VANCOUVER, British Columbia and IRVINE, Calif., July 8, 2021 (GLOBE NEWSWIRE) – PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap Fueling”) completed the engineering design of the PowerTap Gen3 by making significant improvements to its steam methane reformer (SMR) which increases hydrogen production, reduces raw materials and extends the life of the SMR. The design of the SMR remains subject to revisions, pending the successful manufacture of a prototype that achieves all functionality as intended. The diagram below illustrates the current design of the SMR.
Specific innovations include:
Improving heat transfer within the gas-to-water transfer reactor vessel identified in the diagram below through the design of the reactor tube and the use of a heat reflective coating unique to the inside the tank. Improving heat transfer within the reactor vessel reduces the amount of feed gas required to produce hydrogen and greatly improves the separation of hydrogen from feed in the process.
Reducing reactor temperature and pressure which reduces overall stress on the vessel and tube system and extends system life from ten years to over 15 years.
The combustion of synthesis gas from the transition reactor which reduces the volume of renewable natural gas feedstock required and reduces greenhouse gases emitted into the atmosphere.
Increasing the overall lifespan of the SMR from 10 years to 15 years through advancement and improvement of the catalyst and reduction of the temperature and pressure of the gas transfer reactor vessel to the water.
The effectiveness of improvements to the design of the SMR, as mentioned above, remains subject to testing during the manufacturing process and can be changed as needed.
With the completion of the engineering design, the Company is in the process of finalizing arrangements for the manufacturing of the PowerTap Gen3 unit prototypes. The Company will provide updates on this phase when significant developments occur. The company is also finalizing its pre-application packages for the first three sites in the California counties of Monterey and Humboldt to be submitted in the summer of 2021. The company’s efforts over the next few months will focus on working closely with the California Hydrogen Business Council (CHBC) and the California Governor’s Office of Business and Economic Development (GO-Biz), to process the request and, separately, obtain approval for its Low Carbon Fuel Standard (HRI) Hydrogen Refueling Infrastructure (HRI) credits (LCFS) with the California Air Resources Board (CARB).
Kelley Owen, COO of PowerTap Fueling, said: “Incorporating these major design changes into current applications represents a significant improvement in hydrogen production today.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), focuses on installing hydrogen production and distribution infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now marketing its third-generation blue hydrogen product that will focus on the fueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure. There are currently less than 100 publicly available operational hydrogen stations in the United States, with most existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tankers.
PowerTap Hydrogen’s common shares are listed on the NEO Stock Exchange. Please visit the Company Profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
Dave Brown AMW PR
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Tyler Troup, Circadian Group IR
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Notice regarding forward-looking information:
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities laws.
Specifically, this press release contains forward-looking statements regarding, but not limited to: the successful design and installation of PowerTap refueling units, the availability of the GNR feedstock to produce blue hydrogen, PowerTap becoming eligible to earn HRI credits under the LCFS carbon credit program, secondary market liquidity to sell carbon credits, forecasts, estimates, expectations and targets for future operations. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of PowerTap. Some assumptions include, but are not limited to, the development of hydrogen powered vehicles by automakers, market adoption of hydrogen powered vehicles, legislation and regulations favoring the use of hydrogen. hydrogen as an alternative energy source, qualification for carbon credits, the Company’s ability to expand its planned network of hydrogen refueling stations, and the Company’s ability to raise sufficient funds to finance its business plan . Forward-looking statements are statements which are not historical fact and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends to”. “,” Believes “,” projects “,” potential “and similar expressions, or that events or conditions” will “,” would “,” could “,” could “or” should “occur or be achieved. This press release contains forward-looking statements regarding, among other things, the timing and ability of the Company to complete any potential investment or acquisition, if any, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections which involve a number of risks, which could cause actual results to vary and, in certain cases, differ materially from those anticipated by the Company and described in the forward-looking information. contained in this press release.
Although the Company believes that the important factors, expectations and assumptions expressed in these forward-looking statements are reasonable based on the information available to it at the date of these statements, no guarantee can be given as to the results, levels of activity and future achievements. and these statements are not guarantees of future performance.
The forward-looking information contained in this press release is expressly qualified by the foregoing warnings and is made as of the date of this press release. Unless required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unforeseen events, whether as a result of new information, future events or results, or otherwise.
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