GenCell Ltd., (TASE: GNCL), the leading provider of hydrogen and ammonia to power solutions, in continuation from the Company's Immediate Releases dated February 23, 2021 and February 28, 2022 regarding its achievement of a significant scientific breakthrough in its innovative green ammonia synthesis development project and the announcement by TDK Corporation of its intention to exercise its right to continue to invest in the project, the Company today announces that the Company has made additional significant progress in the development process which has exceeded the initial expectations of the Company. GenCell's novel process synthesizes green ammonia directly from water at very low temperature and pressure in comparison to the traditional green ammonia production processes commonly carried out today around the world.
The Company is proud to announce that the Company in its laboratory has achieved experimental results demonstrating faradaic efficiency of 50% in its green ammonia production process. These results can be compared with faradaic efficiency of some 25% achieved when using the traditional method of green ammonia production. These results can be attributed to the development of new methods and techniques which overcome the most challenging steps in the nitrogen reduction reaction (NRR) process. GenCell's novel methods may eventually enable production of green ammonia at a cost lower than that of the alternative method currently in widespread use.
As part of the Company's long-term strategic plan to attain a significant competitive advantage in its field of activity in general and vis-à-vis the green ammonia production project in particular, and especially to protect its intellectual property, the Company plans to submit a patent application for this invention. Accordingly, the Company is currently evaluating the significance of the scientific and commercial implications derived from this key development.
In the framework of this project, the Company is devising a clean, energy-efficient method for producing green ammonia which could ostensibly offer an emission-free alternative to some 235 million tons of ammonia being produced each year by means of traditional processes involving pollutant carbon emissions, the value of which is estimated at some $100 billion. Green ammonia may serve as a central hydrogen carrier for the energy industry, as well as be a key component of fertilizers for agriculture and a key resource for maritime, aviation, semiconductors, and many other applications. The successful completion of this project may not only contribute to the Company's efforts to deliver revolutionary technology to the green ammonia market and to the attainment of ambitious zero carbon emission targets as defined by the U.N., but also increase the availability of green ammonia for a diverse range of applications. As of 2022, some 85% of the clean hydrogen projects announced worldwide involve shipping in the form of ammonia. According to IRENA, the projected demand for ammonia in 2050, diversifying from primarily maritime fuel to the growing market for hydrogen transport, is estimated to reach 688Mt.
Concludes Reshef, "We understand this scientific breakthrough to signify strong business potential and to reinforce our strong interest in advancing this project and moving forward with our technology development towards the next milestone. We are confident that the combination of this new technology together with our existing products will enable GenCell to offer the world a unique approach to the delivery of self-contained, green, grid-independent and resilient DER power solutions combining energy storage with on-site power generation to substantially change the face of our energy future - accelerating the transition to renewables while entirely eliminating the need for and expense of fuel transport."