Further to their recent agreement, PowerTap Hydrogen Fueling Corp, (hydrogen fuelling infrastructure development company), and the Andretti Group, (a US-based fuel company) provided further details on their business model with benefits to retailers on 8th February. H2 Bulletin covered an exclusive story on their partnership deal.
Today the companies elaborated on the business model and said that retailers are required to provide land, with no lease expense to PowerTap. While PowerTap will install and maintain modular hydrogen production and a dispensing unit at PowerTap’s sole expense, including utilities and branding costs. Retailers will deal with hydrogen fuel in the same way as traditional fuel segment.
A potential hydrogen fuel station site would only be eligible if used by existing fuels retailers with a useable footprint of minimum 1,000 square feet and access to all basic utilities such as gas, water and electricity. The partners said that retailers would also receive a portion of the carbon credit revenue.
The hydrogen fuelling stations business model will also benefit PowerTap as it would not require purchasing land or bear land lease expense.
Salim Rahemtulla, the incoming PowerTap President, said: “This exciting win-win relationship between PowerTap and the Andretti Group along with their industry partners will accelerate the deployment of our proprietary patented hydrogen production and dispensing technology, and provide a particularly compelling revenue share model with mutual benefit for all partners.”
Clean Power Capital Corp. also announced (5th February) to have acquired an additional 4.5% equity interest in PowerTap, reaching the total equity to 94.5%. Clean Power initially invested in PowerTap on 27th October 2020 by acquiring a 90% equity interest.