The California Energy Commission (CEC) recently gave the nod to a new plan to invest as much as $115 million into boosting the hydrogen fueling infrastructure in the state. The idea is to considerably increase the number of refueling stations that support H2 fuel cell electric vehicles (FCEVs).
Until now, the lack of hydrogen fueling stations in the U.S. has been a key impediment to hydrogen vehicle growth. That is about to change. PowerTap Hydrogen Fueling Corp is currently apart of building out the U.S. hydrogen fueling station infrastructure…
The CEO of PowerTap Hydrogen Fueling Corp, Raghu Kilambi, is available to discuss why hydrogen fuel cells are the true future of transportation technology. PowerTap technolog
Contact vito@amwpr.com if you’re interested in talking to Raghu about California’s investment in hydrogen energy.
Raghu’s Comments:
- With the expectation that President-elect Biden will take office in January 2021, the USA clean energy industry has reacted with enthusiasm and hope.President-elect Biden has stated that the federal government will invest significantly in clean energy and related infrastructure, including hydrogen infrastructure. As the US federal government has previously invested in the PowerTap technology, the company is optimistic they will have a seat at the table when USA clean energy/ hydrogen infrastructure spending initiatives are designed.
- Battery electric vehicles are completely impractical for long-haul trucking, which will require a more sustainable energy source to be able to make their cargo runs in a timely and efficient manner. PowerTap is leading the charge in building an extensive network of hydrogen fueling stations across the nation. This has been its most significant limitation in the past but is rapidly changing. Hydrogen fuel cells have a longer range than battery electric overall, and they take mere minutes to fully charge, while battery-electric can take an hour. Adding several hours to a long-haul trip means a tremendous amount of lost revenue to trucking companies in the long-run.
- California carbon credits are an important incentive that will greatly assist PowerTap in its hydrogen fueling station rollout plan by generating attractive revenues for PowerTap even before hydrogen is dispensed and sold. Revenue from the sale of these credits is expected to be generated once PowerTap completes the rollout of its hydrogen fueling stations in California. Major clean technology companies have depended on carbon credits for years to augment cash flow and allow them to aggressively grow. In fact, Tesla recorded US$397 million of carbon credit revenue in Q3 2020, assisting Tesla in reporting $331 million of Q3 2020 net income.
About Raghu Kilambi:
Raghu Kilambi, CEO of Powertap Hydrogen Corp, is an experienced investor and entrepreneur with over 25 years of global business experience in public and private investments, building businesses and creating shareholder value. He has raised over $1 billion of equity and debt capital for private and public companies and been involved in many M&A acquisitions and exits. Raghu’s experience includes operational management, financial reporting, corporate governance, corporate finance, public offerings,strategic acquisitions and investments, international business development, merchant banking and corporate restructuring in sectors including technology, telecom and mobile. Most recently, Raghu was Vice Chairman & CFO of California-based ConversionPoint (e-Commerce software/services) which was sold in 2 M&A exits in prospectus for an Oppenheimer-led IPO in 2019. In addition, Raghu was previously the Co-Founder, CFO and Chief Strategy Officer of a leading VC-backed first generation application hosting company that grew from a startup to $140 million in annual revenues and a peak Nasdaq market capitalization of over US $2 billion. Raghu has also been an investor in companies that were acquired by Yahoo, eBay and CGI. He graduated with Great Distinction with a Bachelor of Commerce and a Graduate Diploma in Public Accounting from McGill University, and qualified as a Canadian Chartered Accountant (inactive).
