PowerTap Announces T2M as Engineering and Design Validation Partner | Your money


VANCOUVER, British Columbia and IRVINE, Calif., Sept. 12, 2022 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that it has engaged T2M Global (“T2M”) as its engineering and design to perform validation of its Gen3 Modular Hydrogen Production and Delivery Unit (MHPDU) and to provide final engineering for lower cost manufacturing with increased robustness.

The demand for hydrogen fueling stations is growing rapidly around the world, promising a multi-billion dollar market. To capitalize on this demand, PowerTap engaged T2M Global to expedite initial station delivery. The T2M team, led by Mr. Pinakin Patel, has extensive experience in producing green hydrogen for multiple applications in the United States and Canada. Mr. Patel led the world’s first award-winning tri-generation project in Fountain Valley, California, a joint demonstration project between Air Products and FuelCell Energy, which fueled more than 5,000 fuel cell vehicles while powering the site green electricity host.

“We are excited to engage with T2M for the rapid deployment of our MHPDU Gen3 by leveraging their extensive hydrogen experience,” said Raghu Kilambi, CEO of PowerTap, further noting, “T2M’s experience will enable PowerTap to take full advantage of the excellent market conditions for blue hydrogen over the next few years, including taking advantage of already existing natural gas and renewable natural gas infrastructure.” In today’s market, a reliable supply chain for modular hydrogen plants is a critical aspect required for Gen3 MHPDU stations. T2M brings valuable experience in strategic alliances for the main components of green or blue hydrogen, such as high pressure steam methane reformers, hydrogen purification for fuel cell use, compression of hydrogen for efficient storage and distribution to heavy-duty vehicles, as well as long-range light-duty vehicles. service vehicles.

“We are delighted with PowerTap’s decision to leverage T2M Global’s extensive hydrogen and fuel cell network,” said Pinakin Patel, President and CEO of T2M. “Our extensive experience in fuel cell commercialization, hydrogen production, technology collaborations and supply chain development in the United States, Canada, Japan, South Korea, Germany and Denmark will help PowerTap accelerate its deployment of hydrogen stations Our team’s previous collaboration experience includes multinationals like Haldor Topsoe, BASF, Sempra, Enbridge, Siemens-Westinghouse, Fluor Engineers, NRG, Mitsubishi, Sanyo, Marubeni, POSCO Energy, Daimler-MTU and ExxonMobil,” Mr. Patel said.

The Company also announces that it has closed the first tranche of a non-brokered private placement (the “Private Placement”) and has issued 6,666,667 units (“Units”) of the Company at a price of $0.15 per unit. for gross proceeds of $1,000,000. Each Unit consists of one common share (each a “Share”) and one transferable share purchase warrant (each a “Warrant”). Each warrant will entitle its holder to purchase one additional share of the Company at a price of $0.30 for a period of twenty-four (24) months from the date of issue.

As part of the Private Placement, the Company did not pay any finder’s fee. The Company intends to use the proceeds of the private placement for general working capital purposes. All securities issued are subject to a statutory hold period of four months and one day which expires on December 27, 2022.

None of the securities issued under the Private Placement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them will be offered or sold in the United States in failure to register or an applicable exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy and there will be no no sale of the securities in any state where such offer, solicitation or sale would be unlawful.

ABOUT POWERTAP HYDROGEN CAPITAL CORP. PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), focuses on the installation of hydrogen production and distribution infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is currently commercializing its third-generation blue hydrogen product which will focus on the refueling needs of automotive and long-haul trucking markets that lack hydrogen refueling infrastructure. There are currently fewer than 100 publicly available operational hydrogen stations in the United States, with most existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks. www.PowerTapcapital.comwww.PowerTapfuels.com

PowerTap Hydrogen’s common stock is listed on the NEO Exchange. Please see the company profile on the NEO Exchange website at: https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth

Investor Contact: Tyler Troup, Circadian Group IR [email protected]

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PowerTap Contact: Raghu Kilambi [email protected] +1 (604) 687-2038

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICE PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.

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 laws. These forward-looking statements include, but are not limited to, forecasts, estimates, expectations and targets for future transactions that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Power Tap. Some assumptions include, but are not limited to, development of hydrogen vehicles by automakers, market adoption of hydrogen vehicles, legislation and regulations promoting the use of hydrogen as an energy source alternative, qualification for carbon credits (including the availability of credits, benefits, emission reductions, offsets and allowances, regardless of entitlement, attributable to the production, combustion or any other use of biogas), the availability of a sufficient quantity of RNG feedstock, the Company’s ability to expand its planned network of hydrogen fueling stations, and the Company’s ability to raise sufficient funds to fund his 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”, “could”, “might” or “should” occur or be achieved. This press release contains forward-looking statements regarding, among other things, the timing and outcome of municipal/county hearings to determine the suitability of the Company’s site designs. Forward-looking information is based on current expectations, estimates and projections which involve a number of risks, which 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 expressed in these forward-looking statements are reasonable based on the information available to it on the date on which these statements were made, no assurance can be given as to the results, levels future activities and achievements. and these statements are not guarantees of future performance.

The forward-looking information contained in this press release is expressly qualified by the preceding cautionary statements and is made 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 release or to reflect the occurrence of any unforeseen events, whether as a result of new information, future events or results, or otherwise.

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