PowerTap Hydrogen Capital Corp announced that it has entered into a memorandum of understanding (MOU) with LuftCar Corp, a hydrogen powered electric vertical takeoff and landing (eVTOL) vehicle manufacturer, in which LuftCar will purchase hydrogen produced at future PowerTap or PowerTap-LuftCar co-located hydrogen production facilities.
The provider of on-site hydrogen fueling stations said the strategic collaboration aims to establish a network of hydrogen refueling stations across Connecticut to support the fueling needs of eVTOLs, road vehicles, and utility backup systems, while promoting the adoption of hydrogen fuel cell technology for air, road, and utility backup refueling.
“Our on-site hydrogen fueling stations, coupled with LuftCar's cutting-edge eVTOLs, will provide a comprehensive solution for clean and efficient transportation and cargo distribution in the state, paving the way for a greener and more sustainable future,” PowerTap Hydrogen Fueling Corp CEO Salim Rahemtulla said in a statement.
PowerTap noted the terms of its sale of hydrogen to LuftCar for use in hydrogen fuel cell electric vehicles remains subject to a definitive agreement between PowerTap and LuftCar.
The company added that terms such as location of sale, volume and price remain subject to further negotiations and market conditions, and the definitive agreement is also subject to PowerTap's ability to obtain sufficient funding to manufacture and commercialize its on-site hydrogen fueling units, and successfully obtaining required permits from applicable authorities.
PowerTap Hydrogen Capital, through its wholly-owned PowerTap Hydrogen Fueling Corp subsidiary, is focused on installing hydrogen production and dispensing fueling infrastructure in the US.
Contact Sean at sean@proactiveinvestors.com