PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) told investors that its PowerTap Hydrogen Fueling subsidiary has entered into a Hydrogen Purchase Agreement (HPA) with a major original equipment manufacturer (OEM) of hydrogen fuel cell electric vehicles (FCEV).
PowerTap said the two companies will work together to encourage the adoption of the OEM’s Class 8 zero-emission vehicles with the deployment of PowerTap’s on-site clean hydrogen production systems.
Starting in California, PowerTap will initiate the development of an initial hydrogen fueling facility, before developing additional hydrogen fueling stations across North America as they roll out infrastructure to help the OEM’s customers refuel their FCEVs and help decarbonize the global energy economy.
The facilities will provide solutions for on-site clean hydrogen production and dispensing, allowing the OEM’s trucking customers to access clean hydrogen produced on-site and dispensed directly at PowerTap’s fueling stations, reducing transportation costs, and improving supply chain efficiency.
This will help the OEM expand its fueling network and provide more convenient access to hydrogen fuel for its customers’ future fleets of hydrogen fuel cell electric trucks, PowerTap said.
PowerTap noted that each station will have a separate HPA, with both companies planning to execute similar agreements together.
“This partnership will enable us to expand our fueling network and provide hydrogen fuel cell electric fleets with an ultra-safe, more reliable and cost-effective source of hydrogen fuel,” commented PowerTap Hydrogen Fueling president and CEO Salim Rahemtulla.
“We look forward to working with the OEM to continue driving the adoption of hydrogen fuel cell technology in California and beyond.”
PowerTap said the new partnership is a significant step towards the widespread adoption of hydrogen fuel cell technology in commercial vehicles for the transportation industry. With on-site hydrogen production and dispensing, it said both companies will be able to reduce their carbon footprints and support California's ambitious clean energy goals.
Contact the author at stephen.gunnion@proactiveinvestors.com