PowerTap Hydrogen Capital (NEO: MOVE) (OTC: MOTNF), a leading provider of onsite hydrogen production technology, and it subsidiary PowerTap Hydrogen Fueling Corp. has signed a nonbinding letter of intent (“LOI”) with Coleman Industrial Gases LLC for an innovative and combined CO2/hydrogen purchase agreement. According to the LOI, the pricing and terms of the future sale of product by PowerTap to Coleman is subject to the negotiation of a definitive offtake agreement, ultimately binding both parties into a strategic long-term partnership. The two companies will “use their best commercial efforts” to negotiate a definitive agreement by the end of the year. According to the announcement, PowerTap will sell both food-grade CO2 and fueling grade hydrogen to Coleman. The agreement also outlines plans to deploy PowerTap’s unique on-site hydrogen production and fueling equipment at several sites for “use” and “sequestration” projects. As a result of the agreement, Coleman’s future fleet of fuel-cell electric trucks (“FCETs”) will have a strong fueling partner in PowerTap. The two companies pointed out that one of the remarkable aspects of this pending agreement is “the bilateral exchange including affordable hydrogen to fuel Coleman-operated class 8 FCETs, further reducing emissions and promoting sustainability.” The LOI also outlines an additional opportunity in which dry ice manufacturing from Coleman subsidiary CMC Dry Ice Manufacturing LLC may be integrated as a collocated distribution center at PowerTap refueling stations. “Our pending partnership with Coleman is a testament to the power of collaboration in advancing clean energy solutions,” said PowerTap CEO Salim Rahemtulla in the press release. “Together, we are poised to make a positive impact on the environment while meeting the evolving needs of our customers.”
To view the full press release, visit https://ibn.fm/ygYxI
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 is in the process of 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.PowerTapCapital.com.
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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