PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) announced that BioQuest Corp has executed a letter of intent (LOI) to acquire all of the issued and outstanding shares of Progressus Clean Technologies Inc, a private company and 49%-owned subsidiary of PowerTap.
The hydrogen production and dispensing fueling infrastructure provider said Progressus shareholders will receive shares of BioQuest in consideration.
Progressus is a venture-stage green technology company focused on the development of novel hydrogen generation and separation technologies, which owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas, PowerTap said.
READ: PowerTap Hydrogen Capital updates on its continued efforts in California and recent participation in the California Hydrogen Leadership Summit
It added that Progressus Clean Technologies' innovation provides superior performance at a lower cost with significantly reduced emissions.
PowerTap noted that the parties will provide additional details of the transaction following the execution of definitive agreements.
PowerTap Hydrogen Capital, through its wholly-owned subsidiary, PowerTapHydrogen Fueling is focused on installing hydrogen production and dispensing fueling infrastructure in the US. The company 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.
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