American Security Resources Corp (ARSC.OB) announced that the company has entered into a lease purchase agreement for a new industrial facility. This facility, 31,600 square feet, will be primarily used by their wholly owned subsidiary – Hydrogen Corp. Furthermore, this building is to be acquired from the Meigs County Community Improvement Corporation with a lease-purchase agreement funded by a low interest State of Ohio loan.
Benjamin Schafer, president of American Hydrogen and CTO of Hydra Fuel Cell, stated, “This building gives us the space we need to develop our processes for the large industrial applications we have identified. We will also be assembling and doing systems integration of HydraStax® fuel cells and ACE (ammonia-catalytic-electrolyzer) units.”
Bob Farr, President and COO of American Security, added, “In addition to this being a terrific deal for us, it gives us more that enough space for American Hydrogen’s needs, room for fuel cell assembly for Hydra and eventually we may even have a wind turbine assembly line here.”
American Security is a holding company actively seeking to acquire and develop clean energy technology. The Company’s Hydra Fuel Cell subsidiary has developed a high volume, mass producible hydrogen fuel cell. Additionally, the company’s American Hydrogen Corp. subsidiary is commercializing an inexpensive method to produce hydrogen from ammonia.
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