Clean Power Capital Corp.: PowerTap’s Patented Onsite Hydrogen Production System Addresses Hydrogen Supply Chain Risk and Lowers Carbon Intensity of Hydrogen Produced
VANCOUVER, British Columbia and IRVINE, Calif., May 19, 2021 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (NEO: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). The Company is pleased to provide an update on plans for its wholly owned subsidiary, PowerTap, to establish a distributed hydrogen program that addresses supply chain risk in the delivery of hydrogen to consumer and commercial transportation users while lowering the carbon intensity of the produced hydrogen.
The current model for dispensing hydrogen for vehicles for most all the current stations in operation in the USA, is the Compress, Store, Dispense (CSD) model, in which industrial hydrogen is produced in a central plant (grey hydrogen) and shipped by tanker truck to the fuel station, where it is compressed, stored and dispensed to vehicles.
The CSD model creates several problems that PowerTap solves with its revolutionary, patented 1,250-kg modular onsite hydrogen production and dispensing unit, the PowerTap Gen3. First, it eliminates disruptions of hydrogen supply to the consumer by augmenting production capabilities locally. The importance of this was demonstrated in 2019, when there was a disruption at a hydrogen production facility in Northern California causing a major hydrogen shortage to CSD operators in Northern California (https://www.greencarreports.com/news/1124908_northern-california-fuel-cell-drivers-still-left-dry-since-june-explosion). Second, it provides hydrogen at a lower cost point by eliminating the cost of shipping and simultaneously lowers the carbon intensity (CI) of the produced hydrogen by about 80 grams of CO2 per megajoule down to a CI of zero via elimination of the trucking of the fuel to its dispensing point. Third, it improves safety by eliminating the transport of high-pressure gas via commercial carriers. Further, it puts PowerTap in a position to sell the hydrogen it produces onsite to nearby CSD stations.
“We look forward to PowerTap’s onsite production and dispensing technology revolutionizing hydrogen delivery to hydrogen fuel cell vehicle consumers by eliminating hydrogen supply shocks with our unique hydrogen distribution solution,” said Kelley Owen, PowerTap Hydrogen Fueling Corp.’s Chief Operating Officer.
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. Clean Power’s most recent investment was in PowerTap (https://powertapfuels.com/) on October 27, 2020 (see the Company’s news release on October 28, 2020). 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/
Clean Power common shares are listed on the NEO Exchange. Please visit the company’s profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
Dave Brown AMW PR
c: (917) 543-1050
Tyler Troup, Circadian Group IR
Clean Power Contact:
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
Specifically, this news release contains forward-looking statements relating to, but not limited to: the successful installation of the PowerTap fueling units, the availability of RNG feedstock to produce blue hydrogen, PowerTap becoming eligible to earn HRI credits under the LCFS carbon credit program, the liquidity of a secondary market to sell the carbon credits, forecasts, estimates, expectations and objectives for future operations. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Clean Power. 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 qualification for carbon credits, 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 by 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.
Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.