- PowerTap Hydrogen Fueling Corp. (“PowerTap”) engages services of NASA-based hydrogen engineering firm, Cryotek
- Hydrogen fuel cell vehicle market forecasted for CAGR of 66.9% from 2019 to 2026 and projected to reach $42 billion by 2026, according to Allied Market Research (https://ibn.fm/ejitO)
- PowerTap plans to install an initial 500 hydrogen filling stations in California and an additional 500 hydrogen filling stations over next three to five years in other parts of the USA.
- Clean energy expert Greg Nuttall appointed to the PowerTap advisory board.
The announcement by Clean Power Capital (CSE: MOVE) (FWB: 2K6) (OTC: MOTNF) that its investee company, PowerTap, has engaged NASA-based hydrogen engineering firm, Cryotek, as an engineering design partner will give an added fillip to the value of Clean Power’S investment in the fast-growing hydrogen fuel-cell vehicle market. Clean Power Capital is an investment holding company with investments in the health industry and renewable energy industry, has recently increased its focus on opportunities in the renewable energy industry, including fuel-cell technologies. The collaboration between PowerTap and Cryotek will advance PowerTap’s efforts to commercialize its patented hydrogen filling technology, and therefore increase the value of Clean Power’s investment in fuel-cell technologies and PowerTap.
PowerTap is aiming to deploy hydrogen fueling units at existing truck stops and gas stations across the USA, with an initial deployment of up to 500 units in California. Including the initial expansion of up to 500 stations in California, PowerTap has set a target of up to 1,000 stations stations in total, within the next three to five years throughout the USA. To bolster its expertise in this area, PowerTap has appointed Greg Nuttall, one of the clean energy sector’s most foremost figures, to its advisory board. With rapid growth projected for the adoption of hydrogen fuel-cell power systems, PowerTap appears to have hitched its wagon to a star.
The hydrogen fuel cell vehicle market is forecasted to undergo a CAGR of 66.9% from 2019 to 2026, reaching $42 billion by the end of the forecast period (https://ibn.fm/Z2czd). Rising concern over the environmental impact of fossil fuels and an increase in government’s support of hydrogen fuel-cell infrastructure are two of the factors fueling industry growth.
PowerTap has engaged the services of Cryotek, a company focused on developing cryogenic solutions for NASA (USA National Aeronautics and Space Administration) and the U.S. Department of Energy (https://ibn.fm/qTffv). Cryotek is also working to add liquid hydrogen to the list of energy sources for vehicles in the future. As a result, the company has developed proficiency in the design of smaller hydrogen steam methane reformation (“SMR”) units.
Cryotek’s mandate includes the following:
- Next-generation PowerTap Onsite Steam Methane Reformer (“SMR”) solution capable of producing 1,000kg+ per day
- Gaseous and liquid hydrogen storage solutions
- CO2 capture solutions
- Advanced hydrogen dispensing unit
- Artist rendition of proposed final hydrogen filling station.
SMR units combine methane and steam at high pressures to produce hydrogen. The hydrogen produced in the process, known as natural gas reforming, can power fuel cell electric vehicles (FCEVs), cutting total greenhouse gas emissions in half and reducing by over 90% the amount of gasoline in use today. The hydrogen filling units will be capable of producing more than 1,000 kilograms of hydrogen on a daily basis.
As the commercialization of the PowerTap technology picks up, PowerTap has asked Nuttall to sit on its advisory board (https://ibn.fm/nIWgq). Nuttall is an experienced clean-energy executive. He founded the world’s first waste-to-fuel company, Woodland Biofuel, which has received funding from the Canadian federal government as well as private investors. Nuttall was formerly a merchant banker. He is a corporate finance lawyer who obtained a master of international laws degree from Cambridge University.
For more information, visit the company’s website at 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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