Mr. Salim Rahemtulla reports

POWERTAP AND LUFTCAR ENTER INTO MEMORANDUM OF UNDERSTANDING FOR FUTURE SUPPLY OF HYDROGEN TO LUFTCAR ELECTRIC VERTICAL TAKE OFF AND LANDING VEHICLES

Powertap Hydrogen Fueling Corp., a wholly owned subsidiary of Powertap Hydrogen Capital Corp., and LuftCar Corp., a United States-based, hydrogen-powered electric vertical takeoff and landing (eVTOL) vehicle manufacturer, have entered into a memorandum of understanding (MOU) regarding the company's sale and LuftCar's purchase of hydrogen produced at future Powertap and/or Powertap-LuftCar co-located hydrogen production facilities. This strategic collaboration aims to promote the adoption of hydrogen fuel cell technology for air, road and utility backup refuelling, advancing Connecticut's commitment to sustainable transportation and clean energy solutions. The terms of Powertap's sale of hydrogen to LuftCar for use in hydrogen fuel cell electric vehicles remains subject to a definitive agreement between Powertap and LuftCar. Terms such as location of sale, volume and price remain subject to further negotiations and market conditions. The definitive agreement is also 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.

Hydrogen fuel cell technology is gaining increasing attention as a viable alternative to traditional fossil fuels, thanks to its zero-emission properties and potential for scalable use in various applications. Powertap Hydrogen Fueling specializes in providing state-of-the-art on-site hydrogen fuelling stations, while LuftCar is a well-known manufacturer of hydrogen fuel cell eVTOLs for air transportation.

As part of the drive to build hydrogen infrastructure, the collaboration between Powertap and LuftCar aims to establish a network of hydrogen refuelling stations across Connecticut to support the fuelling needs of eVTOLs, road vehicles and utility backup systems. These refuelling stations will offer a reliable and convenient source of hydrogen fuel, enabling efficient and sustainable transportation for a wide range of applications, including urban air mobility, road transportation and emergency backup power.

"We are excited to join forces with LuftCar to promote hydrogen fuel cell technology in Connecticut," said Salim Rahemtulla, chief executive officer of Powertap Hydrogen Fueling. "Our on-site hydrogen fuelling stations, coupled with LuftCar's cutting-edge eVTOLs, will provide a comprehensive solution for clean and efficient transportation and cargo distribution in the state, paving the way for a greener and more sustainable future."

The collaboration between Powertap and LuftCar is expected to have a positive impact on Connecticut's efforts to achieve its clean energy goals and reduce greenhouse gas emissions. By providing access to hydrogen refuelling infrastructure for air, road and utility backup refuelling, this partnership aims to accelerate the adoption of hydrogen fuel cell technology and contribute to a greener, more sustainable transportation and last-mile cargo delivery ecosystem in the state.

"We are thrilled to collaborate with Powertap to establish hydrogen refuelling stations in Connecticut," said Santh Sathya, CEO of LuftCar. "Our eVTOLs powered by hydrogen fuel cells have the potential to revolutionize air transportation, and with Powertap's expertise and unique intellectual property in hydrogen fuelling infrastructure, we can provide a complete solution for our customers, making hydrogen fuel readily available for air, road and utility applications."

The joint efforts of Powertap and LuftCar in establishing hydrogen refuelling stations in states like Connecticut, New Jersey and Massachusetts are expected to drive innovation, create hundreds of green jobs and contribute to the states' clean energy leadership. The companies are committed to working closely with local stakeholders, regulators and communities to ensure the safe and responsible deployment of hydrogen fuel cell technology for a sustainable future. Although Powertap believes that the expectations of this collaboration are reasonable, undue reliance should not be placed on the forward-looking information because Powertap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

About Powertap Hydrogen Capital Corp.

Powertap Hydrogen Capital, through its wholly owned subsidiary, Powertap Hydrogen Fueling, is focused on installing hydrogen production and dispensing fuelling infrastructure in the United States. Powertap's patented solution has been developed over 20 years. Powertap is now 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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