Powertap and Luftcar Enter Into Memorandum of Understanding for Future Supply of Hydrogen to Luftcar Electric Vertical Take Off and Landing Vehicles
VANCOUVER, British Columbia, ALISO VIEJO, Calif. and DANBURY, Conn., May 16, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) PowerTap Hydrogen Fueling Corp., wholly owned subsidiary of the Company, a leading provider of on-site hydrogen fueling stations, and LuftCar Corp (“LuftCar”), a US-based, hydrogen powered electric vertical takeoff and landing (eVTOL) vehicle manufacturer, have entered into a memorandum of understanding ("MOU") regarding the Company's sale and LuftCar's purchase of hydrogen produced at future PowerTap and/or PowerTap-LuftCar co-located hydrogen production facilities. This strategic collaboration aims to promote the adoption of hydrogen fuel cell technology for air, road, and utility backup refueling, advancing the state's commitment to sustainable transportation and clean energy solutions. The terms of PowerTap’s sale of hydrogen to LuftCar for use in hydrogen fuel cell electric vehicles remains subject to a definitive agreement between PowerTap and LuftCar. Terms such as location of sale, volume and price remain subject to further negotiations and market conditions. The definitive agreement is also subject to PowerTap's ability to obtain sufficient funding to manufacture and commercialize its on-site hydrogen fueling units, and successfully obtaining required permits from applicable authorities.
Hydrogen fuel cell technology is gaining increasing attention as a viable alternative to traditional fossil fuels, thanks to its zero-emission properties and potential for scalable use in various applications. PowerTap Hydrogen Fueling Corp. specializes in providing state-of-the-art on-site hydrogen fueling stations, while LuftCar is a well-known manufacturer of hydrogen fuel cell eVTOLs for air transportation.
As part of the drive to build hydrogen infrastructure, the collaboration between PowerTap and LuftCar aims to establish a network of hydrogen refueling stations across Connecticut to support the fueling needs of eVTOLs, road vehicles, and utility backup systems. These refueling stations will offer a reliable and convenient source of hydrogen fuel, enabling efficient and sustainable transportation for a wide range of applications, including urban air mobility, road transportation, and emergency backup power.
"We are excited to join forces with LuftCar to promote hydrogen fuel cell technology in Connecticut," said Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp. "Our on-site hydrogen fueling stations, coupled with LuftCar's cutting-edge eVTOLs, will provide a comprehensive solution for clean and efficient transportation and cargo distribution in the state, paving the way for a greener and more sustainable future."
The collaboration between PowerTap and LuftCar is expected to have a positive impact on Connecticut's efforts to achieve its clean energy goals and reduce greenhouse gas emissions. By providing access to hydrogen refueling infrastructure for air, road, and utility backup refueling, this partnership aims to accelerate the adoption of hydrogen fuel cell technology and contribute to a greener, more sustainable transportation and last mile cargo delivery ecosystem in the state.
"We are thrilled to collaborate with PowerTap to establish hydrogen refueling stations in Connecticut," said Santh Sathya, CEO of LuftCar. "Our eVTOLs powered by hydrogen fuel cells have the potential to revolutionize air transportation, and with PowerTap's expertise and unique intellectual property in hydrogen fueling infrastructure, we can provide a complete solution for our customers, making hydrogen fuel readily available for air, road, and utility applications."
The joint efforts of PowerTap and LuftCar in establishing hydrogen refueling stations in states like Connecticut, New Jersey, and Massachusetts are expected to drive innovation, create hundreds of green jobs, and contribute to the state's clean energy leadership. The companies are committed to working closely with local stakeholders, regulators, and communities to ensure the safe and responsible deployment of hydrogen fuel cell technology for a sustainable future. Although PowerTap believes that the expectations of this collaboration are reasonable, undue reliance should not be placed on the forward-looking information because PowerTap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. See "Notice Regarding Forward Looking Information" below.
ABOUT LUFTCAR CORP.
LuftCar Corp is a USA based OEM, developing a hydrogen fuel cell powered autonomous electric Vertical Takeoff and Landing (eVTOL) air/road vehicle or ‘Flying Forklift’, designed to carry road vehicles. The LuftCar vehicle will serve:
1) air cargo markets by providing affordable last mile, door to door delivery for distant communities
2) emergency medical services and disaster relief by airlifting ambulances and rescue vehicles
3) defense and national security by providing ship to ship, ship to shore and shore to outpost mission capable flying forklift platforms
4) regional transportation by connecting distant communities with major cities, democratizing travel with faster and low-cost operations.
LuftCar Corp. is also designing and developing a hydrogen fuel cell/battery hybrid propulsion system, which will be plugged into the LuftCar and other eVTOL platforms, creating demand for green hydrogen and accelerating the adoption of hydrogen in air mobility.
LuftCar has operations is Connecticut, New Jersey, Florida, Ohio and California and is expanding.
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.
Although PowerTap believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because PowerTap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete the development and manufacture of its on-site hydrogen fueling units; finalizing supply chains; obtaining sufficient funding to complete and manufacture its on-side hydrogen fueling units; and obtaining all necessary zoning and construction permits for locations hosting the fueling units. 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.
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Released May 16, 2023