PowerTap Update on its Investee FusionOne, Producer of Hydrogen from Plastic Wastes
PowerTap Hydrogen Capital Corp (OTC: MOTNF) provided an update on its investee, FusionOne Energy Corp, which converts plastic waste into hydrogen and electricity. FusionOne is set to operationalize its HydroPlas Reactor™️ in Detroit, Michigan, by mid-2022. The company is focusing on building relationships with key suppliers to support future growth, as it engages with leaders in the hydrogen industry to identify deployment sites. PowerTap aims to enhance hydrogen infrastructure in the U.S., aligning with global climate initiatives.
- FusionOne's HydroPlas Reactor™️ is on track for operational deployment in Detroit by mid-2022.
- Strong supplier relationships are being established, supporting future growth for FusionOne.
- FusionOne engages with industry leaders to identify strategic deployment sites.
- None.
VANCOUVER, British Columbia and IRVINE, Calif., Jan. 04, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to provide an update on its investee, FusionOne Energy Corp. (“FusionOne”), after the company’s announcement of its purchase of
FusionOne is a producer of technologies primarily for the conversion of plastic waste to hydrogen and clean electricity with proprietary, patented pending technologies for the thermal processing of plastics and other carbon matter into clean “white” hydrogen and electricity. FusionOne has continued its efforts to commercialize its HydroPlas Reactor™️ with plastic polymer feedstocks and a number of other carbon-based waste feedstocks and is on track to have the first system operational in the first half of 2022, as planned and as announced in PowerTap‘s April 2021 announcement. Installation of the first reactor will be in feedstock rich Detroit, Michigan in the new year with final components arriving for full system commissioning in late February 2022. FusionOne has focused itself on securing its supply chain within North America and is pleased to have built strong relationships with key component suppliers able to meet FusionOne’s growth plans over the coming years. Additional sites are expected to be announced in early 2022.
“As we have been finalizing fabrication of the HydroPlas Reactor™️, we have actively engaged with hydrogen industry leaders, particularly in the US and European hydrogen mobility sectors, to develop key relationships and identify additional sites for deployment of our reactor in strategically significant locations in support of efforts by global governments which are focused on combatting climate change,” commented FusionOne CEO, Elliott Talbott. “We at FusionOne see ourselves as a key component of these strategies and developing the infrastructure and hydrogen supply chain required to support these governments.”
PowerTap CEO Raghu Kilambi noted that, “While PowerTap is focused on deployment of blue hydrogen production at the moment, we recognize that other forms of hydrogen production may be appropriate in different geographies, based on local context and environment.”
ABOUT FUSIONONE ENERGY CORP.
FusionOne is a privately owned end-to-end technology and operations company specializing in renewable energy, hydrogen production and thermal processing technologies. Deployment of their commercial system will result in thousands of tons of waste being diverted to a clean and profitable energy stream. FusionOne’s team brings decades of experience in emerging technologies and research and development to the most advanced solutions to the energy sector. To register interest in FusionOne's technologies visit: https://www.fusionone.co
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 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.
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