Powertap and Luftcar Enter Into Memorandum of Understanding for Future Supply of Hydrogen to Luftcar Electric Vertical Take Off and Landing Vehicles

VANCOUVER, British Columbia, ALISO VIEJO, Calif. and DANBURY, Conn., May 16, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) PowerTap Hydrogen Fueling Corp., wholly owned subsidiary of the Company, a leading provider of on-site hydrogen fueling stations, and LuftCar Corp (“LuftCar”), a US-based, hydrogen powered electric vertical takeoff and landing (eVTOL) vehicle manufacturer, have entered into a memorandum of understanding ("MOU") regarding the Company's sale and LuftCar's purchase of hydrogen produced at future PowerTap and/or PowerTap-LuftCar co-located hydrogen production facilities. This strategic collaboration aims to promote the adoption of hydrogen fuel cell technology for air, road, and utility backup refueling, advancing the state's commitment to sustainable transportation and clean energy solutions. The terms of PowerTap’s sale of hydrogen to LuftCar for use in hydrogen fuel cell electric vehicles remains subject to a definitive agreement between PowerTap and LuftCar. Terms such as location of sale, volume and price remain subject to further negotiations and market conditions. The definitive agreement is also subject to PowerTap's ability to obtain sufficient funding to manufacture and commercialize its on-site hydrogen fueling units, and successfully obtaining required permits from applicable authorities.

Hydrogen fuel cell technology is gaining increasing attention as a viable alternative to traditional fossil fuels, thanks to its zero-emission properties and potential for scalable use in various applications. PowerTap Hydrogen Fueling Corp. specializes in providing state-of-the-art on-site hydrogen fueling stations, while LuftCar is a well-known manufacturer of hydrogen fuel cell eVTOLs for air transportation.

As part of the drive to build hydrogen infrastructure, the collaboration between PowerTap and LuftCar aims to establish a network of hydrogen refueling stations across Connecticut to support the fueling needs of eVTOLs, road vehicles, and utility backup systems. These refueling stations will offer a reliable and convenient source of hydrogen fuel, enabling efficient and sustainable transportation for a wide range of applications, including urban air mobility, road transportation, and emergency backup power.