PowerTap announces Election of Pinakin Patel, Inventor of AES technology to California Hydrogen Business Council (CHBC)

Monday, 24. January 2022 06:05
  • AES Technology inventor, Pinakin Patel, elected to the California Hydrogen Business Council (CHBC) Board
  • The CHBC is a prestigious group advocating hydrogen policy at a national level promoting commercialization of new and existing technologies
  • Mr. Patel’s appointment will ensure AES technology meets the needs of the United States transition to low-carbon economy, marking another step towards the successful adoption and commercialization of AES technology

TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that Pinakin Patel, co-founder of AES-100 Inc, and lead inventor of the Advance Electrolyzer Technology (AES) for green hydrogen technology, has been elected to the CHBC Board. The California Hydrogen Business Council is a national level organization promoting and advocating for the commercialization of low-carbon and green hydrogen technologies. Its membership includes over 140 companies engaged in every aspect of the hydrogen supply chain worldwide. The Company owns 49 percent of AES-100 Inc.

As a prior member of the Board of Directors of National Hydrogen Association, Mr. Patel has received recognition and awards for his many contributions to the emerging green hydrogen industry. Of specific importance, Mr. Patel successfully championed the definition of green hydrogen to include waste-derived hydrogen. This broadened definition opened new pathways to develop lower-cost green hydrogen. It allowed the inclusion of other feedstocks such as biogas, digester gas, landfill gas and renewable natural gas. This pioneering work by Mr. Patel has laid the foundation for the emerging green hydrogen industry for transition to sustainable development of tomorrow. It has also strengthened his ongoing commitment to AES technology.

As a major investor in AES technology, PowerTap is committed to leveraging the best ideas and working with the best talent in the world to pursue our ambitious green energy goals.

California is key target market for AES technology. With a growing footprint of green energy generation, the California power grid is forced to curtail power production during the day. This curtailment is expensive to California ratepayers, and waste of valuable green energy. AES technology provides a promising solution to the curtailment problems, ensuring excess green energy is stored as hydrogen for later use.

Having a seat at the table on the CHBC Board will help to showcase unique benefits of AES technology to reduce emissions from the transportation, stationary power, and industrial sectors in California, and throughout the United States as a whole. This is another step that not only aligns with accelerated commercialization of AES technology, but it also differentiates AES technology and its position in the market.

ABOUT AES-100 Inc.

AES-100 Inc. is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. AES owns the exclusive rights and intellectual property pertaining to the AES technology for the production of hydrogen.

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.
www.PowerTapcapital.com
www.PowerTapfuels.com

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

Investor Contact:
Tyler Troup, Circadian Group IR
MOVE@circadian-group.com

PowerTap Contact:
Raghu Kilambi
raghu@hydrogenfueling.co
+1 (604) 687-2038

NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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 and AES. Some assumptions include, without limitation, t statements regarding AES; the AES technology; the global addressable market for hydrogen; the effectiveness and timelines to deploy the AES home power unit; reduction of risk for industrial applications of the AES technology; the renewable energies sector and the Company’s future plans. 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.


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