PowerTap Provides Corporate Development Update
PowerTap Hydrogen Capital Corp. (OTC: MOTNF) provided an update on municipal approvals and corporate activities of its subsidiary, PowerTap Hydrogen Fueling Corp. The company has submitted a design review application for a hydrogen refueling station in Monterey County and anticipates a hearing in October 2022. Additionally, PowerTap is forming partnerships with fuel cell vehicle manufacturers and technology partners to advance its hydrogen production technology. The company also plans to issue 8,256,701 common shares related to a sponsorship agreement, valued at $0.115 per share.
- Submission of design review application for a hydrogen refueling station in Monterey County.
- Formation of partnerships with fuel cell electric vehicle manufacturers and technology partners.
- Approval received for site design at another location in Fortuna, California.
- Issuance of 8,256,701 common shares may dilute existing shareholder value.
VANCOUVER, British Columbia and IRVINE, Calif., July 20, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) provides an update on municipal approvals and the corporate development activities of PowerTap Hydrogen Fueling Corp., a 100 percent owned subsidiary of PowerTap.
PowerTap Hydrogen Fueling Corp. submitted application for design review to the County of Monterey for the Carmel Center station site in mid-May and expects the County to hold a design review hearing in October 2022. Following the design review hearing, PowerTap will submit application for construction permits following finalization of engineering design in Q4 2022. Regarding PowerTap corporate development activities, the company has been spending considerable time and effort, specifically developing relationships with fuel cell electric vehicle (FCEV) manufacturers, oil and gas companies, and fuel transportation companies in support of its plan to establish light-duty and heavy-duty FCEV hydrogen refueling stations. Additionally, PowerTap has been engaging with leading component technology partners in supply chain development for PowerTap’s assembly of its Generation 3 Modular Hydrogen Production and Dispensing Unit (MHPDU). Further, with an understanding that the hydrogen production technology landscape is developing different pathways for the next few decades in the world’s effort to address climate change, PowerTap is also working with prospective technology partners to explore these various next generation products.
As previously reported in its May 19, 2022 news release, the Company has already received approval from the City of Fortuna (California) Planning Commission for its site design at another location, located in Fortuna, Humboldt County California.
In addition, PowerTap announces that pursuant to the sponsorship agreement on the No. 29 NTT Indy Car entry driven by Devlin DeFrancesco, that was initially announced on May 17, 2021 and as amended by amendment no. 1, as announced on October 5, 2021, the Company will issue an additional 8,256,701 common shares at deemed value of
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.
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.
FAQ
What recent approvals did PowerTap Hydrogen receive?
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