PowerTap Hydrogen Capital Corp announced that it has acquired 49% of AES-100 Inc in a move that will assure the rapid global deployment of its hydrogen refueling stations.
The company, which is focused on installing hydrogen production and dispensing fueling infrastructure, said the strategic move will also create attractive value for its shareholders.
AES-100 owns the exclusive rights and all intellectual property pertaining to the Advanced Electrolyzer System (AES), a novel electrochemical technology that selectively recovers high purity hydrogen from dilute syngas streams. The technology was invented by T2M Global - a world leader in clean energy technology - to address the problem of hydrogen trapped in dilute syngas streams that is wasted on low-value applications.
PowerTap noted that the ability to extract high purity, clean hydrogen economically from gas streams commonly produced by carbon-intensive processes and containing contaminants such as carbon monoxide, carbon dioxide or methane, presents great potential to drive lower emissions footprints for many industrial processes while unlocking more hydrogen to fuel a cleaner global energy system.
With hydrogen anticipated to play a central role in the energy, industrial and transportations sectors as the world moves towards more rapid decarbonisation, it said technologies like those owned by AES-100 hold the key to unlocking the volumes required to catalyze mass adoption of fuel cells and clean energy alternatives to the current carbon-heavy energy sources.
“PowerTap’s hydrogen production technology and the advanced electrolyzer technology have great synergy,” CEO Raghu Kilambi said in a statement.
“Their integration offers a highly competitive modular system for on-site hydrogen production for the emerging multi-billion dollar fuel cell industry,” he added.
PowerTap will fund 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% equity interest in the company. A finder's fee of 2-million common shares was paid upon the successful closing of the deal. The consideration and finder's fee shares are being issued at a deemed value of $1 per share.
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