VANCOUVER, British Columbia, Sept. 03, 2021 (GLOBE NEWSWIRE) — PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“PowerTap” or the “Company”) is pleased to announce that subsidiary Advanced Electrolyzer Systems, developed by Pinakin Patel and his team, a Company that has been the significant recipient of Federal grant awards for their many verticals, have now demonstrated substantial results in the new, novel and critical area of hydrogen recovery from natural gas pipelines.
Our landmark testing has demonstrated that the patented AES technology has an ability to store excess renewable electricity as hydrogen in natural gas pipelines. Currently, there is NO cost-effective solution to recover this hydrogen for commercial usage.
Bench testing over a period of 5000 hours has shown that the efficient extraction of hydrogen stored in natural gas pipelines is commercially viable with AES’ systems.
This both solves a major problem (grid instability) and creates a major new potential source of clean energy (hydrogen capture and storage) that heretofore has been discarded or uncapturable in an economic fashion.
In many jurisdictions globally, excess solar and wind power are leading to grid instability issues causing a lack of predictability and reliability for large-scale consumers of power. The current solution is “curtailment” of production. This is a very inefficient and expensive means of managing grid stability. The State of California alone has seen over USD $100 million in lost revenue due to the need to manage excess power within its electricity grid1. Further, California must pay neighboring states to remove excess green electricity at an enormous cost and burden.
Our solution, which applies worldwide, focuses on the “low hanging fruit” as AES technology can store this valuable excess electricity as hydrogen, within existing natural gas pipelines. “Recovering this hydrogen for reuse is a potentially multi-billion dollar market”, said Mr. Pinakin Patel.
The hydrogen stored in the pipeline will be about 10% hydrogen content by volume without any significant modifications to existing infrastructure. Our advanced technology provides a cost-effective solution for extracting this “lost” hydrogen for higher value use in the emerging green transportation industry. The key value proposition offered by our technology is its ability to extract hydrogen at the point of use, thus eliminating the hydrogen transportation costs and associated safety issues.
Across the United States and Europe, this would mean substantial progress towards hydrogen infrastructure needed for clean and green electric vehicles. Every billion cubic feet of natural gas containing 10% hydrogen translates into 100 million cubic feet of hydrogen. This represents enough hydrogen to drive a local economy of electric cars, buses, trucks, and trains. Our technology provides a modular, scalable, low-cost solution to extract this hydrogen safely and efficiently from existing natural gas infrastructure.
AES is now scaling up its bench scale testing which will demonstrate its performance at a host site pipeline. Given results to date and the testing infrastructure already in place, PowerTap estimates that this technology can rapidly move towards commercialization, tapping into rapidly emerging multi-billion dollars markets of green hydrogen markets.
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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Tyler Troup, Circadian Group IR MOVE@circadian-group.com
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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 (including the availability of credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock 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.