PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) has provided an update on its activities as well as that of its PowerTap Hydrogen Fueling Corp US subsidiary, saying that it and its technology partner, T2M Global, have further progressed the engineering and supply chain validation of the PowerTap Gen3 Modular Hydrogen Production and Dispensing Unit (MHPDU) in PowerTap’s plan to establish light-duty and heavy-duty fuel cell electric vehicle (FCEV) hydrogen (H2) refueling stations by 2024.
The company said as part of T2M Global's progress on supply chain and technology validation of PowerTap's Gen3 unit, T2M has significantly advanced towards finalizing a compression partnership that would substantially improve station uptimes over the current unacceptable 40% to 65% uptimes of existing H2 fuel stations (using H2 produced offsite) in California.
“What differentiates us from the traditional Compress-Store-Dispense (CSD) stations (i.e., the way that most all H2 fueling stations are set globally - off-site production of H2, shipping of H2 in tankers to stations and onsite storage and dispensing) is that, first and foremost, we avoid H2 transport costs which also significantly decrease carbon intensity (CI) and increase the reliability of H2 supply which will lead to needed lower prices at the pump for FCEV customers,” PowerTap Hydrogen Fueling CEO Salim Rahemtulla said in a statement.
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“Secondly, with our renewable natural gas (RNG) feedstock (low to negative CI biogas or biomethane coming from dairy farms, cow and pig farms, food waste, landfills, etc.), we produce carbon neutral or negative carbon H2, which is critical to our participation in the State of California’s Low Carbon Fuel Standard (LCFS) program,” he added.
Rahemtulla noted that the company’s participation in the LCFS program (if it qualifies) will bring in significant revenue for 15 years based on its 1,250-kilogram H2 per day capacity, even without sales of H2 from dispensing, while also believing that PowerTap’s Gen3 solution will deliver the lowest cost hydrogen available in California.
PowerTap added that T2M Global and the compression partner are finalizing the details to provide near 100% uptimes to enhance the H2 FCEV ownership experience.
As well, Rahemtulla stated PowerTap believes that in addition to being able to produce H2 at the lowest cost in California, the company’s hydrogen production method is superior to green hydrogen (using electrolysis) produced in California using electricity from the electricity grid, due to a lack of a green electricity grid across most of the US and high electricity costs.
PowerTap Hydrogen Capital, through its wholly-owned PowerTap Hydrogen Fueling subsidiary, is focused on installing hydrogen production and dispensing fueling infrastructure in the US.
Contact Sean at sean@proactiveinvestors.com