VANCOUVER, British Columbia, November 2, 2020 – Organic Flower Investments Group Inc. (CSE: SOW)(FWB: 2K6)(OTC: QILFF) (“Organic Flower” or the “Company” or “SOW”). The Company’s 90 percent owned subsidiary PowerTap Hydrogen Fueling Corp. (“PowerTap”) is pleased to provide an update on the hydrogen vehicle market and its impact on the need for hydrogen fueling stations.
The Wall Street Journal recent article1, “Hydrogen-Fuel Focus Shifts to Big Rigs” noted that the major car/truck makers are now focused on Hydrogen-fuel based trucks, which have major advantages over current diesel trucks (operating costs and emissions) and potential battery electric trucks (faster refueling time and larger payload space). Toyota, General Motors, Daimler, Volvo and Hyundai all have announced plans for long haul, big rig hydrogen trucks1.
“It’s clear that hydrogen fuel-cell trucks are needed.” said Andrew Lund, Toyota’s chief engineer for the technology quoted to the Wall Street Journal article. “They provide technical solutions that other technologies cannot meet in the long run.” The Wall Street Journal article also highlighted that “There are major hurdles, including the availability of hydrogen stations”.
PowerTap Hydrogen Fueling Corp.’s (“PowerTap”) patented, onsite hydrogen generating fuel station technology will help lead the charge to increase the USA public hydrogen station count from under 100 currently to the thousands that are needed over the next few years.2
The Hydrogen Council expects US$30 billion of hydrogen infrastructure to be invested globally on hydrogen fueling and transportation infrastructure1. With government grants, government loans and carbon credit incentives available, it is PowerTap’s view that its established technology and IP with significant previous investments from the USA government and major private sector companies gives it an advantage as it starts to roll out its network of hydrogen fueling stations in 2021.
“PowerTap is an established technology with existing hydrogen fueling stations in the USA” said Raghu KIlambi, CEO of PowerTap. “We will be working with strategic partners to aggressively roll out fueling stations to meet the huge demand for hydrogen fuel that is imminent.”
1 Wall Street Journal, “Hydrogen-Fuel Focus Shifts to Big Rigs”, October 26, 2020
The Company acquired a 90 percent interest in PowerTap on October 27, 2020 (see the Company’s news release on October 28, 2020). PowerTap is leading the charge to build out cost-effective hydrogen fueling infrastructure through its environmentally friendly intellectual property, product design for the modularized and lowest tier production cost of hydrogen, and launch plan. PowerTap technology-based hydrogen fueling stations are located in private enterprises and public stations (near LAX airport) in California, Texas, Massachusetts, and Maryland. Additional information about PowerTap may be found at its website at http://www.powertapfuels.com
ABOUT ORGANIC FLOWER INVESTMENTS
Organic Flower is an investment company, that specializes in investing into private and public companies opportunistically that may be engaged in a variety of industries, with a current focus in the health and renewable energy industries. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in our investments. A copy of Organic Flower’s amended and restated investment policy may be found under the Company’s profile at www.sedar.com.
ON BEHALF OF THE ORGANIC FLOWER INVESTMENTS GROUP INC. BOARD OF DIRECTORS
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