PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) has provided an update on municipal approvals and the corporate development activities of its wholly owned subsidiary PowerTap Hydrogen Fueling, which is focused on installing hydrogen fueling infrastructure in the US.
PowerTap Hydrogen Fueling submitted an application for design review to the County of Monterey for the Carmel Center hydrogen station site in mid-May and expects the County to hold a design review hearing in October 2022, the company said in a corporate update.
Following the design review hearing, PowerTap will submit an application for construction permits following the finalization of engineering design in the fourth quarter of 2022.
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Turning to corporate development activities, the company said it has been developing relationships with fuel cell electric vehicle (FCEV) manufacturers, oil and gas companies, and fuel transportation companies in support of its plan to establish light-duty and heavy-duty FCEV hydrogen refueling stations.
In addition, it said it has been engaging with leading component technology partners in supply chain development for the assembly of PowerTap's Generation 3 Modular Hydrogen Production and Dispensing Unit (MHPDU).
With the understanding that the hydrogen production technology landscape is set to develop different pathways for the next few decades as the world addresses climate change, PowerTap is also working with prospective technology partners to explore these various next-generation products.
As previously reported on May 19, 2022, PowerTap has already received approval from the City of Fortuna (California) Planning Commission for its site design at another location, located in Fortuna, Humboldt County California.
PowerTap also announced today that under the sponsorship agreement on the No. 29 NTT Indy Car entry driven by Devlin DeFrancesco, that was initially revealed on May 17, 2021, and amended in October 2021, the company will issue an additional 8,256,701 common shares at deemed value of $0.115 per common share as the balance of the sponsorship fee for the 2022 racing season.
The shares are subject to a four-month and one day hold period from the date of issuance and are subject to the Neo Exchange's acceptance of final filing documents.
Powertap, through its wholly-owned subsidiary, Powertap Hydrogen Fueling Corp is focused on installing hydrogen production and dispensing fueling infrastructure in the US. Powertap's patented solution has been developed over 20 years, and it is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets.
Contact the author at jon.hopkins@proactiveinvestors.com