Organic Flower Investments Group has acquired a 90% equity stake in California-based PowerTap Hydrogen Fuelling.
The company last week (28th Oct) confirmed that it had completed the acquisition which it originally announced back in August.
Now complete, the companies will work to develop a hydrogen fuelling station network in stages. Both Organic Flower and PowerTap hope development will begin late next year.
Raghu Kilambi, CEO of PowerTap, commented, “PowerTap is very excited to have had this investment and recognition from Organic Flow and plans to quickly build out a large North American hydrogen fuelling station network from its strong position in IP and over two decades of continuous progress in creating hydrogen fuelling stations.”
“As an experienced developer of technology in an important area that is finally having its time as a green, but also economically compelling energy options, PowerTap is intent on becoming a leading part of the multi-billion-dollar hydrogen fuelling space.”