FREDERICTON, New Brunswick--(BUSINESS WIRE)--Atlantic Hydrogen Inc. (AHI) announced today that it has filed for voluntary bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). Deloitte has been appointed trustee for the proceedings.
The Board of Directors of AHI made the decision to file after they determined it would be in the best interest of the company and its stakeholders. Consistent with proceedings of this nature, AHI’s directors have resigned and the employment of the management team and employees has been discontinued.
“It’s disappointing to take this step today, but we think the employees and many stakeholders of AHI have reason to be proud. In 2004, AHI was born out of a bold idea to create a revolutionary clean energy technology. While we were not able to take the idea all the way to commercialization, many people did tremendous work along this journey,” said Bill Stanley, Chairman of the AHI Board of Directors. “We give our deepest thanks to our talented employees who have stood by AHI through difficult times. We wish them the very best in their future pursuits.”
“AHI still believes in the vast potential of the CarbonSaver technology. Although progress has continued, we haven’t reached the point of the technology being commercially viable, which has limited our ability to attract additional funding,” said Mr. Stanley. “That’s why we feel this was the right thing to do.”
The key focus of AHI’s work has been to find an efficient, non-polluting way to decarbonize natural gas to generate hydrogen and carbon.
As part of the next steps, Deloitte will initiate a process to find a buyer for the assets of the company. The proceeds from the sale will be used as outlined in the Bankruptcy and Insolvency Act.
