VANCOUVER, British Columbia and IRVINE, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6)(OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that it has signed a strategic manufacturing and licensing agreement with California-based Capstone Green Energy (CGRN:Nasdaq) for the prototype manufacturing of PowerTap's proprietary 3rd generation hydrogen production and dispensing station (the "PowerTap Unit"). Each PowerTap Unit is modular in design and utilizes PowerTap's proprietary technology to produce and dispense blue hydrogen onsite.
PowerTap is focused on meeting the large deficiency in hydrogen infrastructure via its unique PowerTap 3 on-site hydrogen production and fueling system. PowerTap’s patented solution includes a compact SMR (Steam Methane Reforming) technology to create on-site hydrogen production versus traditional offsite production methods. As a result of the new strategic agreement, Capstone Green Energy will manufacture the small footprint product for PowerTap for use in fueling stations and as part of Capstone’s distributed energy low emission microgrid solutions. The PowerTap 3rd generation turns natural gas, including renewable natural gas, into onsite hydrogen and intends to leverage an innovative carbon capture system.
“Since acquiring the PowerTap hydrogen fueling brand and technology intellectual property portfolio, PowerTap has significantly enhanced the acquired technology to be more efficient, cost effective and streamlined and is pleased to be launching the PowerTap 3rd Generation hydrogen fueling system,” stated PowerTap Senior Advisor David Bray. “In January 2021 we partnered with the Andretti Group given their vast west coast network and dedication to excellent on-site operations. This partnership will allow PowerTap to work hand-in-hand with Andretti Group at the site level to drive a exciting customer experience with Hydrogen fueling. Today, I am pleased to announce that we entered into a strategic licensing and manufacturing agreement with Capstone Green Energy to enhance our product development efforts and manufacture our commercial hydrogen production and fueling products. We selected Capstone Green Energy as they have the proven product development, certification and manufacturing expertise to assist PowerTap in meeting our strategic hydrogen vision.”
“The PowerTap 3rd generation onsite blue hydrogen production and dispensing system is a unique solution that will drive the deployment of needed hydrogen infrastructure in the United States and abroad. We are pleased to enter into this strategic partnership with Capstone Green Energy, an experienced manufacturer of green solutions for partners globally,” said Raghu Kilambi, CEO of PowerTap Hydrogen Capital Corp.
Concurrent with the commencement of the manufacturing of the PowerTap Units, the Company has made initial municipal applications for hydrogen station co-located at existing gas stations in Northern California and plans to take advantage of recently announced new USA federal incentive and funding for hydrogen infrastructure under the recently enacted USA infrastructure bill. In addition, as noted in our press release dated May 14, 2021, PowerTap will participate in the California Low Carbon Fuel Standard (“LCFS”) Carbon Credit program. California’s LCFS program provides PowerTap with the opportunity to generate revenue prior to dispensing hydrogen fuel from its units, through the sale of earned LCFS credits on the emission trading markets. (https://www.globenewswire.com/news-release/2021/05/14/2230177/0/en/PowerTap-s-use-of-Renewable-Natural-Gas-significantly-increases-its-carbon-credit-potential-under-California-s-Low-Carbon-Fuel-Standard-Carbon-Credit-Program.html)
“We continue to expand our presence within the ever-changing energy landscape through our complementary network partners, and technologies that enable Capstone Green Energy’s customers to achieve their carbon reduction goals at a realistic cost," said Capstone Green Energy Chief Executive Officer, Darren Jamison. “Capstone looked at several hydrogen products and hydrogen conversion technologies. We selected PowerTap because their innovative product would eliminate the cost and complication of delivered hydrogen and secure dedicated on-site hydrogen supply for our microturbine systems.”
"As a distributed energy solution leader, the Capstone Green Energy products can be located adjacent to a hydrogen generation source, such as PowerTap’s innovative offering, reducing the efficiency losses and costs that come with converting and transporting hydrogen. Combined with proposed hydrogen production and efficiency investment tax credits, the Capstone on-site solution becomes a low cost, quick to market, best-value option enabling customers to greatly reduce or even eliminate their carbon emissions," stated Capstone Green Energy Chief Revenue Officer, Jim Crouse.
“Today, hydrogen is believed by many to be the holy grail of carbon-free baseload power and distributed generation. As we improve our ability to produce hydrogen economically on site, hydrogen-fueled CHP and microgrids have the ability to revolutionize the energy industry," concluded Mr. Crouse.
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.
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
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, 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 manufacturing of the PowerTap Units and obtaining any necessary permits and licenses in a timely manner. 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.
