PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) said it has engaged T2M Global to validate its Gen3 Modular Hydrogen Production and Delivery Unit (MHPDU) to accelerate initial station delivery to capitalize on demand growing hydrogen filling stations around the world.
“We are delighted to engage with T2M for the rapid deployment of our Gen3 MHPDU, leveraging their extensive hydrogen experience,” PowerTap CEO Raghu Kilambi said in a statement.
“T2M’s experience will allow PowerTap to take full advantage of the excellent blue hydrogen market conditions over the next few years, in particular taking advantage of an already existing natural gas and renewable natural gas infrastructure”, a- he added.
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PowerTap said the T2M team, led by its President and CEO Pinakin Patel, has extensive experience producing green hydrogen for multiple applications in the United States and Canada.
“We are delighted with PowerTap’s decision to benefit from T2M Global’s extensive hydrogen and fuel cell network,” said Patel, noting the company’s previous collaborations with multinational corporations such as BASF, Siemens-Westinghouse, Mitsubishi, Marubeni, POSCO. Energy, Daimler (ETR:DAI)-MTU and ExxonMobil.
“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,” Patel added.
PowerTap also announced that it had closed the first tranche of a non-brokered private placement and issued 6,666,667 units of one common share and one transferable stock purchase warrant at a price of $0.15 per unit for gross proceeds of $1,000,000.
The Vancouver-based company said it intends to use proceeds from the offering for general working capital purposes.
All securities issued are subject to a statutory hold period of four months and one day which expires on Dec. 27, 2022, the company said, adding that it did not pay any finder’s fees in connection with the private placement.
PowerTap Hydrogen, through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp, is focused on installing hydrogen production and distribution infrastructure in the United States.
Its patented solution has been developed over 20 years and the company is now commercializing its third-generation blue hydrogen product to focus on automotive and long-haul trucking markets that lack hydrogen refueling infrastructure.
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