PowerTap Hydrogen provides corporate update.
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.
🔥 What about we co-host a webinar? Let's educate, captivate, and convert the hydrogen economy!
Hydrogen Central is the global go-to online magazine for the hydrogen economy, we can help you host impactful webinars that become a global reference on your topic and are an evergreen source of leads. Click here to request more details
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.
Mr. Rahemtulla, PowerTap USA subsidiary CEO, 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.
www.PowerTapcapital.com
www.PowerTapfuels.com
READ the latest news shaping the hydrogen market at Hydrogen Central
PowerTap Provides Corporate Update, VANCOUVER, British Columbia and Aliso Viejo, Calif., March 20, 2023
