Henderson, NV – December 15, 2019 — Dalrada Financial Corp. (OTC Pink: DFCO) announced today that is has acquired Scotland based low carbon, green energy company, Likido Limited. The move comes amidst the company’s accelerated strategic global expansion, along with adding capabilities to its already developed manufacturing and engineering solutions.
Likido manufactures high-temperature industrial heat pumps that provide heating and cooling without combustion. Likido aims to reset the world’s expectations for industrial heating and cooling by replacing traditional water heaters, steam boilers, chillers and cooling towers, and reduce energy consumption and carbon emissions by over 75%.
Likido technology provides one of the few recognized routes to achieving zero carbon emissions in the heating and cooling sector. Likido systems use a non-toxic, non-flammable, environmentally inert, CFC/HFC free “natural working fluid”. The technology is future-proof, enhancing the energy efficiency of both fossil and renewable power sources by only using 25% of the energy of traditional boilers and electric heaters. “Globally, the International Energy Agency (IEA) estimates that the heating and cooling sector could contribute the largest portion of carbon savings by 2030. Our partnership with Dalrada will fulfill our vision to maximize our potential together,” said Likido CEO Stuart Cox.
Likido estimates revenues of $250,000 for quarter ending December 30, 2019, including a short-list of Fortune 500 customers indicating desire to use Likido systems to reduce costs and environmental impact of their operations in 2020. Revenue forecasts for the company exceeds $4MM for fiscal year 2020.
The purchase is for 100% ownership of Likido LLC in exchange for Six Million One Hundred Eighteen Thousand (6,118,000) common equity shares of Dalrada Financial Corporation. Additional details of the transaction will be included in the MD&A for the three months ending December 30, 2019.
“Dalrada is in the business of discovering products and solutions for niche markets that align to our corporate strategy by offering innovation that meet unmet needs worldwide. Likido is a true innovator in the low carbon clean energy space, with a talented and experienced management team, and we are excited to help take it to the next level,” said Dalrada CEO Brian Bonar.
Likido is headquartered in Edinburgh with operations in Loanhead, along with other established locations in Hong Kong and Malaysia.
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About Dalrada Financial
Dalrada Financial Corp. (OTC Pink: DFCO) solves real-world problems by producing innovation-focused and technologically-centered solutions on a global level. Delivering next-generation manufacturing, engineering, and healthcare products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of financial capital. The company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure. For more information, please visit www.dalrada.com or call 1-858-283-1253.
About Likido Limited
Likido is an international technology company, developing advanced solutions for the harvesting and recycling of energy. Using its novel heat pump systems (patent pending), Likido is revolutionising the renewable energy sector with the provision of innovative modular process technologies to maximise the capture and reuse of thermal energy for integrated heating and cooling applications. With uses across industrial, commercial and residential sectors Likido seeks to provide cost savings and to minimise carbon emissions across supply chains. Likido’s novel technologies enable the effective recovery and recycling of process energy, mitigating against climate change and enhancing quality of life through the provision of low-carbon heating and cooling systems. For more information, please visit www.likido.net.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.