--News Direct--
Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company") is pleased to announce that its UK subsidiary, iRed Ltd, has signed a contract for monthly recurring inspections to detect fugitive methane leaks at 14 water treatment facilities across the northwest of the United Kingdom.
According to “Faster and Further: Canada’s Methane Strategy,” Sept. 2022, Methane is a potent greenhouse gas with 25 times more global warming potential than carbon dioxide over a 100-year period. Fugitive methane emissions occurring due to leaks, loose valves, or venting of methane gas results in the loss of valuable energy, increased costs, and damage to the environment. Optical gas imaging (OGI) visualizes a narrow band of the infrared spectrum allow the identification of methane and other hydrocarbon gases which may otherwise be invisible to the naked eye.
Under the terms of the 12-month contract, iRed® will conduct remote analysis of infrastructure at water treatment facilities across the northwest UK using Optical Gas imaging cameras.
“This is a very strategic win,” said Glen Lynch, CEO of Volatus. “In Canada, gas leak detection for the oil and gas industry is already a major line of business for our Synergy Aviation subsidiary. The added capability of Optical Gas Imaging is expected to open new doors with our existing oil and gas customers as well as create new opportunities in the North American waste management sector. In parallel, iRed® can leverage the strength of our Oil and Gas expertise to generate new opportunities in that sector in the UK.”
Ray Faulkner, President of iRed® added, “The production of methane is a natural part of the waste treatment process. Methane gas is captured and used for bio-energy production and carbon capture. iRed is a specialist in fugitive gas detection, mitigation, and inspection. But capturing that data is only half the story, we turn data into actionable reports for stakeholders such the Environment Agency to whom the operators are responsible. The potential for us is significant.”
According to Deloitte, for the UK to progress towards net zero by 2050 they need to dramatically increase use of renewable and other low carbon energy sources. Incinerating waste, including biomass, is considered renewable energy that reduces overall emissions compared to letting the waste go into a landfill. Energy generation falls when the wind stops blowing and the sun goes down, but Biomass incineration can provide renewable baseload power. Research undertaken by The University of Manchester suggests that the UK “has the potential to generate up to 44% of its energy from biomass sources, including household waste, agricultural residues, and home-grown biofuels by 2050.”
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
Forward-Looking Information
This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified 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 and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the business plans and expectations of the Company; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; and meeting the continued listing requirements of the TSXV. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Source: Volatus Aerospace Corp.
TSXV: VOL
Contact Details
Rob Walker
+1 579-977-5066
rob.walker@volatusaerospace.com
Company Website
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