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.
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.www.PowerTapcapital.comwww.PowerTapfuels.com
About Capstone Green
Energy
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.
For more information about Capstone, please
visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy
on Twitter, LinkedIn, Instagram, Facebook,
and YouTube.
CAPSTONE CONTACT:Capstone Green EnergyInvestor
and investment media inquiries:818-407-3628ir@CGRNenergy.com
PowerTap PR Contact:Ajay Bruno Account Director | AMW PR c:
732.546.4287 o: 212.542.3146 ajay@amwpr.com
PowerTap Investor Contact:Tyler Troup, Circadian Group
IRMOVE@circadian-group.com
PowerTap Contact:Raghu Kilambiraghu@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, 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.
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