Mr. Raghu Kilambi reports

POWERTAP ANNOUNCES FINANCING

Powertap Hydrogen Capital Corp. has arranged a non-brokered private placement offering of a minimum of 588,235 units and a maximum of 1,764,706 units for minimum gross proceeds of $500,000 and maximum gross proceeds of $1.5-million.

Each unit shall consist of one common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one additional share of the company at a price of $1.15 for a period of two years following the closing of the private placement.

The warrants are subject to an acceleration clause such that, if the price at which the shares trade on Neo is greater than $1.35 for 10 consecutive trading days any time after the closing date of the offering, the company may accelerate the warrant expiry date by giving notice to the holder of the warrants. In such case, the warrants will expire at 5 p.m. Toronto time on the date that is the earlier of: (i) the 30th day after the date on which such notice is given by the company; and (ii) the expiry day.

The company intends to use the net proceeds of the private placement for product and manufacturing development, sales and marketing, and general and administrative (G&A) expenses. The private placement is expected to close on or before Aug. 7, 2023.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers' resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. Because the private placement is being completed pursuant to the listed issuer financing exemption, the securities issued in the private placement will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an offering document related to this private placement that can be accessed under the company's profile on SEDAR. Prospective investors should read this offering document before making an investment decision.

Completion of the private placement remains subject to the approval of Neo. The company may pay certain eligible finders, a finder's fee comprising a cash of up to 7 per cent of the gross proceeds of the offering and non-transferable finder's warrants of up to 7 per cent of the number of units purchased. Such finder's warrants shall entitle the holder to acquire one common share of the company at a price of $1.15 for a period of 24 months from the date of issuance.

About Powertap Hydrogen Capital Corp.

Powertap, 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.

We seek Safe Harbor.