PowerTap Hydrogen Capital Corp. (NEO:MOVE.AQN, OTC:MOTNF) said it has engaged T2M Global to validate its Gen3 Modular Hydrogen Production and Dispensing Unit (MHPDU) to fast-track initial station delivery to capitalise on the growing demand for hydrogen refueling stations worldwide.
"We are excited to engage with T2M for rapid deployment of our Gen3 MHPDU, leveraging their extensive hydrogen experience," PowerTap CEO Raghu Kilambi said in a statement.
"T2M's experience will enable PowerTap to take full advantage of the excellent market conditions for blue hydrogen over the next few years, especially benefitting from an already existing infrastructure of natural gas and renewable natural gas," he added.
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PowerTap said the T2M team, led by its president and CEO Pinakin Patel, has extensive experience in the production of green hydrogen for multiple applications in the US and Canada.
"We are delighted by the PowerTap decision to benefit from T2M Global's extensive network in the hydrogen and fuel cell arena," Patel said, noting the company’s prior collaborations with multi-national corporations such as BASF, Siemens-Westinghouse, Mitsubishi, Marubeni, POSCO Energy, Daimler (ETR:DAI)-MTU, and ExxonMobil.
"Our vast experience in fuel cell commercialization, hydrogen production, technology collaborations and supply chain development in the US, Canada, Japan, South Korea, Germany, and Denmark will help PowerTap to accelerate its deployment of hydrogen stations,” Patel added.
PowerTap also announced that it has closed the first tranche of a non-brokered private placement and issued 6,666,667 units of one common share and one transferable share purchase warrant at a price of $0.15 per unit for gross proceeds of $1,000,000.
The Vancouver-based company said it intends to use the proceeds from the placement for general working capital purposes.
All securities issued are subject to a statutory four-month and one-day hold period that expires on December 27, 2022, the company said, adding that it did not pay any finder’s fee in connection with the private placement
PowerTap Hydrogen, through its wholly-owned subsidiary, PowerTap Hydrogen Fueling Corp, is focused on installing hydrogen production and dispensing fueling infrastructure in the United States.
Its patented solution has been developed over 20 years, and the company is now commercializing its third-generation blue hydrogen product to focus on the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
Contact the author at jon.hopkins@proactiveinvestors.com