PowerTap in discussion with the HTA regarding potential supply of hydrogen fuel
PowerTap Hydrogen Capital Corp. (“PowerTap” or the “Company” or “MOVE”) PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of the Company is pleased to note that the Humboldt Transit Authority (HTA) has decided to use hydrogen fuel cell electric buses (FCEBs) for its transit bus fleet.
PowerTap has been in non-exclusive discussions with the HTA about its transition to the use of hydrogen-powered buses and PowerTap being a potential supplier of hydrogen fuel. Any potential opportunities with the HTA remain subject to a definitive agreement. PowerTap does not have a definitive schedule to advance discussions with the HTA toward any agreement at this time.
The Company cautions that there are no assurances or guarantees that the discussions with the HTA will result in a transaction or definitive agreement with the HTA, any terms related thereto, or the timing of any transaction. Please refer to the forward-looking disclosure at the end of this news release.
PowerTap sees the discussions with the HTA as an opportunity to explore a possible reconfiguration of the design of the Company’s planned Northern California-based Andretti Fortuna and Eureka stations (that are within Humboldt Transit Authority’s service area) to accommodate the possible refueling of HTA’s FCEBs.
Additionally, PowerTap is exploring the option of refueling HTA’s FCEBs through mobile refueling solutions. This would enable HTA to have access to hydrogen fuel, even if they are not within proximity to a hydrogen fueling station. PowerTap has not entered into any agreements with HTA at this time.
HTA’s decision to use FCEBs aligns with the California Air Resources Board’s goal to reduce greenhouse gas emissions and improve air quality. PowerTap recognizes that the transportation sector is one of the largest sources of greenhouse gas emissions in California, and the use of FCEBs will help reduce emissions and create a cleaner environment.
“HTA’s decision to use FCEBs is a significant step towards achieving California’s ambitious clean energy goals, and PowerTap is proud to be a part of this transition to clean energy,” said Salim Rahemtulla. “We are excited about the opportunity to explore the reconfiguration of our Northern California Fortuna and Eureka stations to support the refueling of HTA’s FCEBs, and we are committed to providing clean, zero-emission hydrogen fueling solutions to the transportation sector.
He added PowerTap believes that the adoption of FCEBs in the transportation sector will continue to grow, and the Company is committed to playing an integral role in supporting this transition. PowerTap is confident that its patented, unique onsite hydrogen fueling solutions will play a significant role in reducing greenhouse gas emissions, improving air quality, and creating a cleaner environment for all.”