VANCOUVER, British Columbia and IRVINE, Calif., Aug. 03, 2021 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B)(OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce it has partnered with Viridian Hydrogen UAE (“Viridian”) to help establish a hydrogen ecosystem in the United Arab Emirates (UAE) and throughout the Middle East to meet the growing demand for alternatives to fossil fuels.
Viridian provides integrated solutions across the hydrogen sector. The team at Viridian has an extensive understanding of the diverse renewable opportunities present throughout the UAE and the Middle East. Viridian’s leadership and Advisory Board members will work together with PowerTap to build lasting partnerships built on a commitment to innovation and collaboration with key regional stakeholders.
Viridian is well positioned to work with a variety of companies and governmental agencies in the MENA region to maximize the potential of hydrogen through the roll-out of the next generation PowerTap hydrogen filling stations. The key stakeholders have extensive experience in renewable energy production that when coupled with their deep history in the region result in an ideal partnership.
The collaboration between MOVE and Viridian will help both private and public entities meet the growing need for renewable options across the UAE in the coming years. The partnership between MOVE and Viridian is committed to balancing the economic and environmental mandates to transition the UAE into a global leader in hydrogen production, distribution, utilization, and carbon capture technology.
This initiative is in keeping with UAE Vision 2021 whose directives include the support of clean energy and the implementation of renewable growth plans. “Viridian is ideally situated to tap into hydrogen’s vast potential and secure the energy needs of the United Arab Emirates and throughout the Middle East not only today but well into the future,” according to Mr. Saad Khan, Partner of Viridian Hydrogen UAE.
Viridian has been tasked to support PowerTap in continuing to build on the momentum they have established in the United States through their partnership with the Andretti Group, an independent operator of approximately 100+ retail fueling stations in the United States to replicate this best-in-class partnership model throughout the Middle East. Currently, having only two hydrogen fueling stations across the entire UAE, PowerTap is perfectly positioned to help strategically develop a hydrogen highway utilizing many of the country’s 643 fueling stations.
Subject to completing the manufacturing of a prototype PowerTap Gen3 unit and successful testing, PowerTap expects to deploy a minimum of 100 hydrogen fueling stations with various Middle Eastern governments and private/public multinational corporations over the next 24 months. Initially, PowerTap expects to launch its products across the UAE resulting in the Emirates becoming the first country in the region to have a true nationwide hydrogen infrastructure that serves all its citizens. PowerTap’s patented onsite hydrogen production and dispensing technology is disrupting traditional inefficient models of offsite hydrogen production. The PowerTap system allows vehicles to fill up at point of production and co-locate with traditional gas stations. The 3rd generation system is ideally situated to produce and dispense hydrogen for both commercial and passenger vehicles through its use of renewable natural gas and water inputs, resulting in hydrogen production at much lower prices relative to alternative methods and pricing favorable to gasoline and diesel fueling and electric charging.
“We are committed to working with Viridian and the UAE to create a template for a new hydrogen ecosystem that will be a showcase for other countries to emulate. We will responsibly transition the UAE to hydrogen while creating jobs and attracting investment into the United Arab Emirates. PowerTap is constantly being approached by parties all over the world to license their patented carbon capturing, hydrogen producing technology. To operate and conduct business in the Middle East, you must have entrenched longstanding local connections with governments and major businesses. PowerTap is confident that the team at Viridian in conjunction with the local Advisory Board that is being assembled, who are all local experienced businessmen and trusted advisors to governments and family offices will showcase the type of individuals PowerTap wants to represent MOVE in the MENA region,” said Mr. Raghu Kilambi, CEO of PowerTap Hydrogen Capital Corp.
MOVE & Viridian are honored to continue to help build on the UAE’s Founding Father the late Sheikh Zayed Bin Sultan Al Nahyan’s visionary leadership to establish the pillars of success for the Arab Emirates.
Compensation payable to Viridian pursuant to a definitive agreement remains subject to the completion of applicable regulatory and NEO Exchange filings.
ABOUT VIRIDIAN HYDROGEN, UAE
Viridian Hydrogen UAE has been retained to become provider of integrated renewable solutions with a focus on the development of hydrogen in the United Arab Emirates and the greater MENA region.
Through a diverse network of local partners and advisors Viridian has positioned itself as the trusted resource for governments and multinational corporations wishing to implement their renewable strategies in the region.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap 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. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company’s profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market- depth.
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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 legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of PowerTap. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the qualification for carbon credits, the Company’s ability to build out its planned hydrogen fueling station network, and the Company’s ability to raise sufficient funds to fund its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to 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 material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any 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 unanticipated events, whether as a result of new information, future events or results, or otherwise.