PowerTap Provides Corporate Update
VANCOUVER, British Columbia and ALISO VIEJO, Calif., Nov. 23, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) provides an update on the activities of PowerTap Hydrogen Fueling Corp., a wholly-owned subsidiary of PowerTap.
Over the past 75 days, PowerTap Hydrogen Fueling Corp., in conjunction with T2M Global, PowerTap’s technology partner, has made good progress in 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 FCEV hydrogen refueling stations. T2M has put several hundred hours of effort into component supply chain, finalization of our CO2 use and sequestration strategy and identification of a strategy to fast track first station delivery of a minimum viable product.
In addition, with support from PowerTap, T2M Global developed a response to an invitation-only $4.3 million request for proposal from the Air Quality Mitigation Fund (AQMF) of the Harbor Community Benefit Foundation (HCBF) for the implementation and/or demonstration of zero or near-zero emissions freight movement technologies. The T2M/PowerTap proposal characterized a barge-based fuel cell power cold ironing project, including the production of hydrogen, in the Port of Los Angeles. This is a promising opportunity for a PowerTap station in the Port of Los Angeles, for which the HCBF will announce the grantee by early 2023.
With respect to station deployments, with the unanimous approval from the City of Fortuna, PowerTap anticipates obtaining building permits for the Fortuna station in Q3 2023 with construction completion anticipated by Q1 2024. For the Carmel Center Station in the County of Monterey, PowerTap anticipates obtaining entitlements for the station in Q2 2023, building permits in Q4 2023 with anticipated construction completion by 2024.
Financing for the above stations would be secured by a combination of equity, debt possibly backed by the US Department of Energy and subsidiary project financing. Other than as described in this news release, the Company has not secured financing for the above-mentioned stations at this time. The Company does not intend to comment further unless and until further disclosure is appropriate or necessary.
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, the deployment of PowerTap Gen3 Modular Hydrogen Production and Dispensing Units, obtaining necessary building permits for the Fortuna station in Q3 2023, completion of construction by Q1 2024, obtaining entitlements for the station in the County of Monterey in Q2 2023, obtaining building permits in the County of Monterey in Q4 2023, construction completion at the County of Monterey site by 2024, 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, 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.
Released November 23, 2022