PowerTap Hydrogen Capital (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) has released an update regarding its PowerTap Gen3 unit, a modular hydrogen production and dispensing unit. According to the announcement, PowerTap Hydrogen Fueling Corp., a MOTNF wholly owned subsidiary, has finished the engineering design of the Gen3 Unit, a blueprint design that has cost PowerTap an estimated $2.8 million. The next step for PowerTap Hydrogen Capital will be manufacturing a prototype; the company is currently negotiating with third-party manufacturers and plans to evaluate several options before making a final decision. The company will consider timing, availability, expertise and funding as well as technology and customization as it chooses a manufacturing partner. The company noted that initial cost to manufacture, deliver and install a 1,250 kg. prototype unit could be an estimated $6 million. In addition, the company will need to find suitable sites, complete a feasibility study and obtain required permits. Given these considerations, the company expects the commission and installation of its initial Gen3 units will not be before late 2022. The company also clarified an announcement made earlier this year regarding its definitive agreement with Humboldt Petroleum Inc., Peninsula Petroleum LLC and Colvin Oil I LLC (dba GP Energy) to install the Gen3 units at select Andretti Group sites. The initial announcement noted that installation may begin this year, but the company now expects the commission and installation of these units will be in late 2022.
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About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen, through its wholly owned subsidiary PowerTap Hydrogen Fueling Corp., 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. Currently fewer than 100 operational, publicly available hydrogen stations exist in the United States, with most of those stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks. For more information about the company, please visit www.CleanPower.Capital.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://ibn.fm/MOTNF
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