HyperSolar, Inc. (OTC: HYSR), has just disclosed in a press release that it has gotten into a Memorandum of Understanding (MOU) with Cascadia Energy Technologies.
This pact creates a synergistic relationship between both companies towards the advancement in both the company’s interests. The alliance will be focused on potential renewable energy undertakings and ongoing business development for HyperSolar.
HyperSolar is the inventor of a groundbreaking technology that produces renewable hydrogen through sunlight and any water.
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It is expected that this new development could positively influence the price of the HYSR. But, the stock is currently trading near the year’s low at $0.0056 as a result of the growing concerns over the coronavirus outbreak.
HyperSolar Believes Cascadia Can Help Find Pilot Plant Sites
The Chief Executive Officer of HyperSolar, Tim Young, asserts that the alliance with Cascadia is going to be a long-term relationship. He explains that both companies share core values and goals as regards the production of green energy, specifically focusing on green hydrogen.
He added that their short-term goal with Cascadia is to locate suitable sites for HyperSolar’s pilot plants. On the other hand, their long-term goal will be to take advantage of Cascadia’s formidable team, contacts, and external relationship to proliferate its technology to a wider audience.
John Gentile, the President of Cascadia, also expressed his excitement for the new alliance, saying that it is a massive step towards spreading the adoption of green energy across the globe. Young added that with Cascadia’s connections, HyperSolar was more likely to raise the necessary funds quicker.
Cascadia is on a mission to produce 100% clean, renewable fuel and energy from local resources to stimulate Zero Emission Heavy Vehicle (ZEV-Heavy) mobility. It is working towards the realization of this mission by supporting Local Fuels “ecosystems,” which will lead to a smooth transition, over time, to a renewable energy future.
The MOU includes a confidentiality agreement which regulates the exchange of information and secures trade secrets of each entity.