PowerTap Hydrogen Capital (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) is reporting on a letter of intent (“LOI”) entered into by its subsidiary, Progressus Clean Technologies Inc. PowerTap owns 49% of Progressus, which executed an LOI with Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB: ALKFF) (Frankfurt: 77R) (WKN: A3CTYF) (“AFCP”) that outlines plans to complete a joint venture (“JV”) pilot project designed to provide a solution for natural gas utilities to directly power both residential and commercial businesses. According to the announcement, the pilot project will provide in-field proof of concept and operational data and will include a possible solution for global utility companies to blend hydrogen and natural gas; the JV will also support potential future growth and additional partnerships. The two companies share complementary missions and visions, and a partnership will leverage the strengths of both entities as they work together to solve the growing need for innovative hydrogen solutions. A venture-stage, green-technology company, Progressus is focused on the development of novel hydrogen generation and separation technologies; the company owns the exclusive rights and intellectual property (“IP”) connected to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas. “We are very pleased with the development of Progressus’ business since our initial investment in Progressus as initially announced on July 27, 2021,” said PowerTap Hydrogen Capital CEO Raghu Kilambi in the press release.
To view the full press release, visit https://ibn.fm/qEzND
About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen, through its wholly owned subsidiary PowerTap Hydrogen Fueling Corp., 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. Currently fewer than 100 operational, publicly available hydrogen stations exist in the United States, with most of those stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks. For more information about the company, please visit www.CleanPower.Capital.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://ibn.fm/MOTNF
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