PowerTap planning to build a hydrogen station network that is needed to fuel hydrogen vehicles
VANCOUVER, British Columbia, Nov. 02, 2020 — Organic Flower Investments Group Inc. (CSE: SOW)(FWB: 2K6)(OTC: QILFF) (“Organic Flower” or the “Company” or “SOW”). The Company’s 90 percent owned subsidiary PowerTap Hydrogen Fueling Corp. (“PowerTap”) is pleased to provide an update on the hydrogen vehicle market and its impact on the need for hydrogen fueling stations.
The Wall Street Journal recent article1, “Hydrogen-Fuel Focus Shifts to Big Rigs” noted that the major car/truck makers are now focused on Hydrogen-fuel based trucks, which have major advantages over current diesel trucks (operating costs and emissions) and potential battery electric trucks (faster refueling time and larger payload space). Toyota, General Motors, Daimler, Volvo and Hyundai all have announced plans for long haul, big rig hydrogen trucks1.
“It’s clear that hydrogen fuel-cell trucks are needed,” said Andrew Lund, Toyota’s chief engineer for the technology quoted to the Wall Street Journal article. “They provide technical solutions that other technologies cannot meet in the long run.” The Wall Street Journal article also highlighted that “There are major hurdles, including the availability of hydrogen stations”.
PowerTap Hydrogen Fueling Corp.’s (“PowerTap”) patented, onsite hydrogen generating fuel station technology will help lead the charge to increase the USA public hydrogen station count from under 100 currently to the thousands that are needed over the next few years.2
The Hydrogen Council expects US$30 billion of hydrogen infrastructure to be invested globally on hydrogen fueling and transportation infrastructure1. With government grants, government loans and carbon credit incentives available, it is PowerTap’s view that its established technology and IP with significant previous investments from the USA government and major private sector companies gives it an advantage as it starts to roll out its network of hydrogen fueling stations in 2021.
“PowerTap is an established technology with existing hydrogen fueling stations in the USA,” said Raghu KIlambi, CEO of PowerTap. “We will be working with strategic partners to aggressively roll out fueling stations to meet the huge demand for hydrogen fuel that is imminent.”
The Company acquired a 90 percent interest in PowerTap on October 27, 2020 (see the Company’s news release on October 28, 2020). PowerTap is leading the charge to build out cost-effective hydrogen fueling infrastructure through its environmentally friendly intellectual property, product design for the modularized and lowest tier production cost of hydrogen, and launch plan. PowerTap technology-based hydrogen fueling stations are located in private enterprises and public stations (near LAX airport) in California, Texas, Massachusetts, and Maryland. Additional information about PowerTap may be found at its website at http://www.powertapfuels.com
ABOUT ORGANIC FLOWER INVESTMENTS
Organic Flower is an investment company, that specializes in investing into private and public companies opportunistically that may be engaged in a variety of industries, with a current focus in the health and renewable energy industries. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in our investments. A copy of Organic Flower’s amended and restated investment policy may be found under the Company’s profile at www.sedar.com.
ON BEHALF OF THE ORGANIC FLOWER INVESTMENTS GROUP INC. BOARD OF DIRECTORS
Joel Dumaresq CEO
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Learn more about Organic Flower by visiting our website at: https://sowinvestments.ca/
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Notice Regarding Forward Looking Information:
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Organic Flower. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, and the Company’s ability to raise sufficient funds to execute PowerTap’s plans to build out a North American hydrogen fueling station network. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release.
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The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
1 Wall Street Journal, “Hydrogen-Fuel Focus Shifts to Big Rigs”, October 26, 2020