The Minister of Economic Development and Investments of RA Suren Karayan and CEO of Solar Hydrogen Holding Kirill Gichunts signed a Memorandum of Understanding.

The purpose of the Memorandum is to start the cooperation for possible establishment of the Consortium for Research and Production of Hybrid Alternative Energy Sources (CRPHAE).

CRPHAE will be led by the Ministry of Economic Development and Investments of RA in efforts to support promotion of clean energy production with the use of Photovoltaic (PV) and the Hydrogen Generator by Solar Hydrogen Holdings Inc. to any country that is interested to produce clean electricity non-stop 365 days per year or to power any mode of transport with clean fuel. CRPHAE will offer greenhouse-gas-free clean energy solutions with costs and flexibility on par and cheaper than fossil fuels. The Ministry of Economic Development and Investments of RA or the consortium will offer countries clean energy solutions by CRPHAE.

The Ministry of Economic Development and Investments of RA will support the formation of CRPHAE and will assist in promotion of CRPHAE to other countries and its sustainable growth. . This will include the Ministry of Economic Development and Investments of RA to act as a platform to establish contact with other countries and the private sector. The Parties aim to support the production of any components of CRPHAE systems.

Solar Hydrogen Holdings Inc. will provide the resources needed to promote CRPHAE to other countries and to ensure its success. The cost of electricity and fuel is reduced by at least 50%.

CEO of Solar Hydrogen Holding Kirill Gichunts mentioned, “The Memorandum signed with the Ministry of Economic Development and Investments of RA is a necessary step to spread widely this important technology. We can give clean energy to the whole world. We, the founders of the company are Armenians and we want to somehow be grateful to our motherland. Besides, making investment in Armenia is right, because very smart people work here.

Deputy Minister of Economic Development and Investments of RA Hovhannes Azizyan mentioned, that activity has been carried out with the company, the prospect of cooperation has been developed the result of which is this Memorandum. “Our goal is to support the implementation of this technology and create an opportunity for it to start operating in Armenia,” mentioned Hovhannes Azizyan.