PowerTap Acquires 49% of AES-100 Inc., a Green Hydrogen Technology Company Focused on Fuel Cells for the Transportation Industry
VANCOUVER, British Columbia and IRVINE, Calif., July 27, 2021 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corp. (NEO: MOVE)(FWB: 2K6B)(OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce it has acquired 49% of AES-100 Inc. (the “Acquisition”). AES-100 Inc. is the owner of exclusive rights and all intellectual property pertaining to the Advanced Electrolyzer System (AES), a novel electrochemical technology that selectively recovers high purity hydrogen from dilute syngas streams. The technology was invented by T2M Global—a world leader in clean energy technology—to address the problem of hydrogen trapped in dilute syngas streams that is wasted on low-value applications. The ability to economically extract high purity, clean hydrogen from gas streams commonly produced by carbon-intensive processes and containing contaminates such as carbon monoxide, carbon dioxide or methane, presents great potential to drive lower emissions footprints for many industrial processes, while unlocking more hydrogen to fuel a cleaner global energy system.
The world is marching steadily towards more rapid decarbonization, with governments around the world setting new climate aspirations that are even more ambitious than those expressed in the Paris Agreement. To achieve these goals, hydrogen is anticipated to play a central role in energy, industrial and transportations sectors. Such technologies as AES hold the key to unlocking the volumes required to catalyze mass adoption of fuel cells and clean energy alternatives to the current carbon-heavy energy sources.
The Advanced Electrolyzer System (AES) technology enables lower cost production of hydrogen with no incremental greenhouse gas emissions. AES is the only technology capable of economically recovering high purity hydrogen at highly competitive costs. AES targets <$5/kg H2, a significant and material improvement from the $10-15/kg H2 levels currently in the marketplace. Significant cost savings through AES should accelerate the adoption of hydrogen technology and promote growth of fuel cell vehicle and renewable energy sectors. Additionally, the parties expect considerable synergy between the AES and PowerTap Hydrogen Fueling’s SMR technology with the AES complementing it via provision of syngas to PowerTap’s SMR. This will essentially broaden the pool of feedstock required to produce hydrogen to include biomass in addition to natural gas/renewable natural gas.
Raghu Kilambi, Chief Executive Officer of PowerTap stated, “PowerTap’s hydrogen production technology and the advanced electrolyzer technology have great synergy. Their integration offers a highly competitive modular system for on-site hydrogen production for the emerging multi-billion dollar fuel cell industry. This strategic move assures rapid deployment of our hydrogen refueling stations world-wide creating attractive value for our shareholders.”
Pinakin Patel, President of T2M Global said, “the advanced electrolyzer technology produces hydrogen at the lowest energy consumption while making capture of CO2 easier at dramatically reduced capital investments. The solid-state technology is virtually maintenance-free, making it very attractive for hydrogen infrastructure. It can produce hydrogen from a variety of syngas sources for greater market penetration world-wide.”
Mr. Patel is a world leader in hydrogen and fuel cell technologies with over 40 years of experience and 30+ patents. He has received over 500 million dollars in R&D funding for development of projects worldwide. Recipient of prestigious awards from US-Department of Energy, State of Connecticut, ASME, Electrochemical Society and others. He has supported dozens of start-ups in alternate energy and associated supply chain development, including strategic alliance and funding development. Mr. Patel has a successful track record with multi-national sponsors, including BASF, Sempra, Exxon, EPRI, NASA, CARB, CEC, Canada-SDTC, and many others.
As consideration for the Acquisition, PowerTap issued a total of 20,000,000 common shares (the “Consideration Shares“) to the selling shareholders of AES-100 Inc. on a pro-rata basis in exchange for a 49% equity interest in AES-100 Inc. A finder’s fee of 2,000,000 common shares of PowerTap (the “Finder’s Fee Shares“) was paid upon the successful closing of the Acquisition. The Consideration Shares and Finder’s Fee Shares are being issued at a deemed value of $1.00 per share and are subject to a four (4) month and one (1) day hold period. No change of control of PowerTap will result from the Acquisition.
The Acquisition is an arms-length transaction and no change in management or the board of directors of PowerTap is contemplated.
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.
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.
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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.
Specifically, this news release contains forward-looking statements relating to, but not limited to: the acquisition of a 49% interest in AES-100, Inc.; the merits and applications of the AES technology; the potential cost savings and cost advantages of the AES technology; the renewable energy sectors, including hydrogen and the Company’s future plans. These forward-looking statements 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 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.