VANCOUVER, British Columbia and IRVINE, Calif., Sept. 12, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) ("PowerTap" or the "Company" or "MOVE") is pleased to announce that it has engaged T2M Global ("T2M") as its engineering and design partner to conduct validation of its Gen3 Modular Hydrogen Production and Dispensing Unit (MHPDU) and to provide final engineering for lower-cost manufacturing with enhanced robustness.
The demand for hydrogen refueling stations is growing rapidly worldwide promising a multi-billion dollar market. To capitalize on this demand, PowerTap has engaged T2M Global to fast-track initial station delivery. The T2M team, led by Mr. Pinakin Patel, has extensive experience in production of green hydrogen for multiple applications in the USA and Canada. Mr. Patel led the world's first, award-winning Tri-Generation project at Fountain Valley, California, a joint demonstration project between Air Products and FuelCell Energy, that refueled over 5,000 fuel cell vehicles while powering the host site with green electricity.
"We are excited to engage with T2M for rapid deployment of our Gen3 MHPDU leveraging their extensive hydrogen experience," said Raghu Kilambi, CEO of PowerTap, further noting, "T2M's experience will enable PowerTap to take full advantage of the excellent market conditions for blue hydrogen over the next few years, especially benefitting from an already existing infrastructure of natural gas and renewable natural gas." In today's market, a reliable supply chain for modular hydrogen plants is a critical aspect required for the Gen3 MHPDU stations. T2M brings valuable experience in strategic alliances for major green or blue hydrogen components, such as high-pressure steam methane reformers, hydrogen purification for fuel cell use, hydrogen compression for efficient storage and dispensing to heavy duty vehicles, as well as long range light-duty vehicles.
"We are delighted by the PowerTap decision to benefit from T2M Global's extensive network in the hydrogen and fuel cell arena," said Pinakin Patel, President and CEO of T2M. "Our vast experience in fuel cell commercialization, hydrogen production, technology collaborations and supply chain development in the US, Canada, Japan, South Korea, Germany, and Denmark will help PowerTap to accelerate its deployment of hydrogen stations. Our team's prior collaborative experience includes multi-national corporations, such as Haldor Topsoe. BASF, Sempra, Enbridge, Siemens-Westinghouse, Fluor Engineers, NRG, Mitsubishi, Sanyo, Marubeni, POSCO Energy, Daimler-MTU, and ExxonMobil," said Mr. Patel.
The Company also announces that it has closed the first tranche of a non-brokered private placement (the "Private Placement") and issued 6,666,667 units ("Units") of the Company at a price of $0.15 per Unit for gross proceeds of $1,000,000. Each Unit consists of one common share (each a "Share") and one transferable Share purchase warrant (each a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one additional Share of the Company at a price of $0.30 for a period of twenty-four (24) months from the date of issuance.
In connection with the Private Placement, the Company did not pay a finder's fee. The Company intends to use the proceeds from the Private Placement for general working capital purposes. All securities issued are subject to a statutory four month and one day hold period that expires on December 27, 2022.
None of the securities issued in connection with the Private Placement will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them will be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
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. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
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
Tyler Troup, Circadian Group IR
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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. This press release contains forward-looking statements pertaining to, among other things, the timing and outcome of municipality/county hearings to determine the suitability of the Company's site designs. 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.