VANCOUVER, British Columbia and ALISO VIEJO, Calif., Sept. 22, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) ( MOTNF) (“PowerTap” or the “Company” or “MOVE”) - PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of the Company has entered into a Hydrogen Purchase Agreement (“HPA”) with a major Original Equipment Manufacturer (the “OEM”) of hydrogen fuel cell electric vehicles (“FCEV”). The companies intend to collaborate to encourage adoption of the OEM’s Class 8 zero-emission vehicles with the deployment of PowerTap’s onsite clean hydrogen production systems.
Under the terms of the HPA, PowerTap will initiate development of an initial hydrogen fueling facility in the State of California to start. Each additional station will be under its own separate HPA. These facilities will provide solutions for on-site clean hydrogen production and dispensing to support the OEM’s key customers and advance efforts to decarbonize the transport sector. This will allow the OEM’s trucking customers to access clean hydrogen produced on-site and dispensed directly at PowerTap’s fueling stations, reducing transportation costs, and improving supply chain efficiency. Both companies plan to execute similar agreements together, developing additional hydrogen fueling stations across North America, building the hydrogen fueling infrastructure to help the OEM’s customers refuel their FCEVs and help decarbonize the global energy economy.
The new deal will help the OEM expand its fueling network and provide more convenient access to hydrogen fuel for its customers’ future fleets of hydrogen fuel cell electric trucks. By utilizing PowerTap's state-of-the-art technology as an available option in its array of fueling solutions, the OEM will be able to produce hydrogen on-site, diversifying its dependence on traditional industrial off-site hydrogen suppliers and providing a reliable, efficient, and cost-effective solution for the fueling needs of the commercial FCEV trucking industry.
"We are thrilled to partner with a world-leading Class 8 truck OEM to bring on-site hydrogen production and dispensing to our fueling stations," said PowerTap Hydrogen Fueling Corp. President and CEO Salim Rahemtulla. "This partnership will enable us to expand our fueling network and provide hydrogen fuel cell electric fleets with an ultra-safe, more reliable and cost-effective source of hydrogen fuel. We look forward to working with the OEM to continue driving the adoption of hydrogen fuel cell technology in California and beyond."
The partnership between the OEM and PowerTap is a significant step towards the widespread adoption of hydrogen fuel cell technology in commercial vehicles for the transportation industry. With on-site hydrogen production and dispensing, both companies will be able to reduce their carbon footprints and support California's ambitious clean energy goals.
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.cboe.ca/en/live/security-activity/MOVE#!/market-depth
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
PowerTap Contact:
Raghu Kilambi [email protected]
+1 (949) 284-7060
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; obtaining all necessary zoning and construction permits for locations hosting the fueling units; and the OEM's expectations for its trucks and market acceptance of electric trucks. Forward- looking information is based on current expectations, estimates and projections that involve a number of risks, including without limitation, and risks related to the rollout of the OEM’s business and the timing of expected business milestones; the effects of competition on the Company's future business; the availability of capital; and the other risks detailed from time to time in the Company's reports and documents filed with the applicable securities commissions, 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.
