Aberdeen International Inc. (TSX:AAB, FR:A8H, OTC:AABVF) Reinforces Low-Carbon Energy Investment Focus With Appointment of Christopher Younger as Chief Executive Officer
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- Consistent with Aberdeen’s pivot in clean energy, the Board of Directors has appointed Christopher Younger to lead the company’s cleantech investment strategy
- Mr. Younger joins Aberdeen from one of the world’s largest ammonia producers, where he was responsible for building out the company’s innovation and sustainability strategies
- Under a net-zero carbon scenario, CO2 emissions would need to fall by ~45% from 2010 levels by 2030¹; hydrogen/ammonia technologies have potential to be a key enabler
TORONTO, April 22, 2021 (GLOBE NEWSWIRE) -- Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB F:A8H, OTC: AABVF) is pleased to announce the appointment of Christopher Younger as Chief Executive Officer of the Company.
Mr. Younger brings diverse experience in business development and most recently played a key role in formulating strategic options to reduce the carbon footprint of the world’s third largest nitrogen producers. Mr. Younger held various positions in the Corporate Development & Strategy group at Nutrien Ltd. (NYSE:NTR; TSX: NTR) – and previously, PotashCorp - where he worked on multi-billion dollar transactions that ultimately transformed two of the world’s largest agricultural and industrial producers into a vertically-integrated global platform servicing agricultural, industrial and feed customers. Mr. Younger holds a BA from Trinity College, University of Toronto and an MBA from The Schulich School of Business at York University.
“We are delighted to have Chris join Aberdeen to lead the next phase of growth. Chris brings a critical strategic lens that fortifies our technical bench-strength in low-carbon hydrogen and ammonia technology,” stated Mr. Stan Bharti, Chairman of Aberdeen. “Our platform investment in AES-100 provides the foundation for Aberdeen’s clean fuel portfolio, which Chris will be acutely focused on building out.”
Aberdeen’s recently announced diversification into clean energy comes as the world faces mounting pressure to dramatically lower carbon emissions. The International Energy Agency’s modeling indicates that power sector emissions need to decline by 60% and CO2 emissions from end uses must fall by 33% from 2019 to 2030 to achieve a net-zero emissions scenario². Aberdeen recognizes that such material changes in global emissions output can only be achieved with investment in novel technologies, digitalization and renewable power sources. Improvements in the emissions intensity of power and industrial production is of critical importance and is a key near-term focus of Aberdeen’s AES technology development to recover hydrogen from dilute syngas, which can then be used as a clean fuel for power production and transportation applications.
“Estimates point to a $2.5 trillion market for hydrogen as a clean energy source, with the use of ammonia as both a direct fuel and as an efficient hydrogen carrier. Technology is a key enabler and our objective is to position Aberdeen to help unlock the immense potential in this space,” said Mr. Younger.
Mr. Younger replaces Stan Bharti as the Chief Executive Officer. Mr. Bharti will remain a key advisor to the Company.
¹ International Energy Agency estimates, 2021; https://www.iea.org/reports/world-energy-outlook-2020/achieving-net-zero-emissions-by-2050² Ibid
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals and renewable energy sectors. AES-100 Inc., an Aberdeen portfolio investment, owns the exclusive rights and all intellectual property pertaining to T2M Global’s Advanced Electrolyzer System (AES-100) for the production of hydrogen from dilute syngas.
For additional information, please visit our website at www.aberdeen.green.
For further information, please contact:
Ryan Ptolemy Chief Financial Officer Aberdeen International Inc. firstname.lastname@example.org +1 416-861-5882
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the appointment and resignation of officers of the Company; and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.aberdeen.green/. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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