opinions, assumptionsand estimates of management considered reasonable at the date thestatements are made. Forward-looking information and forward-lookingstatements reflect the Company’s current beliefs and is based oninformation currently available to it and on assumptions it believesto be not unreasonable in light of all of the circumstances. In someinstances, material factors or assumptions are discussed in this newsrelease in connection with statements containing forward-lookinginformation. Such material factors and assumptions include, but arenot limited to: the commercialization of drone flights beyond visualline of sight and potential benefits to the Company; and meeting thecontinued listing requirements of the TSXV. Although the Company hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking information, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor intended. The forward-looking information contained herein is madeas of the date of this news release and, other than as required bylaw, the Company disclaims any obligation to update anyforward-looking information, whether as a result of new information,future events or results or otherwise. There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.Neither the TSXV nor itsRegulation Services Provider (as that term is defined in the policiesof the TSXV) accepts responsibility for the adequacy or accuracy ofthis news release.
Source: Volatus Aerospace Corp.
TSXV:VOL
Contact Details
Rob Walker
+1579-977-5066
rob.walker@volatusaerospace.com
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