PowerTap Provides Corporate Update
VANCOUVER, British Columbia and Aliso Viejo, Calif., March 20, 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. (“USA subsidiary”).
In conjunction with the efforts of T2M Global, PowerTap’s technology partner, to validate PowerTap’s Gen3 Modular Hydrogen Production and Dispensing Units (MHPDU) technology and provide final engineering toward deployment of the MHPDUs, the Company is in the exploration stages of implementing digital twins for each MHPDU deployment to considerably enhance remote monitoring and testing capabilities further advancing PowerTap at the leading edge of hydrogen fuel station technology. Digital twin implementation, as a part of a company-wide digitization/automation strategy, will enable the Company to completely automate the remote monitoring of each unit deployment during station operation and enhance the ability to rapidly respond in real time to operational irregularities. It also provides PowerTap the ability to speed deployment of future design improvements and iterations of PowerTap on-site hydrogen production units as the Company deploys across North America and beyond.
In relation to comments in PowerTap’s press release of February 13, 2023 by USA Subsidiary CEO, Salim Rahemtulla, regarding the Company’s use of renewable natural gas (RNG) in its production of carbon neutral to carbon negative hydrogen, CNBC noted in an article on March 3, 2023 (Inside the fierce debate over clean hydrogen, with $100 billion in federal subsidies on the line, https://cnb.cx/3ZBmyJM), “The environmental groups say that using fossil fuels to power an electrolyzer to make hydrogen is actually much worse for the climate than today’s method of using natural gas in a steam methane reformer (SMR) process.” 95% to 99% of hydrogen is currently produced using steam methane reformation, although this does not include the capture of CO2, at large production plants and transported via heavy-duty trucks, which is costly and has a high carbon intensity. (Note: Carbon intensity relative to hydrogen production is total carbon emissions per unit of hydrogen produced.) The PowerTap Gen3 MHPDU, on the other hand, is on-site hydrogen production with CO2 capture and avoids the heavy-duty transport component, which eliminates the carbon intensity and is considerably less costly.
PowerTap USA subsidiary CEO, Mr. Rahemtulla, noted, “This perspective drives home PowerTap’s assertion that its 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. This perspective also further solidifies the importance of PowerTap’s Gen3 onsite blue hydrogen SMR-based technology, especially due to its use of low to negative carbon intensity (CI) RNG feedstock to produce H2 and its avoidance of high CI transport of H2.”
Update to Sponsorship Agreement with Steinbrenner Racing LLC and DeFrancesco Motorsports Inc.
On May 27, 2021, the Company announced that it had entered into a sponsorship agreement (the "Sponsorship Agreement") with Steinbrenner Racing LLC and DeFrancesco Motorsports Inc. as a primary sponsor on the No. 29 INDYCAR entry piloted by Devlin DeFrancesco, until December 31, 2023. As consideration for being a primary sponsor the Company agreed to pay a sponsorship fee equal to US $2 million per year during the three (3) year term (the "Sponsorship Fee"). The payment of the Sponsorship Fee is payable in common shares in the capital of the Company. The parties to the Sponsorship Agreement have agreed to issuing a further 20,000,000 common shares of PowerTap Hydrogen Capital Corp. (PowerTap parent) at a deemed price of $0.10 per common share in the name of DeFrancesco Motorsports (the "Sponsorship Shares") and 10,000,000 common share purchase warrants (the "Sponsorship Warrants") in the name of DeFrancesco Motorsports, each Sponsorship Warrant exercisable for a period of up to one (1) year from the date of grant to purchase one (1) additional common share in the capital of the Company at an exercise price of $0.10 per common share. The Sponsorship Shares and the Sponsorship Warrants are subject to the statutory four (4) month and one (1) day hold period.
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, 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 March 20, 2023