- AES-100 Inc. (a leading clean hydrogen technology company) developing transformational direct-to-consumer green hydrogen power unit for the common American home
- AES technology positioned to save government and municipalities billions in infrastructure spend
- Accelerated development timeline to be twice as rapid as for industrial sized application, leading to expedited commercialization
TORONTO, Jan. 10, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. is pleased to announce that its 49% owned subsidiary, AES-100 Inc. (“AES”), a leading clean hydrogen technology company, has initiated design and development activities for a green-hydrogen home power unit. This unit is being sized for applications to meet the needs of average North American households, revolutionizing green power production. The global addressable market for hydrogen is estimated to be approximately US$150 billion at present but is estimated to reach over US$600 billion by 2050.1 With nearly 140 million homes in the United States2 alone, the market opportunity is both tremendous and transformative.
AES will initially focus on commercialization in states such as California with excess green electricity that is routinely curtailed. This curtailment is expensive to ratepayers. This wasted green electricity could otherwise mitigate the need for fossil-fueled energy that generates harmful greenhouse gases. The AES technology provides a bridge between the day-time excess green electricity and the evening-time shortage, when solar energy is not available. This beneficial deployment of the AES technology for home power will expedite green hydrogen as a viable fuel source, while stabilizing the power grid to permit greater penetration of renewables such as solar and wind. It is designed to leverage existing infrastructure, while saving billions in taxpayer investment, making it a win/win for both the government and public alike.
The home power unit is much smaller - typically a few kilowatts (kW) in size. It does not require extensive scaleup efforts that are needed for larger units for industrial applications in megawatt (MW) size. AES anticipates a much shorter development timeline for the home power unit, approximately half the time required for our development of the anticipated industrial sized AES units.
This means that AES units offering green hydrogen to the home can be in the market sooner and with much lower capital investment. It will begin its beneficial contributions in solving the world’s pressing climate change problems sooner, and will also provide a valuable foundation for larger size industrial applications with a reduced risk for associated capital investment.
"This fast-track approach will bring AES technology from research to reality sooner. It promises earlier return on our investment at lower risk. We are very excited to see an accelerated path to commercialization." said Mr. Pinakin Patel
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., 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 industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
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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.
Investor Contact:
Tyler Troup, Circadian
Group IR
[email protected]
PowerTap Contact:
Raghu Kilambi
[email protected]
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding AES; the AES technology; the global addressable market for hydrogen; the effectiveness and timelines to deploy the AES home power unit; reduction of risk for industrial applications of the AES technology; the renewable energies sector and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.aberdeen.green. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
