PowerTap (NEO: MOVE) (OTC: MOTNF) (FWB: 2K6) today provided an update on the U.S. Inflation Reduction of Act (“IRA”) of 2022, recently signed by President Biden, which allows the company to expand outside of California since the incentives are now also at federal level. “The IRA will allow PowerTap to expand its focus into the rest of the USA (outside of California) due to the needed attractive incentives to build hydrogen infrastructure,” said Raghu Kilambi, CEO of PowerTap. “We are also pleased that this legislation is awarding federal incentives including tax credits to both green and blue hydrogen producers in the United States. While we believe in green hydrogen (electrolysis) and have several investments in the green hydrogen space, we believe that blue hydrogen is the appropriate solution for the United States for the next decade due to the high cost of electricity that is needed to produce green hydrogen. We agree with Wes Edens’ (co-founder, principal and co-CEO of Fortress Investment Group, a US$ 50 billion asset manager) recent comments on CNBC that ‘blue hydrogen has the potential to have a much larger market share in the USA than green hydrogen due to cost advantages and the use of natural gas and renewable natural gas.’”
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About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen Capital, through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), 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 that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing hydrogen from industrial manufacturers and shipping it to individual stations via tanker trucks. PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company’s profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
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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