- After re-focusing AES-100 Inc. toward the massive home market for green hydrogen; AES-100 has achieved its first major milestone and is on-track for its accelerated commercial timeline
- Amidst global supply chain issues, AES-100 is pleased to announce receipt of two major key pieces of equipment. The production cells (“heart of the AES home power unit”) will enable the next stage of testing for AES-100’s at-scale direct-to-consumer green hydrogen power unit
- With the largest gas utilities in the world announcing green hydrogen blending and repurposing of their pipelines, AES-100 is ideally positioned to enable hydrogen fuel extraction and power generation for the residential home
VANCOUVER, British Columbia and IRVINE, Calif. – January 31, 2022 (Globe Newswire) PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that its 49%-owned subsidiary, AES-100 Inc. (“AES-100”), a leading clean hydrogen technology company, has received two of its latest production cells. These cells are at the heart of the AES home power unit enabling the production of hydrogen and ultimately electricity at unprecedented efficiencies, while also providing resilience to common inert gases that are a problem for other hydrogen technologies.
With announcements coming from the largest gas utilities in the world, AES-100 technology for the consumer is being prioritized at an expedited rate to meet the market need. With more than 14 million homes in California1 alone, a state where green energy is routinely curtailed, the domestic market opportunity is significant.
“Although the number varies, the average American home uses ~30 kWh per day2. AES technology and design is being developed and tested at variable rates over 70 kWh per day. With testing at this scale, the home power unit is set for application at homes small and large alike. We are excited to be testing at rates meeting the needs for commercial application,” said Channce Fuller, CEO of AES-100 Inc.
Utility companies around the globe are positioning themselves to repurpose billions of dollars in infrastructure to enable the hydrogen economy of the future. Using a recent announcement in the Netherlands as a case in point, government revenue from natural gas has fallen from 10.7 billion euros to only 140 million euros in 2020 over just 10 years, as the government pushes for a transition to hydrogen away from fossil fuels.3 This change, happening across the globe, is an opportunity for hydrogen storage in the pipelines, followed by extraction and conversion to power the homes of the future.
“Annual estimates for green hydrogen sales now exceed $700 billion by 2050.3 With demand that significant, hydrogen technologies around the globe will have to work synergistically to meet the growing need. With the new production cells in-hand at our development partner’s facility, AES-100 Inc. is increasingly well positioned to meet the market need”, added Mr. Fuller.
As testing and validation continues, the Company will continue to keep the market updated on the achievement of additional key development milestones of AES-100.
ABOUT AES-100 Inc.
AES-100 Inc. is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. AES owns the exclusive rights and intellectual property pertaining to the AES technology for the production of hydrogen.
AES-100 Inc. is a private company with ownership held by PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB:2K6B) (OTC: MONTNF) and by Aberdeen International (TSX:AAB) (F:A8H) (OTC: AABVF) with remainder of ownership being privately held.
PowerTap is also announcing that pursuant to the purchase agreement entered into on July 26, 2021 to acquire 49% of AES (the “Purchase Agreement”) and announced on July 27, 2021, the Company has issued on January 31, 2022 an additional 20,000,000 common shares at a deemed value of $0.50 per common share to the selling shareholders of AES-100 Inc. on a pro-rata basis in exchange for a 49% equity interest in AES-100 Inc. The issuance of these additional common shares is the final payment by the Company under the Purchase Agreement for its 49% interest in AES. The acquisition of AES is an arm’s length transaction and the common 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.
- United States Census Bureau – Data for 2019
- US Energy Information Administration – Data for 2020
- Fuel Cell Words – January 2022
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.
Tyler Troup, Circadian Group IR
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding AES; the AES technology; the global addressable market for hydrogen; the effectiveness and timelines to deploy the AES home power unit; reduction of risk for industrial applications of the AES technology; the renewable energies sector and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.aberdeen.green. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.