PowerTap Provides Corporate Update
VANCOUVER, British Columbia and IRVINE, Calif., May 19, 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 Humboldt County in Northern California.
In the first half of May 2022, PowerTap Hydrogen Fueling Corp. staff and consultants, as well as an Andretti Group representative, appeared before the City of Fortuna Planning Commission for the public hearing to review the site design for the first Andretti station incorporating a PowerTap Gen3 modular blue hydrogen production and dispensing unit (MHPDU), to be located in Fortuna, in Humboldt County, California. The proposal for the site design, which consisted of proposed elevations, landscaping, building colors, and signage, was presented before the Planning Commission of the City of Fortuna for consideration.
The purpose of the public hearing was to review the site design and appearance of the hydrogen station to ensure that it is consistent with the city’s community design guidelines for that area of the community. With a 6-0 vote, Fortuna’s Planning Commission found that the proposed site design is compatible with the surrounding area, meets the criteria in the Fortuna Zoning Code, and will not be detrimental to adjacent property owners or the public at large. In finding that the approving the site design is in the public interest, the commission unanimously approved PowerTap’s site design. The approval was conditional upon a building permit application being submitted and approved prior to constructions, demonstrating compliance with the approved design review permit. A recording of the Planning Commission proceedings may be viewed at https://www.youtube.com/watch?v=xlYZKbG7am0.
With design review approval, the path is cleared for PowerTap to submit plans to the City of Fortuna to obtain construction and installation permits. Processing of these permits is expected to yield approvals in Q3/Q4 2022, with construction to follow.
PowerTap CEO Salim Rahemtulla commented, “The outcome of the Planning Commission hearing at the City of Fortuna has provided the PowerTap team with the momentum to speed the rollout of the PowerTap Gen3 units. The team is very excited to move forward with haste!”
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
+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 May 19, 2022