PowerTap Hydrogen Provides Update On Its 49% owned subsidiary, Progressus Clean Technologies’ Exclusive IP
- Global Green Hydrogen market expected to reach US$72 Billion by 2030(4) with growth anticipated at a 54.7% CAGR between 2021 and 2028(3)
- Progressus’ advanced electrolyzer system (AES) intellectual property shown to provide up to 70% energy cost savings relative to conventional electrolyzer technologies
- Progressus’ AES intellectual property capable of extracting and producing hydrogen from blended natural gas streams that are becoming prevalent in projects around the globe
- Since 2020, there have been more than two dozen hydrogen injection projects announced in the United States
- Major utilities from around the globe such as SoCalGas, CenterPoint Energy, Enbridge, ATCO Gas, Snam SpA, Enagas S.A., and Open Grid Europe are actively working on projects to inject hydrogen into their natural gas grids, thus increasing the availability of green power and ensuring energy security for the future
VANCOUVER, British Columbia and IRVINE, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) ("PowerTap" or the "Company" or "MOVE") is pleased to provide an update and details on Progressus Clean Technologies Inc.'s ("Progressus") exclusive intellectual property. PowerTap is a 49% owner of Progressus.
As announced on June 23, 2022, Progressus executed a Letter of Intent ("LOI") with BioQuest Corp (OTC:BQST) by which BioQuest will acquire up to 100% of the issued and outstanding shares of Progressus. Progressus owns the rights to exclusive intellectual property that can enable the extraction of dilute amounts of hydrogen, at high purity, from a variety of different gas streams – often called "syngas". Utilizing its unique cell design, fabrication, and membrane technology, oxygen free electrolysis is possible at industry leading efficiencies with an improved safety profile.
Within the industry today, water electrolysis is the norm for hydrogen production. This traditional technology generally requires 40 - 50 kWh of electricity per kilogram of hydrogen produced(1). With Progressus’ AES technology, hydrogen can be produced for a variety of gas streams utilizing hydrogen that is present in small amounts, often wasted today, with less than 15 kWh of electricity required to produce each kilogram of hydrogen(2). Using these numbers as an illustration, AES technology can provide up to 70% energy savings for each kilogram of hydrogen produced. This has the potential to result in billions of dollars in savings for the global hydrogen economy.
With almost unprecedented levels of potential growth in the global green hydrogen market at a 54.7% compound annual growth rate between 2021 and 2028(3), the market is expected to reach US$72 Billion by 2030(4). One of the most active spaces for hydrogen storage and utilization is within the existing natural gas infrastructure available around the globe. This solution has the potential to solve the complicated question of how to store green energy and hydrogen for utilization during off peak periods and/or during demand spikes.
Since 2020, there have been more than two dozen hydrogen injection projects announced in the United States alone with companies such as SoCalGas reinforcing and driving additional commitments in early 2022.(5) Further, major gas utilities from around the globe such as SoCalGas, CenterPoint Energy, Enbridge, ATCO Gas, Snam SpA, Enagas S.A., and Open Grid Europe are all actively working on projects to inject hydrogen into their natural gas grids, increasing the availability of green power and ensuring energy security for the future.(6)
Progressus’ intellectual property is uniquely positioned to potentially capitalize on this global opportunity. While currently focused on applications for small scale residential use, applications can be scaled dramatically across industries including ammonia fertilizer production, refining, transportation, and others.
The LOI sets forth certain understandings between Bioquest, a Nevada corporation, and Progressus with respect to a proposed acquisition or other restructuring transaction between the parties. Bioquest and Progressus currently intend that, subject to the negotiation, execution and delivery of a definitive agreement, satisfactory in all respects to both parties, and approval of the transaction by all corporate actions required by the parties concerned, Bioquest shall acquire up to 100% of the issued and outstanding shares of Progressus and, in return, Progressus shareholders will receive shares of BioQuest. Details regarding the transaction will be provided after the execution of the definitive agreements.
(2) Founder analysis, presentations, and discussion
ABOUT Progressus Clean Technologies
Progressus Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.
ABOUT BioQuest Corp.
BioQuest Corp. sells primarily into the retail business-to-business market and internet-based business to consumer, BioQuest is Headquartered in Newport Beach, CA. Additional information on BQST is available at www.bioquestcorp.com
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
Raghu Kilambi email@example.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.
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. 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.
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. Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Progressus’ failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; the failure of the BioQuest and Progressus to enter into a definitive agreement related to the transaction proposed in the LOI; Progressus' ability to raise the funding required to support its continued operations and the implementation of its business plan; the ability of Progressus to develop effective new products and receive required approvals; competitive factors, including customer acceptance of the Company’s products; and dependence upon third-party vendors, including to manufacture its products.
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 August 1, 2022