PowerTap Hydrogen Capital Corp. (“PowerTap” or the “Company” or “MOVE”) PowerTap Hydrogen Fueling Corp., (“PowerTap”), a leading provider of on-site hydrogen production technology, today announced that it has entered into a letter of intent with Newport Realty Group (“NRG”), Newport Beach, California-based real estate development firm, to enter into a lease in Yermo, California to operate a future PowerTap Hydrogen Fueling Station. The lease remains subject to a definitive agreement.
Subject to finalizing the terms of the lease, this future location for PowerTap hydrogen fueling stations will help to provide clean and reliable energy solutions for light-duty fuel cell electric vehicles (FCEVs), as well as battery electric vehicles (BEVs) and traditional gasoline-powered vehicles. The site will host an on-site hydrogen production station developed by PowerTap, which will provide fuel for light-duty FCEVs.
These sites, on which PowerTap will have a first look to participate, will provide microgrids for battery electric charging of battery electric vehicles (BEVs) and petrol stations servicing gasoline and diesel vehicles, along with other uses such as drive-thru restaurants, convenience stores, food halls, public-private lounges, and rest areas, to support consumers while charging their vehicles.
“We are thrilled to partner with Newport Realty Group to bring the benefits of clean and sustainable hydrogen energy to consumers and businesses across the west coast,” said Mr. Salim Rahemtulla. “Our on-site hydrogen production stations will provide a reliable and efficient fuel source for FCEVs and FCETs, while the retail energy centers developed by NRG will offer convenient and accessible charging options for BEVs and traditional gasoline-powered vehicles.”
The collaboration between PowerTap and NRG reflects a shared commitment to sustainability and reducing carbon emissions. By providing on-site hydrogen production and microgrids to support BEV charging and the other uses on these sites, the partnership aims to promote the adoption of cleaner transportation solutions and support the growth of the hydrogen economy in the United States.
“We are excited to join forces with PowerTap to create a new model for sustainable energy solutions,” said Mr. Barry Blake. “Our retail energy centers will not only provide convenient charging options for EVs, but also offer amenities and services to make the charging experience more enjoyable and efficient. We look forward to working together to create a more sustainable future for all.”
PowerTap’s technology validation for the PowerTap Gen3 modular hydrogen production and dispensing unit (MHPDU), producing 1,250 kg per day of hydrogen, is anticipated to be wrapped up by the end of Q2 2023, while engineering plans are being finalized for submittal to municipalities for construction permit approval through Q3 2023 and, in parallel, supply chains being solidified, PowerTap MHPDUs at Andretti-owned stations are expected to be installed starting at the end of Q1 2024.
With that as context, NRG has agreed to deliver possession of the premises to PowerTap in the second half of 2024. The operation of this site as a hydrogen fueling center remains subject to PowerTap obtaining all of the final permits and approvals necessary for PowerTap’s construction and intended use of the premises. The operation of the site as a hydrogen fueling center is also subject to PowerTap finalizing the design of its on-site hydrogen fueling units, completing the manufacturing of the units, and obtaining all necessary governmental approvals, permits and licenses.