PowerTap Announces Letter of Intent with Newport Realty Group for Retail Energy Center
PowerTap Hydrogen Capital Corp. (OTC: MOTNF) has signed a letter of intent with Newport Realty Group to lease a site in Yermo, California for a new hydrogen fueling station. This initiative aims to support hydrogen fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs), promoting clean energy solutions. The site will feature on-site hydrogen production and charging facilities, enhancing energy accessibility along Interstate 15. Scheduled for operation in late 2024, this project depends on necessary permits and approvals. PowerTap's Gen3 modular hydrogen production technology is expected to be operational by Q1 2024, furthering hydrogen infrastructure development.
- Partnership with Newport Realty Group to develop hydrogen fueling stations promotes expansion in clean energy.
- Plans for multiple retail energy centers along Interstate 15 enhance accessibility to hydrogen and electric vehicle charging.
- Scheduled completion of Gen3 hydrogen production technology by Q1 2024 supports future growth.
- Lease for the fueling station remains subject to final agreement and necessary permits, creating uncertainty.
- Final operation depends on PowerTap obtaining all required governmental approvals and licenses.
VANCOUVER, British Columbia and ALISO VIEJO, Calif., April 03, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) PowerTap Hydrogen Fueling Corp., (“PowerTap”), a leading provider of on-site hydrogen production technology, today announced that it has entered into a letter of intent with Newport Realty Group (“NRG”), Newport Beach, California-based real estate development firm, to enter into a lease in Yermo, California to operate a future PowerTap Hydrogen Fueling Station. The lease remains subject to a definitive agreement.
Subject to finalizing the terms of the lease, this future location for PowerTap hydrogen fueling stations will help to provide clean and reliable energy solutions for light-duty fuel cell electric vehicles (FCEVs), as well as battery electric vehicles (BEVs) and traditional gasoline-powered vehicles. The site will host an on- site hydrogen production station developed by PowerTap, which will provide fuel for light-duty FCEVs. NRG plans to develop several retail/energy plazas along Interstate 15, extending from Los Angeles and Orange County in California to Las Vegas and beyond through the states of Nevada and Utah. These sites, on which PowerTap will have a first look to participate, will provide microgrids for battery electric charging of battery electric vehicles (BEVs) and petrol stations servicing gasoline and diesel vehicles, along with other uses such as drive-thru restaurants, convenience stores, food halls, public-private lounges, and rest areas, to support consumers while charging their vehicles.
“We are thrilled to partner with Newport Realty Group to bring the benefits of clean and sustainable hydrogen energy to consumers and businesses across the west coast,” said Mr. Salim Rahemtulla, President and CEO of PowerTap. “Our on-site hydrogen production stations will provide a reliable and efficient fuel source for FCEVs and FCETs, while the retail energy centers developed by NRG will offer convenient and accessible charging options for BEVs and traditional gasoline-powered vehicles.”
The collaboration between PowerTap and NRG reflects a shared commitment to sustainability and reducing carbon emissions. By providing on-site hydrogen production and microgrids to support BEV charging and the other uses on these sites, the partnership aims to promote the adoption of cleaner transportation solutions and support the growth of the hydrogen economy in the United States. “We are excited to join forces with PowerTap to create a new model for sustainable energy solutions,” said Mr. Barry Blake, President of Newport Realty Group. “Our retail energy centers will not only provide convenient charging options for EVs, but also offer amenities and services to make the charging experience more enjoyable and efficient. We look forward to working together to create a more sustainable future for all.”
As reported in PowerTap’s November 23, 2022 press release, its technology validation for the PowerTap Gen3 modular hydrogen production and dispensing unit (MHPDU), producing 1,250 kg per day of hydrogen, is anticipated to be wrapped up by the end of Q2 2023, while engineering plans are being finalized for submittal to municipalities for construction permit approval through Q3 2023 and, in parallel, supply chains being solidified, PowerTap MHPDUs at Andretti-owned stations are expected to be installed starting at the end of Q1 2024.
With that as context, NRG has agreed to deliver possession of the premises to PowerTap in the second half of 2024. The operation of this site as a hydrogen fueling center remains subject to PowerTap obtaining all of the final permits and approvals necessary for PowerTap's construction and intended use of the premises. The operation of the site as a hydrogen fueling center is also subject to PowerTap finalizing the design of its on-site hydrogen fueling units, completing the manufacturing of the units, and obtaining all necessary governmental approvals, permits and licenses.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ffa623d-6a93-499c-9c3f-6bae616f3f72
PowerTap is also excited to report that the 2023 IndyCar Series continues with the Grand Prix of Long Beach April 14 - 16, 2023, with Steinbrenner Racing and Andretti Autosport Car No. 29, sponsored by PowerTap. Management will be hosting several key PowerTap partners throughout the weekend in Long Beach.
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
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
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.
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 ability of the Company to complete the development and manufacture of its on-site hydrogen fueling units; finalizing engineering plans for submission to municipalities for construction permit approval through Q3 2023; finalizing supply chains; installing PowerTap MHPDUs at Andretti-owned stations starting at the end of Q1 2024; NRG's plan to develop energy plazas along Interstate 15, extending from Los Angeles and Orange County in California to Las Vegas and beyond through the states of Nevada and Utah. 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.
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