PowerTap acquires 49% of AES-100
The acquisition will help PowerTap to expand its hydrogen refuelling stations business.
PowerTap Hydrogen Capital Corp. (a US-based company involved in installing hydrogen production and dispensing fuelling infrastructure) has acquired 49% of AES-100 Inc (an Advanced Electrolyser System (AES) company).
PowerTap has issued a total of 20 million common shares to the selling shareholders of AES-100 Inc. on a pro-rata basis in exchange for a 49% equity interest in AES-100 Inc. The common shares and an additional 2 million finder’s fee shares are being issued at a deemed value of $1 per share.
Both partners expect considerable synergy between the AES and PowerTap Hydrogen Fueling’s SMR technology, with the AES complementing it via the provision of syngas to PowerTap’s SMR. This will broaden the pool of feedstock required to produce hydrogen to include biomass in addition to natural gas.
AES-100 owns exclusive rights and intellectual property related to the Advanced Electrolyser System (AES), an electrochemical technology that selectively recovers high purity hydrogen from dilute syngas streams, invented by T2M Global.
The technology extract hydrogen trapped in dilute syngas streams that are wasted on low-value applications. It economically extracts high purity, clean hydrogen from gas streams commonly produced by carbon-intensive processes and contains carbon monoxide, carbon dioxide, or methane. AES targets less than $5/kg of hydrogen. The solid-state technology is almost maintenance-free, ideal for hydrogen infrastructure, enabling hydrogen production from various syngas sources.
Raghu Kilambi, CEO of PowerTap, said, “PowerTap’s hydrogen production technology and the advanced electrolyzer technology have great synergy. Their integration offers a highly competitive modular system for on-site hydrogen production for the emerging multi-billion dollar fuel cell industry.”
Pinakin Patel, President of T2M Global, said, “The advanced electrolyzer technology produces hydrogen at the lowest energy consumption while making the capture of CO2 easier at dramatically reduced capital investments.”
Early this month, PowerTap completed the engineering design of the PowerTap Gen3, making significant improvements in its steam methane reformer (SMR) that increase the production of hydrogen, reduces feedstock requirements, and extends the life of the SMR.