dynaCERT is investing $17.5m in Cipher Neutron as part of a wide-ranging collaborative R&D partnership to develop green hydrogen and AEM electrolyser technology.
Under the agreement, dynaCERT plans to invest via common share options at various prices granted by Cipher Neutron and may exercise such options at various expiry dates up to July 31, 2025, providing up to a 50% ownership based on current shares outstanding on an undiluted basis.
dynaCERT has committed to exercise options in amounts ranging up to 50% of the net proceeds of any equity financing up to a maximum of $5m at “favourable seed capital exercise prices” of Cipher Neutron equity. When dynaCERT exercises such options, it may own 25% of the technology company on an undiluted basis.
The proceeds will help develop an International Hydrogen Research & Development facility in the Greater Toronto Metropolitan area, which will enable the development of AEM250 Kilowatt Electrolysers, and establish the necessary Production and Quality Control facilities for the company’s line of Reversible Fuel Cell models, and AEM Electrolyser models.
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