VANCOUVER, British Columbia and ALISO VIEJO, Calif., Feb. 13, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) provides an update on the activities of PowerTap and its subsidiary, PowerTap Hydrogen Fueling Corp.
Further to the Company’s press release on November 23, 2022, PowerTap Hydrogen Fueling Corp., in conjunction with T2M Global, PowerTap’s technology partner, have further progressed the engineering and supply chain validation of the PowerTap Gen3 Modular Hydrogen Production and Dispensing Unit (MHPDU) in PowerTap’s plan to establish light-duty and heavy-duty fuel cell electric vehicle (FCEV) hydrogen (H2) refueling stations by 2024. As part of T2M Global's progress on supply chain and technology validation of PowerTap's Gen3 unit, T2M has made significant advancement towards finalizing a compression partnership that would substantially improve station uptimes over the current unacceptable 40% to 65% uptimes of existing H2 fuel stations (using H2 produced offsite) in California. T2M and the compression partner are finalizing the details to provide near 100% uptimes to enhance the H2 FCEV ownership experience. In addition, T2M has played in critical role in supporting corporate development in which PowerTap has been engaged with potential industry partners including possible station partners, vehicle OEMs, industry consortium partnerships and for government funding, both in the USA and internationally.
As announced in the Company’s press release on February 8, 2023, PowerTap appointed Mr. Salim Rahemtulla, previously President of the USA subsidiary, PowerTap Hydrogen Fueling Corp. (“USA subsidiary”), as new CEO of the USA subsidiary. Mr. Rahemtulla commented on the importance of PowerTap’s Gen3 onsite blue hydrogen technology, “As incoming CEO of the USA subsidiary, I am focused on communicating to the market the importance of PowerTap’s patented on-site blue hydrogen (H2) production solution from a cost, carbon intensity, technology, and reliability standpoint. What differentiates us from the traditional Compress-Store-Dispense (CSD) stations (i.e., the way that most all H2 fueling stations are set globally - off-site production of H2, shipping of H2 in tankers to stations and onsite storage and dispensing) is that, first and foremost, we avoid H2 transport costs which also significantly decrease carbon intensity (CI) and increase the reliability of H2 supply which will lead to needed 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 H2, which is critical to our participation in the State of California’s Low Carbon Fuel Standard (LCFS) program. The USA subsidiary's participation in the LCFS program (if it qualifies) will bring us significant revenue for 15 years based on our 1,250-kg H2 per day capacity, even without sales of H2 from dispensing. Thirdly, we believe that PowerTap’s Gen3 solution will deliver the lowest cost hydrogen available in California. With current retail hydrogen pricing in California ranging up to $27.50 per kg at the pump, from under $20/kg in 2020, prices are too high for H2 vehicle adoption and puts PowerTap in an excellent position to 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 in California using electricity from the electricity grid, due to a lack of a green electricity grid across most of the USA and high electricity costs.” Mr. Rahemtulla further commented that, “I am thrilled to take this position and lead PowerTap to create significant value for all our stakeholders, while playing a large part 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 installing hydrogen production and dispensing 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-haul trucking markets that lack hydrogen fueling infrastructure.
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth
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Notice Regarding Forward Looking Information:
This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of PowerTap. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the qualification for carbon credits (including the availability of credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock the Company’s ability to build out its 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 to fund its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, 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 vary and, in some instances, to differ materially from those anticipated by the Company and 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 to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
The 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 may be required by applicable securities laws, the Company does not undertake any obligation 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, whether as a result of new information, future events or results, or otherwise.