PowerTap provides corporate update

PowerTap Hydrogen Fueling Corp., in conjunction with T2M Global, PowerTap’s technology partner, has made good progress in engineering and supply chain validation of the PowerTap Gen3 Modular Hydrogen Production and Dispensing Unit (MHPDU) in PowerTap’s plan to establish light-duty and heavy-duty FCEV hydrogen refueling stations.

T2M has put several hundred hours of effort into component supply chain, finalization of our CO2 use and sequestration strategy and identification of a strategy to fast track first station delivery of a minimum viable product.

In addition, with support from PowerTap, T2M Global developed a response to an invitation-only $4.3 million request for proposal from the Air Quality Mitigation Fund (AQMF) of the Harbor Community Benefit Foundation (HCBF) for the implementation and/or demonstration of zero or near-zero emissions freight movement technologies.

The T2M/PowerTap proposal characterized a barge-based fuel cell power cold ironing project, including the production of hydrogen, in the Port of Los Angeles. This is a promising opportunity for a PowerTap station in the Port of Los Angeles, for which the HCBF will announce the grantee by early 2023.

With respect to station deployments, with the unanimous approval from the City of Fortuna, PowerTap anticipates obtaining building permits for the Fortuna station in Q3 2023 with construction completion anticipated by Q1 2024. For the Carmel Center Station in the County of Monterey, PowerTap anticipates obtaining entitlements for the station in Q2 2023, building permits in Q4 2023 with anticipated construction completion by 2024.

Financing for the above stations would be secured by a combination of equity, debt possibly backed by the US Department of Energy and subsidiary project financing. Other than as described in this news release, the Company has not secured financing for the above-mentioned stations at this time. The Company does not intend to comment further unless and until further disclosure is appropriate or necessary.

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