VANCOUVER, British Columbia and ALISO VIEJO, Calif., May 02, 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 is pleased to provide an update on its efforts with Newport Realty Group on a planned cutting-edge fueling station in East San Bernardino County, California, as announced in a press release on April 3, 2023. This station will offer PowerTap hydrogen onsite production/dispensing, battery electric charging, and petrol options to meet the growing demand for sustainable transportation solutions with the aim of providing efficient and cost-effective power requirements for the fueling station. The planned fueling station remains subject to the Company obtaining applicable permits, and completing sufficient financing to plan and complete construction.
The planned fueling station’s location faces challenges with limited grid power at the site and the high costs and delays in bringing additional grid power. To address this, PowerTap’s technical team has been working closely with Newport Realty Group to explore alternative solutions. NRG and PowerTap are planning to upsize the PowerTap Gen3 modular hydrogen production and dispensing unit (MHPDU) and utilize the additional hydrogen produced to generate clean electricity at high efficiency using fuel cells. This clean electricity can then be used to power EV charging stations and building loads on site, reducing the dependence on grid power. The fueling station is expected to have an estimated load of 10 MW at the site, including 1-2 MW from the PowerTap Gen3 MHPDU. This innovative approach demonstrates a commitment to sustainability and forward-thinking in developing solutions that optimize energy usage and minimize environmental impact.
"We are excited to be involved in this cutting-edge project that combines hydrogen, battery electric charging, and petrol options in a single fueling station," said Salim Rahemtulla, President and CEO of PowerTap Hydrogen Fueling Corp. "By utilizing fuel cells to generate clean electricity from hydrogen, we can provide a sustainable and cost-effective solution for powering the EV charging stations and building loads at the site, reducing the reliance on grid power and minimizing the overall carbon footprint."
The fueling station in East San Bernardino County is expected to be a significant step forward in advancing sustainable transportation options in the region. By offering multiple fueling options, including hydrogen, battery electric charging, and petrol, the fueling station aims to provide convenient and accessible refueling options for a wide range of vehicles, from hydrogen fuel cell vehicles to battery electric vehicles and conventional vehicles.
"This project represents a major milestone in our efforts to promote sustainable transportation solutions in East San Bernardino County," said Barry Blake, President of Newport Realty Group and site developer of the fueling station. "The collaboration with the technical team has been invaluable in identifying innovative ways to overcome power challenges and optimize the energy usage of the fueling station. We look forward to creating a model fueling station that sets new standards for sustainability and efficiency."
The fueling station project is ongoing, with the technical team providing continued support to the site developer in meeting the power requirements and optimizing the energy usage of the station. The project is expected to serve as a model for future fueling stations, showcasing the possibilities of integrating hydrogen, battery electric charging, and petrol options to meet the evolving needs of the transportation industry.
The Company also announces that it has retained DeFrancesco Motorsports to provide business advisory services related to market awareness of PowerTap's hydrogen powered products and services (the "Services"). The Services will be provided for a period of one (1) year and focused on corporate introductions and development with motor vehicle companies. As consideration for the Services and pursuant to its shareholder approved restricted share unit plan (the "RSU Plan"), it has granted an aggregate of 10,000,000 restricted share units ("RSUs"). The RSUs vest upon the delivery of the Services as follows: 2,000,000 RSUs shall vest upon the delivery of scoping services by May 3, 2023; and 2,000,000 RSUs (up to an aggregate of 8,000,000 RSUs) for each networking event to be held at the Indianapolis 500 event on May 28, 2023, the Detroit Grand Prix on June 4, 2023, the Sonsio Grand Prix on June 18, 2023 and the Toronto Indy on July 16, 2023. The RSUs shall entitle the holder thereof the ability to acquire one common share (a "Share") of the Company underlying each vested RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan for a period of five (5) years from issuance. In accordance with the RSU Plan, the RSUs were priced at $0.095 per RSU.
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.
www.PowerTapcapital.com www.PowerTapfuels.com
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
PowerTap Contact:
Raghu Kilambi raghu@hydrogenfueling.co
+1 (949) 284-7060
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. 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, PowerTap's expectations of completion the construction and permitting of the fueling station located at the East San Bernardino County, California site, the timing and ability of the Company to complete the development and manufacture of its on-site hydrogen fueling units; finalizing supply chains.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.
