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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 that it has acquired 49% of AES-100 Inc. (the “Acquisition“). AES-100 Inc. holds the exclusive rights and all intellectual property rights in relation to the Advanced Electrolyzer System (AES), a novel electrochemical technology that selectively recovers high purity hydrogen from dilute synthesis gas streams. The technology was invented by T2M Global – a world leader in clean energy technology – to solve the problem of hydrogen trapped in dilute synthesis gas streams, which is wasted on low-value applications. The ability to economically obtain high-purity, clean hydrogen from gas streams, which are usually produced by carbon-intensive processes and contain impurities such as carbon monoxide, carbon dioxide or methane, offers great potential for reducing the emissions balance of many industrial processes while releasing more hydrogen – a cleaner global one To advance the energy system.
The world is steadily moving towards faster decarbonization, with governments around the world setting new climate targets that are even more ambitious than those set out in the Paris Agreement. In order to achieve these goals, hydrogen is expected to play a central role in the energy, industrial and transport sectors. Technologies like AES are key to unlocking the quantities needed to catalyze the mass adoption of fuel cells and clean energy alternatives to current carbon-rich energy sources.
The Advanced Electrolyzer System (AES) technology enables more cost-effective production of hydrogen without additional greenhouse gas emissions. AES is the only technology capable of economically recovering high purity hydrogen at extremely competitive costs. AES targets
Raghu Kilambi, PowerTap’s Chief Executive Officer, said, “PowerTap’s hydrogen production technology and advanced electrolyzer technology have great synergies. Their integration provides a highly competitive modular system for on-site hydrogen production for the emerging multi-billion dollar fuel cell industry. This strategic step ensures the rapid deployment of our hydrogen filling stations worldwide and creates attractive value for our shareholders. “
Pinakin Patel, President of T2M Global, said, “The advanced electrolyser technology produces hydrogen with the lowest possible energy consumption while making it easier to capture CO2 with drastically reduced capital investments. The solid-state technology is practically maintenance-free, which makes it very attractive for the hydrogen infrastructure. It can produce hydrogen from a variety of syn gas sources for greater market penetration around the world. “
Mr. Patel is a leading global provider of hydrogen and fuel cell technologies with over 40 years of experience and over 30 patents. He has received over $ 500 million in R&D funding to develop projects worldwide. Recipient of prestigious awards from the US Department of Energy, Connecticut, ASME, the Electrochemical Society, and others. He has supported dozen of alternative energy startups and related supply chain development, including strategic alliances and funding development. Mr. Patel has a successful track record with multinational sponsors including BASF, Sempra, Exxon, EPRI, NASA, CARB, CEC, Canada-SDTC and many others.
In consideration for the acquisition, PowerTap has issued a total of 20,000,000 common shares (the “Consideration shares“) to the selling shareholders of AES-100 Inc. pro rata in exchange for a 49% stake in AES-100 Inc. A finder’s fee of 2,000,000 common shares of PowerTap (the”Finder’s Fee Shares“) was paid upon successful completion of the acquisition. The Consideration Shares and Finder’s Fee Shares will be issued at an assumed value of USD 1.00 per share and are subject to a hold period of four (4) months and one (1) day. No The Takeover leads to a change of control of PowerTap.
The takeover is a transaction at arm’s length and no change in management or on the board of PowerTap is planned.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp. focuses through its wholly-owned subsidiary PowerTap Hydrogen Fueling Corp. (“PowerTap”) on the installation of hydrogen production and delivery infrastructure in the United States. PowerTap’s patented solution has been in development for over 20 years. PowerTap is now commercializing its third generation blue hydrogen product, which will focus on the fueling needs of the automotive and long-haul markets that lack hydrogen refueling infrastructure. There are currently fewer than 100 public hydrogen filling stations in the United States, with most of the existing filling stations buying industrial hydrogen from industrial manufacturers and transporting hydrogen to individual filling stations via tank trucks.
PowerTap Hydrogen’s common stock is listed on the NEO Exchange. Please visit the company profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
PR contact:
Dave Brown AMW PR
c: (917) 543-1050
dave@amwpr.com
Investor contact:
Tyler Troup, Circadian Group IR
MOVE@circadian-group.com
PowerTap contact:
Raghu Kilambi
raghu@hydrogenfueling.co
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS SERVICE PROVIDERS HAVE REVIEWED THE ADEQUACY OR ACCURACY OF THIS PUBLICATION OR ASSUME RESPONSIBILITY.
Note on forward-looking information:
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to as “forward-looking statements”) within the meaning of applicable securities laws.
In particular, this press release contains forward-looking statements relating to, but not limited to: the acquisition of a 49% interest in AES-100, Inc .; the benefits and uses of AES technology; the potential cost savings and benefits of 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 PowerTap’s control. Some assumptions include the development of hydrogen-powered vehicles by vehicle manufacturers, the introduction of hydrogen-powered vehicles by the market, laws and regulations favoring the use of hydrogen as an alternative source of energy, qualification for emission certificates, the company’s ability to expand the planned hydrogen filling station network, and others 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 “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “project” . , “potentially” and similar expressions; or that events or conditions “occur,” “would,” “may,” “could,” or “should” occur or be achieved. This press release contains forward-looking statements relating, among other things, to the timing and timing of the Company’s ability to complete potential investments or acquisitions, if any. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks that could cause actual results to vary and, in some cases, 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 contained in such forward-looking statements are reasonable based on the information available to it at the time these statements are made, no representations can be made as to future results, activities and Achievements are given and such statements are not guarantees of future performance.
The forward-looking information contained in this press release is expressly limited by the preceding cautionary statements and is as of the date of this press release. Except as required by applicable securities laws, the company undertakes no obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this publication or to reflect the occurrence of unforeseen events, whether as a result of new information, future events or results or for other reasons.
