DGAP-News: AmmPower Corp. Response to Inflation Reduction Act (2022) and Proposed Hydrogen Tax Incentives
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TORONTO, ON / ACCESSWIRE / August 17, 2022 / CSE:AMMP , OTCQB:AMMPF , FSE:601A / AmmPower Corp. (the "Company" or "AmmPower") announces that the Inflation Reduction Act of 2022 ( H.R.
DGAP-News: AmmPower Corp. / Key word(s): Miscellaneous AmmPower Corp. Response to Inflation Reduction Act (2022) and Proposed Hydrogen Tax Incentives 17.08.2022 / 15:30 The issuer is solely responsible for the content of this announcement. AmmPower Corp. Response to Inflation Reduction Act (2022) and Proposed Hydrogen Tax Incentives TORONTO, ON / ACCESSWIRE / August 17, 2022 / CSE:AMMP, OTCQB:AMMPF, FSE:601A / AmmPower Corp. (the "Company" or "AmmPower") announces that the Inflation Reduction Act of 2022 (H.R. 5376) (the "Act"), which was approved by the United States Congress and signed into law on August 16th, 2022, includes provisions that the Company believes will benefit owners of AmmPower's independent ammonia production systems, the IAMM™ units. The Act includes several provisions to incentivize clean energy and clean hydrogen production through deductible tax credits. These credits will offset the operating costs associated with the production of green hydrogen, and therefore green ammonia. The Company believes its IAMM™ units will meet the qualifications listed in the Act, enabling owners of IAMM™ units to take advantage of the proposed tax credits. Some of these qualifications include:
Today, ammonia production results in the creation of nearly 2% of all CO2 emissions due to the use of fossil fuels in traditional ammonia manufacturing processes. AmmPower anticipates that the Act will have the intended impact of accelerating the switch to green energy, especially in the production of green ammonia. Dr. Gary Benninger, AmmPower CEO and Executive Chairman, states, "we are pleased to see legislative support to accelerate the decarbonization of our economy. AmmPower is proud to be playing a role in initiatives that are so important to the future well-being of our world." On Behalf of the Board of Directors About AmmPower For More Information please visit www.ammpower.com, or contact AmmPower Investor Relations: +1 248-662-5565, [email protected] Forward-Looking Statements The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release. SOURCE: AmmPower Corp.
17.08.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | AmmPower Corp. |
Toronto, ON | |
Canada | |
EQS News ID: | 1422691 |
End of News | DGAP News Service |
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1422691 17.08.2022