PowerTap Hydrogen Capital Corp Acquires 49% of Green Hydrogen Technology Company AES-100 Inc
“PowerTap’s hydrogen production technology and advanced electrolyser technology have great synergy,” said CEO Raghu Kilambi
PowerTap Hydrogen Capital Corp has announced that it has acquired 49% of AES-100 Inc, which will ensure the rapid global deployment of its hydrogen refueling stations.
The company, which focuses on installing hydrogen production and distribution infrastructure, said the strategic move would also create compelling value for its shareholders.
AES-100 owns the exclusive rights and all intellectual property relating to the Advanced Electrolyser System (AES), a new electrochemical technology that selectively recovers high purity hydrogen from diluted syngas streams. The technology was invented by T2M Global – a world leader in clean energy technology – to solve the problem of hydrogen trapped in dilute syngas streams that is wasted in low value-added applications.
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PowerTap noted that the ability to economically extract clean, high purity hydrogen from gas streams commonly produced by carbon intensive processes and containing contaminants such as carbon monoxide, carbon dioxide or methane, has great potential to reduce the emissions footprint for many industrial processes while unlocking more hydrogen to power a cleaner global energy system.
With hydrogen set to play a central role in energy, industry and transportation as the world moves towards faster decarbonization, he said technologies like those owned by AES-100 hold the key. to unlock the volumes needed to catalyze the mass adoption of fuel cells. and clean energy alternatives to current high carbon energy sources.
âPowerTap’s hydrogen production technology and advanced electrolyser technology have great synergy,â CEO Raghu Kilambi said in a statement.
“Their integration provides a highly competitive modular system for on-site hydrogen production for the emerging multi-billion dollar fuel cell industry,” he added.
PowerTap will finance the acquisition by issuing a total of 20 million common shares to the selling shareholders of AES-100 on a pro rata basis in exchange for a 49% stake in the company. A finder’s fee of 2 million common shares was paid upon the successful closing of the transaction. The consideration and finder’s fees are issued at a deemed value of $ 1 per share.
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