VANCOUVER, British Columbia and Aliso Viejo, Calif., February 13, 2023 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corporation (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) PowerTap and its subsidiaries Provides an update on the activities of the company, PowerTap Hydrogen Fueling Corp.
Further to the company’s press release on November 23, 2022, PowerTap Hydrogen Fueling Corp., together with PowerTap’s technology partner T2M Global, has advanced engineering and supply chain validation of the PowerTap Gen3 Modular Hydrogen Production and Dispensing Unit (MHPDU). PowerTap plans to install light-duty and heavy-duty fuel cell electric vehicles (FCEVs) hydrogen (H)2) fueling stations by 2024. As part of T2M Global’s progress on PowerTap’s Gen3 unit supply chain and technology validation, T2M has made significant progress toward finalizing a compression partnership that will increase station uptime from the currently unacceptable 40% to 65% uptimes. Will improve a lot. current h2 fuel stations (using h2 produced offsite) in California. T2M and compression partner finalizing details to provide near 100% uptime to enhance H2 FCEV ownership experience. In addition, T2M has been instrumental in supporting the corporate development PowerTap has engaged with potential industry partners, including potential station partners, vehicle OEMs, industry consortium partnerships, and government funding in the USA and internationally.
As announced in the Company’s press release dated February 8, 2023, PowerTap has selected Mr. Salim Rahmatullah, former President of the USA subsidiary, PowerTap Hydrogen Fueling Corp. (“USA Subsidiary”) as the new CEO of the USA subsidiary. Appointed as Mr. Rahmatullah commented on the importance of PowerTap’s Gen3 Onsite Blue Hydrogen technology, “As the incoming CEO of the USA subsidiary, I am proud to announce the importance of PowerTap’s patented On-Site Blue Hydrogen (H) technology to the market. I am concentrating2) production solutions from the point of view of cost, carbon intensity, technology and reliability. What sets us apart from traditional compressed-store-dispense (CSD) stations (i.e., the way most H2 Fueling stations set up globally – off-site production of H2h’s shipping2 from tankers to stations and onsite storage and distribution) is that, first and foremost, we avoid h2 Transportation cost which also significantly reduces carbon intensity (CI) and increases reliability of H2 Supply that will lead to the required lower prices at the pump for FCEV customers. Secondly, with our renewable natural gas (RNG) feedstock (low to negative CI biogas or biomethane coming from dairy farms, cow and pig farms, food waste, landfills, etc.), we produce carbon neutral or negative carbon H .2, which is critical to our participation in the State of California’s Low Carbon Fuel Standard (LCFS) program. The USA subsidiary’s participation (if it qualifies) in the LCFS program will bring us significant revenue for 15 years based on our 1,250-kg h.2 capacity per day, even without the sale of h2 by distribution. Third, we believe PowerTap’s Gen3 solution will provide the lowest cost hydrogen available in California. Current retail hydrogen pricing in California is up to $27.50 per kg at the pump, down from $20/kg in 2020, prices for H are much higher2 That puts PowerTap in an excellent position to drive vehicle adoption and build market share in the market. PowerTap believes that in addition to being able to produce h2 At the lowest cost in California, our hydrogen production method is superior to green hydrogen (using electrolysis) produced using electricity from the power grid in California, due to the lack of a green power grid in most of the United States and the high cost of electricity . Mr. Rahmatullah further commented that, “I am thrilled to take on this position and lead PowerTap to create significant value for all of our stakeholders, while playing a huge role in decarbonizing our environment! “
About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on establishing hydrogen production and distributed fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third generation Blue Hydrogen product that will focus on the refueling needs of the automotive and long distance trucking markets that lack hydrogen fueling infrastructure.
www.powertapcapital.com
www.powertapfuels.com
PowerTap Hydrogen’s common shares are listed on the NEO exchange. Please see the company profile on the NEO Exchange website
PowerTap Contacts:
Raghu Kilambi [email protected]
+1 (604) 687-2038
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Notice Regarding Forward-Looking Information:
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to as “forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking statements, including without limitation, forecasts, estimates, expectations and objectives for future operations, are subject to a number of assumptions, risks and uncertainties, many of which are beyond PowerTap’s control. Some of the assumptions include, without limitation, development of hydrogen powered vehicles by automakers, market adoption of hydrogen powered vehicles, laws and regulations favoring the use of hydrogen as an alternative energy source, eligibility for carbon credits ( (including the availability of) credits, benefits, emissions reductions, offsets and allowances, as may be entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock, the Company’s ability to build the planned hydrogen fueling station network, the company’s ability to participate in California’s low-carbon fuel standard program, and the company’s ability to raise sufficient funds for its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, “expects”, “plans”, “estimates”, “believes”, “intends”, “estimates”, “projects”. Identified by words. , “potential” and similar expressions, or that events or conditions “will”, “will”, “might”, “might” or “must” be or be achieved. This press release contains, among other things, forward-looking statements relating to the timing and ability of the Company to complete any potential investments or acquisitions, if any, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to differ and, in some cases, be materially different from those anticipated by the Company and those described in the forward-looking information. contained in this press release.
Although the company believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available on the date such statements are made, future results, levels of activity and No assurance can be given. Achievements and such statements are not guarantees of future performance.
Forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as required by applicable securities laws, the Company makes no effort to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. assumes no liability, whether as a result of new information, future events or results, or otherwise.
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