VANCOUVER, British Columbia and ALISO VIEJO, Calif., April 12, 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 note that the Humboldt Transit Authority (HTA) has decided to use hydrogen fuel cell electric buses (FCEBs) for its transit bus fleet (https://hta.org/humboldt-transit-authority-awarded-38-7m-grant-for-fuel-cell-electric-buses-2/). PowerTap has been in non-exclusive discussions with the HTA about its transition to the use of hydrogen powered buses and PowerTap being a potential supplier of hydrogen fuel. Any potential opportunities with the HTA remain subject to a definitive agreement. PowerTap does not have a definitive schedule to advance discussions with the HTA towards any agreement at this time. The Company cautions that there are no assurances or guarantees that the discussions with the HTA will result in a transaction or definitive agreement with the HTA, any terms related thereto or timing of any transaction. Please refer to the forward-looking disclosure at the end of this news release.
PowerTap sees the discussions with the HTA as an opportunity to explore a possible reconfiguration of the design of the Company's planned Northern California-based Andretti Fortuna and Eureka stations (that are within Humboldt Transit Authority’s service area) to accommodate the possible refueling of HTA's FCEBs. Additionally, PowerTap is exploring the option of refueling HTA's FCEBs through mobile refueling solutions. This would enable HTA to have access to hydrogen fuel, even if they are not within proximity to a hydrogen fueling station. PowerTap has not entered into any agreements with HTA at this time.
HTA's decision to use FCEBs aligns with the California Air Resources Board's goal to reduce greenhouse gas emissions and improve air quality. PowerTap recognizes that the transportation sector is one of the largest sources of greenhouse gas emissions in California, and the use of FCEBs will help reduce emissions and create a cleaner environment.
"HTA's decision to use FCEBs is a significant step towards achieving California's ambitious clean energy goals, and PowerTap is proud to be a part of this transition to clean energy," said Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp. "We are excited about the opportunity to explore the reconfiguration of our Northern California Fortuna and Eureka stations to support the refueling of HTA's FCEBs, and we are committed to providing clean, zero-emission hydrogen fueling solutions to the transportation sector. PowerTap believes that the adoption of FCEBs in the transportation sector will continue to grow, and the Company is committed to playing an integral role in supporting this transition. PowerTap is confident that its patented, unique onsite hydrogen fueling solutions will play a significant role in reducing greenhouse gas emissions, improving air quality, and creating a cleaner environment for all.”
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.
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
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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.
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 advancing discussions with the HTA resulting in the Company providing certain services or products to the HTA (that has yet to be determined), the timing and ability of the Company to complete the development and manufacture of its on-site hydrogen fueling units; finalizing supply chains; installing PowerTap MHPDUs at Andretti-owned stations starting at the end of Q1 2024.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 (including PowerTap's expectations of advancing discussions with the HTA resulting in the Company providing certain services or products to the HTA (that has yet to be determined), 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.