PowerTap Named as Industry Partner to ARCHES, California’s Public-Private Hydrogen Hub Consortium
VANCOUVER, British Columbia and ALISO VIEJO, Calif., Feb. 03, 2023 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) provides an update on certain activities of the Company’s subsidiary, PowerTap Hydrogen Fueling Corp.
PowerTap is pleased to announce that it has been named as one of the industry partners in the Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES), California’s public-private hydrogen (H2) hub consortium to accelerate the development and deployment of clean, renewable H2 projects and infrastructure. The US Department of Energy will award $8 billion as grants to up to 10 regional H2 hubs to build self-sustaining H2 economies of producers, infrastructure, and users. In partnership with the Governor’s Office of Business and Economic Development (GO-Biz), ARCHES unites key public and private stakeholders to build the framework for a California renewable, clean H2 hub. (https://archesh2.org/). The U.S. Department of Energy’s Office of Clean Energy Demonstration has encouraged ARCHES, as one of 33 clean hydrogen hub (“Hub”) concepts (out of 79 concept papers originally submitted in November 2022), to submit a full H2 Hub application by April 7, 2023. PowerTap’s role as an ARCHES industry partner Hub team member is to build and operate on-site hydrogen production stations for the full range of hydrogen transport fuel cell electric vehicles, particularly long-haul Class 8 trucks. There is no guarantee that ARCHES and/or its consortium members, including PowerTap, will receive any US Department of Energy hydrogen hub grant dollars.
“PowerTap is extremely pleased to be partnering with ARCHES with a goal to deliver clean hydrogen production to current and future California hydrogen transport users. These clean energy projects are essential elements in the process of decarbonization of the transportation sector,” said PowerTap CEO Mr. Raghu Kilambi.
As reported in a press release on November 23, 2022, the PowerTap/T2M Global team submitted a proposal to the Air Quality Mitigation Fund (AQMF) of the Harbor Benefit Community Foundation (HBCF) in the Port of Los Angeles to produce a barge-based fuel cell power cold ironing project, including the production of hydrogen. At its November Board Meeting, the HCBF published the results of its evaluation, and the PowerTap/T2M Global submission was well received. The HCBF, noting that the PowerTap/T2M Team approach completely avoids the creation of emissions from ships in the port, emphasized the importance of maximizing emission reduction from ships during the demonstration period, particularly in the upcoming Round 3 of funding rounds as the HBCF moves to award the remaining $2M in the AQMF. The Company is pleased to announce that the HBCF has released the Round 3 AQMF Request for Proposal with a due date of February 24, 2023, to which the PowerTap/T2M Team intends to submit a proposal.
In addition to any potential award of government grants to the projects noted above, additional capital may be required for those projects and these funds would be secured by a combination of equity, debt possibly backed by the US Department of Energy, other state subsidies and/grants and subsidiary project financing. The Company has not, as yet, secured such additional financing for the above-mentioned projects. The Company will comment further when additional disclosure is appropriate and/or necessary.
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#!/news.
Raghu Kilambi [email protected]
+1 (604) 687-2038
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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. 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 and/or receive available government grants 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.