NRG Fueling Station plans in East San Bernardino County to include PowerTap Hydrogen, Battery Electric Charging, and Petrol Options.
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.
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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.
Salim Rahemtulla, President and CEO of PowerTap Hydrogen Fueling Corp. said:
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.
“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.
Barry Blake, President of Newport Realty Group and site developer of the fueling station, said:
This project represents a major milestone in our efforts to promote sustainable transportation solutions in East San Bernardino County.
“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
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NRG Fueling Station Plans in East San Bernardino County to Include PowerTap Hydrogen, Battery Electric Charging, and Petrol Options, VANCOUVER, British Columbia and ALISO VIEJO, Calif., May 02, 2023
