PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) shared a progress update on its subsidiary activities, strategic initiatives, and industry collaboration aimed at deploying its Gen3 modular blue hydrogen production and dispensing unit.
The clean renewable hydrogen infrastructure company is focusing efforts to support strategic and manufacturing partners in realizing its Gen3 on-site modular hydrogen production, storage, and dispensing unit.
In a statement, PowerTap noted that these partnerships are vital for completing engineering re-validation and finalizing plans for manufacturing, with a focus on sites in California and future expansion across North America.
“PowerTap’s focus is to communicate to its partners that deployment of the PowerTap Gen3 technology, integrated within a microgrid, could create PowerTap Energy Plazas that offer hydrogen for FCEVs, power for BEVs, contribute to grid stability, and eliminate the carbon intensity associated with traditional hydrogen delivery,” Salim Rahemtulla, CEO of PowerTap USA said.
On the financing front, PowerTap USA is in discussions to raise debt and equity capital from strategic and private equity sources.
The funds, if secured, will support working capital and technology and station development to facilitate the deployment of heavy-duty fueling stations and other industrial market applications.
Meanwhile, PowerTap said it is still in discussions with several hydrogen vehicle OEMs after signing a definitive contract with a leading hydrogen truck OEM in September 2023. The company aims to identify and develop sites in desired geographical market areas, leveraging its intellectual property to provide affordable and reliable hydrogen solutions across industrial markets.
Finally, PowerTap said it remains actively engaged in industry forums, including the California Hydrogen Business Council (CHBC), positioning itself for participation in hydrogen hubs across the United States.
These efforts align with the US Department of Energy's $7 billion grant initiative supporting hydrogen hubs focusing on blue hydrogen.