Major Global Truck OEM to Expand Fueling Network with PowerTap and Its Unique On-Site Hydrogen Production and Dispensing Unit in a Strategic Partnership

VANCOUVER, British Columbia and ALISO VIEJO, Calif., Sept. 22, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) - PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of the Company has entered into a Hydrogen Purchase Agreement (“HPA”) with a major Original Equipment Manufacturer (the “OEM”) of hydrogen fuel cell electric vehicles (“FCEV”). The companies intend to collaborate to encourage adoption of the OEM’s Class 8 zero-emission vehicles with the deployment of PowerTap’s onsite clean hydrogen production systems.

Under the terms of the HPA, PowerTap will initiate development of an initial hydrogen fueling facility in the State of California to start. Each additional station will be under its own separate HPA. These facilities will provide solutions for on-site clean hydrogen production and dispensing to support the OEM’s key customers and advance efforts to decarbonize the transport sector. This will allow the OEM’s trucking customers to access clean hydrogen produced on-site and dispensed directly at PowerTap’s fueling stations, reducing transportation costs, and improving supply chain efficiency. Both companies plan to execute similar agreements together, developing additional hydrogen fueling stations across North America, building the hydrogen fueling infrastructure to help the OEM’s customers refuel their FCEVs and help decarbonize the global energy economy.

The new deal will help the OEM expand its fueling network and provide more convenient access to hydrogen fuel for its customers’ future fleets of hydrogen fuel cell electric trucks. By utilizing PowerTap's state-of-the-art technology as an available option in its array of fueling solutions, the OEM will be able to produce hydrogen on-site, diversifying its dependence on traditional industrial off-site hydrogen suppliers and providing a reliable, efficient, and cost-effective solution for the fueling needs of the commercial FCEV trucking industry.

"We are thrilled to partner with a world-leading Class 8 truck OEM to bring on-site hydrogen production and dispensing to our fueling stations," said PowerTap Hydrogen Fueling Corp. President and CEO Salim Rahemtulla. "This partnership will enable us to expand our fueling network and provide hydrogen fuel cell electric fleets with an ultra-safe, more reliable and cost-effective source of hydrogen fuel. We look forward to working with the OEM to continue driving the adoption of hydrogen fuel cell technology in California and beyond."