PowerTap Provides Corporate Update
VANCOUVER, British Columbia and IRVINE, Calif., April 28, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to provide an update on its zoning application activities for its initial stations in Northern California, development, final engineering of its Gen3 modular blue hydrogen production and dispensing unit (“MHPDU”), and on the supply of renewable natural gas for our newly developed Gen3 units.
With some delays due to pandemic constraints, zoning approval is moving forward for the first Andretti station incorporating a PowerTap Gen3 MHPDU, located in Fortuna, in Humboldt County, California. The initial public hearing is scheduled for May 2022 and the PowerTap team is gearing up for full participation in the hearing. With zoning approval of the Fortuna station, the company anticipates construction and installation permits processing to yield approvals in Q3/Q4 2022, with construction to follow.
In reference to final engineering, PowerTap has engaged with T2M Global (“T2M”) to complete the final prototype engineering for manufacturing using the breadth of T2M’s technology development, commercialization, strategic advisory and business/supply chain development services. The T2M team has best in-class engineers with depth and significant expertise in hydrogen, specifically, the critical technical arenas of heat transfer, compression, and storage, as well as station deployment. T2M will work with our contract manufacturer, Capstone Green Energy, to develop and deploy a world class PowerTap manufacturing process in Capstone’s facilities.
Regarding PowerTap’s supply of renewable natural gas (“RNG”) or biomethane for production of hydrogen through the Gen3 MHPDU, the Company has established a non-binding letter of intent with an RNG vendor to provide supply of RNG through 2027 at very competitive pricing as it pursues its plan to deploy blue hydrogen MHPDUs across California and beyond. The RNG vendor has agreed, through its project partners, to provide RNG that would provide a total carbon intensity (“CI”) of zero or less in a blend of 41% RNG to 59% fossil fuel natural gas required to produce hydrogen through the Gen3. It is this blend of RNG that enables PowerTap to maximize the carbon credits it expects to earn via the State of California Low-Carbon Fuel Standard (“LCFS”) program.
PowerTap CEO Raghu Kilambi commented, “We continue to make progress in our goal to build the PowerTap hydrogen highway.”
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. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
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.
Tyler Troup, Circadian Group IR MOVE@circadian-group.com
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 timing of and likelihood of the success of the zoning application; the timing for the completion of the MHPDU prototype; the availability of the supply of RNG; the global addressable market for hydrogen; the renewable energies sector and the Company’s future plans. 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.
Released April 28, 2022