VANCOUVER, British Columbia and IRVINE, Calif. — PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) provides an update on municipal approvals and the corporate development activities of PowerTap Hydrogen Fueling Corp., a 100 percent owned subsidiary of PowerTap.
PowerTap Hydrogen Fueling Corp. submitted application for design review to the County of Monterey for the Carmel Center station site in mid-May and expects the County to hold a design review hearing in October 2022. Following the design review hearing, PowerTap will submit application for construction permits following finalization of engineering design in Q4 2022. Regarding PowerTap corporate development activities, the company has been spending considerable time and effort, specifically developing relationships with fuel cell electric vehicle (FCEV) manufacturers, oil and gas companies, and fuel transportation companies in support of its plan to establish light-duty and heavy-duty FCEV hydrogen refueling stations. Additionally, PowerTap has been engaging with leading component technology partners in supply chain development for PowerTap’s assembly of its Generation 3 Modular Hydrogen Production and Dispensing Unit (MHPDU). Further, with an understanding that the hydrogen production technology landscape is developing different pathways for the next few decades in the world’s effort to address climate change, PowerTap is also working with prospective technology partners to explore these various next generation products.
As previously reported in its May 19, 2022 news release, the Company has already received approval from the City of Fortuna (California) Planning Commission for its site design at another location, located in Fortuna, Humboldt County California.
In addition, PowerTap announces that pursuant to the sponsorship agreement on the No. 29 NTT Indy Car entry driven by Devlin DeFrancesco, that was initially announced on May 17, 2021 and as amended by amendment no. 1, as announced on October 5, 2021, the Company will issue an additional 8,256,701 common shares at deemed value of $0.115 per common share as the balance of the sponsorship fee for the 2022 racing season. The common shares are subject to a four month and one day hold period from the date of issuance and are subject to the Neo Exchange’s acceptance of final filing documents.
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.