Mr. Mike Coleman reports

POWERTAP HYDROGEN FUELING CORP. AND COLEMAN INDUSTRIAL GASES, LLC SIGN A STRATEGIC PARTNERSHIP-BASED "LETTER OF INTENT" TO NEGOTIATE AND EXECUTE A CO2 AND HYDROGEN PURCHASE AGREEMENT

Powertap Hydrogen Fueling Corp. (Powertap U.S.), a subsidiary of Powertap Hydrogen Capital Corp., and Coleman Industrial Gases LLC have signed a non-binding letter of intent (LOI) that paves the way for an innovative and combined CO2 (carbon dioxide)/hydrogen (product) purchase agreement. Pursuant to the LOI, the pricing and terms of the future sale of product by Powertap U.S. to Coleman remains subject to the negotiation of a definitive offtake agreement, ultimately binding both parties into a strategic long-term partnership. The parties will use their best commercial efforts to negotiate a definitive agreement by Dec. 31, 2023. The entering into of a definitive agreement and Powertap U.S.'s ability to satisfy its obligations under the pending definitive agreement is subject to Powertap's ability to obtain sufficient financing to manufacture and commercialize its on-site hydrogen fuelling units, and successfully obtaining required permits from applicable authorities.

Under this exciting partnership, Powertap U.S. will serve as the seller, providing both food-grade CO2 and fuelling-grade hydrogen. To support the refuelling of fuel cell electric trucks (FCET), Powertap U.S.'s unique on-site hydrogen production and fuelling equipment will be deployed at several sites, which also captures and stores CO2 for offtake to either use and/or for sequestration projects. In the exchange, Coleman's future fleet of FCETs will gain a strong fuelling partner in Powertap U.S., which contributes cost-effective fuelling while provisioning the CO2 commodity needed to serve Coleman's increasing customer demands.

One of the remarkable aspects of this pending definitive agreement is the bilateral exchange, including affordable hydrogen to fuel Coleman-operated Class 8 FCETs, further reducing emissions and promoting sustainability. Powertap U.S. will enable Coleman's gas supply chain with additional capacity leading to growth within their nationwide customer base. The supply relationship also negates the need to otherwise produce CO2 strictly for the purpose of fulfilling Coleman's customer demands, making this a true win-win-win for Powertap U.S., Coleman and the environment.

Furthermore, Powertap U.S. and Coleman have committed to collaborating on an innovative and cost-effective dual-purpose storage and delivery system, in which Powertap U.S. hydrogen production hub sites would use Coleman rail-based tankers as the primary CO2 storage tanks.

The LOI also contemplates an additional opportunity in which dry ice manufacturing from CMC Dry Ice Manufacturing LLC, a Coleman affiliate, can be integrated as a co-located distribution centre at Powertap U.S. refuelling stations, eliminating the need for CO2 transport. In these cases, CMC will offer the dry ice produced to Powertap FCET OEMs (original equipment manufacturers) and fleet operators for cold transport of products such as vaccines and produce, further positioning Powertap U.S. as a cost-competitive resource to fleets.

Mike Coleman, chief executive officer of Coleman Industrial Gases, stated: "We are excited to embark on this journey with Powertap to leverage sustainable energy solutions and enhance our operations. This new relationship with Powertap aligns with our commitment to environmental responsibility and innovation."

Salim Rahemtulla, chief executive officer of Powertap, expressed enthusiasm, saying: "Our pending partnership with Coleman is a testament to the power of collaboration in advancing clean energy solutions. Together, we are poised to make a positive impact on the environment while meeting the evolving needs of our customers."

This LOI represents a significant step forward in the path toward a cleaner and more sustainable future, showcasing the commitment of Powertap and Coleman in pioneering environmental and operational excellence.

About Powertap Hydrogen Capital Corp.

Powertap Hydrogen Capital, through its wholly owned subsidiary, Powertap Hydrogen Fueling Corp., is focused on installing hydrogen production and dispensing fuelling infrastructure in the United States. Powertap is in the process of commercializing its third-generation blue hydrogen product that will focus on the refuelling needs of the automotive and long-haul trucking markets that lack hydrogen fuelling infrastructure.

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