PowerTap Hydrogen Capital (NEO: MOVE) (OTC: MOTNF), a leading provider of on-site hydrogen production technology, and its subsidiary, PowerTap Hydrogen Fueling Corp., has entered a memorandum of understanding (“MOU”) with LuftCar Corp., a U.S.-based, hydrogen-powered electric vertical takeoff and landing (“eVTOL”) vehicle manufacturer. The agreement is related to PowerTap’s sale and LuftCar’s purchase of hydrogen produced at future PowerTap and/or PowerTap-LuftCar colocated hydrogen-production facilities. According to the announcement, the collaboration will promote the adoption of hydrogen fuel cell technology for air, road and utility backup refueling and will advance Connecticut’s commitment to sustainable transportation and clean-energy solutions. Some specifics of the agreement, such as location of sales, volume and price are subject to a definitive agreement between the two companies. The announcement did note that the companies are working to establish a network of hydrogen refueling stations across Connecticut to support the fueling needs of eVTOLs, road vehicles and utility backup systems. In addition, the company also announces its financial results for the quarter ended March 31, 2023. Those results, along with the accompanying management discussion and analysis, have been filed on SEDAR. “We are excited to join forces with LuftCar to promote hydrogen fuel cell technology in Connecticut,” said PowerTap Hydrogen Fueling Corp. CEO Salim Rahemtulla in the press release. “Our on-site hydrogen fueling stations, coupled with LuftCar’s cutting-edge eVTOLs, will provide a comprehensive solution for clean and efficient transportation and cargo distribution in the state, paving the way for a greener and more sustainable future.”
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About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen, through its wholly owned subsidiary PowerTap Hydrogen Fueling Corp., 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, which will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure. For more information about the company, please visit www.CleanPower.Capital.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://ibn.fm/MOTNF
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