VANCOUVER, British Columbia and IRVINE, Calif., July 08, 2021 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE)(FWB: 2K6)(OTC: MOTNF) (“PowerTap” or the “Company” or "MOVE") is pleased to announce that its wholly-owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap Fueling”) has completed the engineering design of the PowerTap Gen3 making significant improvements in its steam methane reformer (SMR) that increases the production of hydrogen, reduces feedstock requirements, and extends the life of the SMR. The design of the SMR remains subject to revisions, pending the successful manufacturing of a prototype that achieves all of the functionalities as intended. The diagram below illustrates the current design of the SMR.
Specific innovations include:
- The improvement of heat transfer within the water gas shift reactor vessel identified in the below diagram via reactor tube design and use of a unique heat reflective coating inside the vessel. The improvement of heat transfer within the reactor vessel reduces the amount of feedstock gas needed to produce hydrogen and considerably enhances the separation of hydrogen from the feedstock in the process.
- The reduction of the reactor temperature and pressure which reduces the overall stress on the vessel and tube system and extends the life of the system from ten years to over 15 years.
- The burning of the syn gas from the shift reactor which reduces the volume of renewable natural gas feedstock required and reduces greenhouse gas emitted into the atmosphere.
- The increase of the overall life span of the SMR from 10 years to 15 years through advancement and improvement in the catalyst and, reduction of the water gas shift reactor vessel temperature and pressure.
The effectiveness of the improvements to the SMR design as mentioned above, remain subject to testing during the manufacturing process, and may be amended as required.
With the completion of engineering design, the Company is in the process of finalizing arrangements for the manufacturing of the prototypes of the PowerTap Gen3 unit. The Company will provide updates on this phase when material developments occur. The Company is also finalizing its pre-application packages for the first three sites in the California counties of Monterey and Humboldt to submit in Summer 2021. The company's efforts over the next few months will be focused on working closely with the California Hydrogen Business Council (CHBC) and the California Governor's Office of Business and Economic Development (GO-Biz), to process the application and, separately, obtaining authorization for its Low Carbon Fuel Standard (LCFS) Hydrogen Refueling Infrastructure (HRI) credits from the California Air Resources Board (CARB).
Kelley Owen, Chief Operating Officer of PowerTap Fueling, stated, “The incorporation of these major design changes to the current applications represent significant improvement in the production of hydrogen today.”
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.
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 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.
Specifically, this news release contains forward-looking statements relating to, but not limited to: the successful design and installation of the PowerTap fueling units, the availability of RNG feedstock to produce blue hydrogen, PowerTap becoming eligible to earn HRI credits under the LCFS carbon credit program, the liquidity of a secondary market to sell the carbon credits, forecasts, estimates, expectations and objectives for future operations. These forward-looking statements 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 any potential investments or acquisitions, if at all, and the timing thereof. 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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