Global Hydrogen Expert Appointed Chairman of Advisory Board for Progressus Clean Technologies, a 49% Subsidiary of PowerTap Hydrogen

Rhea-AI Summary

PowerTap Hydrogen Capital Corp (OTC: MOTNF) announced the formation of an advisory board for its 49%-owned subsidiary, Progressus Clean Technologies. Pinakin Patel, a renowned expert in hydrogen technology with over 40 years of experience, has been appointed as the chairman. His extensive background, including raising over $500 million in funding for advanced technology, is expected to accelerate the development and commercialization of Progressus's hydrogen products. This initiative aims to ensure that the company meets its technological milestones efficiently.

Positive

• Appointment of Pinakin Patel as chairman brings 40+ years of hydrogen industry expertise.
• Patel's extensive network and experience expected to accelerate technology development.

Negative

• None.

• Formation of advisory board will accelerate technology development and commercialization for Progressus technology products
  
• Pinakin Patel, world renowned hydrogen expert, named as chairman of advisory board for Progressus Clean Technologies
• Mr. Patel’s appointment will ensure Progressus technology meets development and commercial milestones through deep technology and supply chain expertise
• Mr. Patel brings more than 40 years of hydrogen and fuel cell experience to the role along with direct core knowledge of the Progressus technology

VANCOUVER, British Columbia and IRVINE, Calif., April 12, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that its 49%-owned subsidiary, Progressus Clean Technologies, formerly AES-100 Inc. (“PCT”), has formed of a new advisory board to accelerate technology development and commercialization of its market responsive hydrogen products.

Pinakin Patel has been appointed to the role of chairman of the advisory board. Mr. Patel is a world renowned hydrogen and fuel cell expert with more than 40 years of directly applicable experience. In addition to his experience, he has an extensive industry network, has contributed to more than 30 patents, and has received awards from prestigious organizations for his many contributions in the hydrogen industry spanning the US Department of Energy, the American Society of Mechanical Engineers, the National Hydrogen Association, the State of Connecticut, the Electrochemical Society, and others. Mr. Patel was also recently elected as a board of director on the California Hydrogen Business Council (CHBC), a national level organization consisting of over 140 companies engaged in every aspect of the hydrogen supply chain worldwide as well as advocating for the commercialization of low-carbon and green hydrogen technologies.

“Pinakin’s network in the hydrogen and fuel cell space along with his expertise and direct experience with Progressus technology is second to none,” said Channce Fuller, President and CEO of Progressus. “His appointment to chair the advisory board for Progressus is a catalyzing opportunity for us to bring more and more experience to the venture.”

Mr. Patel has an extensive resume having raised more than $500 million in R&D funding for advanced technology, manufacturing and application development projects in USA, Canada, Japan, Europe and Asia. His experience is in-depth spanning every type of fuel cell and renewable power using a variety of sources including waste-derived biogas, solar, wind and others. Of direct benefit to Progressus, Mr. Patel has also supported dozens of venture stage companies in the alternative energy space by arranging supply chain coordination, strategic alliances and funding. As the company continues to progress technology development and commercialization, Mr. Patel’s first initiative will be to fill out the remainder of the advisory board with experts to ensure a successful product launch and market penetration.

The Company will continue to keep the market updated on the achievement of additional goals and milestones of Progressus.

About Progressus Clean Technologies

Progress Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.

Progressus Clean Technologies Inc. is a private company with ownership held by PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB:2K6B) (OTC: MOTNF), Aberdeen International (TSX: AAB F: A8H, OTC: AABVF) and a minority position being privately held.

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.
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.neo.inc/en/live/security-activity/MOVE#!/market- depth.

Investor Contact:
Tyler Troup, Circadian
Group IR
MOVE@circadian-group.com

PowerTap Contact:
Raghu Kilambi
raghu@hydrogenfueling.co
+1 (604) 687-2038

NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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 and Progressus. Some assumptions include, without limitation, statements regarding Progressus; the Progressus technology; the global addressable market for hydrogen; the effectiveness and timelines to deploy the Progressus home power unit; reduction of risk for industrial applications of the Progressus technology; the renewable energies sector and the Company’s future plans. 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 ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. 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.

FAQ

What is the significance of Pinakin Patel's appointment as chairman for Progressus Clean Technologies?

Pinakin Patel's appointment is significant as he brings over 40 years of hydrogen industry experience, crucial for the advancement of Progressus Clean Technologies' hydrogen products.

How will the formation of the advisory board impact PowerTap Hydrogen (MOTNF)?

The advisory board's formation is expected to enhance technology development and commercialization efforts, potentially increasing PowerTap Hydrogen's market presence and product launch success.

What experience does Pinakin Patel bring to Progressus Clean Technologies?

Pinakin Patel brings 40+ years of extensive experience in hydrogen and fuel cell technology, including raising significant funding and contributing to numerous patents in the field.