Clean Power Capital Announces Investment in Fusion One Waste to Electricity and Hydrogen Technology
VANCOUVER, British Columbia and TORONTO, April 15, 2021 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). The Company is pleased to announce that it has entered into a definite agreement to make an investment in FusionOne Energy Corp. (“FusionOne”), a producer of technologies primarily for the conversion of plastic waste to hydrogen and clean electricity.
One of the principals of FusionOne has developed proprietary, patented pending technologies for the thermal processing of plastics and other carbon matter into clean “white” hydrogen and electricity, this gives the opportunity to recognize the breadth of technologies central to Company’s investment philosophy. The cutting-edge solution integrates an internally developed, market-leading efficiency, continuous cycle reactor, a proprietary secondary heating system and a synthesis gas separation system to optimize the volume of synthesis gas (syngas) available for hydrogen recovery. The inventor of the proprietary technologies has submitted patent applications for the technologies with the United States Patent and Trademark Office (“USPTO”). Upon the patent applications being approved by the USPTO, the inventor will assign one of the patents to FusionOne and will license the other patent to FusionOne. The company’s proof of concept benchmarked the system’s capabilities, its ability to process multiple waste stream feedstock and the quality of subsequent outputs. Clean Power will be acquiring an approximate 5 percent ownership of FusionOne for an initial US$500,000 investment. Clean Power will also receive one-year warrants to acquire an additional 3,333,333 common shares for an additional US$1m investment. The value of the investment in FusionOne was negotiated at arm’s-length and was determined through a due diligence review of FusionOne’s technology and a review of comparable technologies and companies in the market.
Clean Power will support FusionOne’s efforts to commercialize its HydroPlas Reactor™, the first integrated technology thermal solution to create white hydrogen from plastic waste, as well as other carbon-based waste, and will deploy on two sites in North America starting in the first half of 2021, with delivery expected on both by the first half of 2022, and a third site in the UK will be announced in Q1 of 2023 with subsequent US and UK deployments to follow. FusionOne technology allows for the production of hydrogen at a low cost with tipping fees received on the multiple, abundantly available waste streams used to generate electricity and hydrogen. This investment in FusionOne aligns with the Company’s investment policy. In connection with Clean Power’s strategic investment and Raghu Kilambi will been appointed as a strategic advisor to FusionOne.
FusionOne has successfully built a pilot plant, which has been both internally and externally validated on a number of carbon-based waste feedstocks with a specific focus on plastic polymers. However, as an early stage company, FusionOne does not have a history of operating the proposed plant on a commercial scale, and therefore has a limited history upon which the efficiency of its technology may be assessed at such scale. The FusionOne system is a new technology in the nascent hydrogen fuel industry, and therefore the success of the application of the FusionOne technology on a commercial level will depend on, among other factors, the general pace of development of the hydrogen fueling industry, the evolving regulatory environment, and the availability of further funding. The success of FusionOne is also dependent on the USPTO granting patents to the technologies that are currently at the application stage.
The Company is also announcing that it has retained Media Nation Corp., an arm’s-length party to the Company based in Toronto, Ontario, to provide marketing services focused on a world-wide basis. Media Nation is a digital online solutions and advertising firm. Under the agreement, which commences on the date hereof, the service provider is to provide content creation, distribution and advertising services in the agreed upon jurisdictions. The Company agrees to pay the service provider up to CDN $250,000 over a 3-month period.
All content created by the service provider on behalf of the Company and its investments will be reviewed and vetted in accordance with the Company’s enhanced review procedures before distribution.
FusionOne is a privately owned end-to-end technology and operations company specializing in renewable electricity, white hydrogen production and thermal processing technologies. Deployment of their commercial system will result in thousands of tons of waste being diverted to a clean and profitable energy stream. FusionOne’s team brings decades of experience in emerging technologies and research and development of the most advanced solutions to the energy sector. To register interest in FusionOne’s technologies visit https://www.fusionone.co/.
ABOUT CLEAN POWER CAPITAL CORP.
Clean Power is an investment company that specializes in investing into private and public companies opportunistically that may be engaged in a variety of industries, with a current focus in the health and renewable energy industries. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in our investments. A copy of Clean Power’s amended and restated investment policy may be found under the Company’s profile at www.sedar.com.
Learn more about Clean Power by visiting our website at: https://cleanpower.capital/
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Notice Regarding Forward Looking Information:
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Clean Power, which includes, without limitation, the successful application of the FusionOne technology on a commercial scale and the granting of patents to the technology by the U.S. Patent and Trademark Office. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the Company’s ability to build out its planned hydrogen fueling station network, and the Company’s ability to raise sufficient funds to fund its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward- looking information contained in this press release.
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