PowerTap Enters Into an Exclusive Middle East Distribution Agreement

Source: www.gulfoilandgas.com 8/3/2021, Location: Middle East

PowerTap Hydrogen Capital Corp has partnered with Viridian Hydrogen UAE to help establish a hydrogen ecosystem in the United Arab Emirates (UAE) and throughout the Middle East to meet the growing demand for alternatives to fossil fuels.

Viridian provides integrated solutions across the hydrogen sector. The team at Viridian has an extensive understanding of the diverse renewable opportunities present throughout the UAE and the Middle East. Viridian's leadership and Advisory Board members will work together with PowerTap to build lasting partnerships built on a commitment to innovation and collaboration with key regional stakeholders.

Viridian is well positioned to work with a variety of companies and governmental agencies in the MENA region to maximize the potential of hydrogen through the roll-out of the next generation PowerTap hydrogen filling stations. The key stakeholders have extensive experience in renewable energy production that when coupled with their deep history in the region result in an ideal partnership.

The collaboration between MOVE and Viridian will help both private and public entities meet the growing need for renewable options across the UAE in the coming years. The partnership between MOVE and Viridian is committed to balancing the economic and environmental mandates to transition the UAE into a global leader in hydrogen production, distribution, utilization, and carbon capture technology.

This initiative is in keeping with UAE Vision 2021 whose directives include the support of clean energy and the implementation of renewable growth plans. “Viridian is ideally situated to tap into hydrogen's vast potential and secure the energy needs of the United Arab Emirates and throughout the Middle East not only today but well into the future,” according to Mr. Saad Khan, Partner of Viridian Hydrogen UAE.

Viridian has been tasked to support PowerTap in continuing to build on the momentum they have established in the United States through their partnership with the Andretti Group, an independent operator of approximately 100+ retail fueling stations in the United States to replicate this best-in-class partnership model throughout the Middle East. Currently, having only two hydrogen fueling stations across the entire UAE, PowerTap is perfectly positioned to help strategically develop a hydrogen highway utilizing many of the country’s 643 fueling stations.

Subject to completing the manufacturing of a prototype PowerTap Gen3 unit and successful testing, PowerTap expects to deploy a minimum of 100 hydrogen fueling stations with various Middle Eastern governments and private/public multinational corporations over the next 24 months. Initially, PowerTap expects to launch its products across the UAE resulting in the Emirates becoming the first country in the region to have a true nationwide hydrogen infrastructure that serves all its citizens. PowerTap’s patented onsite hydrogen production and dispensing technology is disrupting traditional inefficient models of offsite hydrogen production. The PowerTap system allows vehicles to fill up at point of production and co-locate with traditional gas stations. The 3rd generation system is ideally situated to produce and dispense hydrogen for both commercial and passenger vehicles through its use of renewable natural gas and water inputs, resulting in hydrogen production at much lower prices relative to alternative methods and pricing favorable to gasoline and diesel fueling and electric charging.

“We are committed to working with Viridian and the UAE to create a template for a new hydrogen ecosystem that will be a showcase for other countries to emulate. We will responsibly transition the UAE to hydrogen while creating jobs and attracting investment into the United Arab Emirates. PowerTap is constantly being approached by parties all over the world to license their patented carbon capturing, hydrogen producing technology. To operate and conduct business in the Middle East, you must have entrenched longstanding local connections with governments and major businesses. PowerTap is confident that the team at Viridian in conjunction with the local Advisory Board that is being assembled, who are all local experienced businessmen and trusted advisors to governments and family offices will showcase the type of individuals PowerTap wants to represent MOVE in the MENA region,” said Mr. Raghu Kilambi, CEO of PowerTap Hydrogen Capital Corp.

MOVE & Viridian are honored to continue to help build on the UAE's Founding Father the late Sheikh Zayed Bin Sultan Al Nahyan's visionary leadership to establish the pillars of success for the Arab Emirates.

Compensation payable to Viridian pursuant to a definitive agreement remains subject to the completion of applicable regulatory and NEO Exchange filings.

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