Clean Power Provides Update on PowerTap’s California Hydrogen Fueling Station launch in 2021:
VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). Clean Power is encouraged by and applauds the announcement by California Governor Newsom for his proposal to earmark $1.5 billion for companies to invest in the construction and maintenance of charging and hydrogen fueling infrastructure as part of a $4.5 billion stimulus proposal for the 2021 state budget1.
Governor Newsom’s announcement is aligned with PowerTap’s preparation of its hydrogen station permitting as it prepares for its rollout of initial hydrogen fueling stations in the second half of 2021. The PowerTap hydrogen stations will be completed and installed in accordance with the California Governor’s Office of Business and Economic Development (GO-Biz) permitting guidebook2.As announced in Clean Power’s December 15, 2020 press release, PowerTap also plans to participate in the California Low Carbon Fuel Standard (“LCFS”) Carbon Credit program, which provides PowerTap an opportunity to generate revenue from the sale of its earned LCFS credits on an on-going basis on the emission trading markets, even prior to generating any revenue from the sale of hydrogen.Raghu Kilambi, CEO of PowerTap Hydrogen Fueling Corp. said, “PowerTap plans to launch hydrogen fueling station rollout in the second half of 2021 and will be announcing initial rollout partners in the near term. California’s announced stimulus plans for hydrogen infrastructure supports PowerTap’s aggressive rollout strategy. In addition, with the incoming Biden Administration and the Democrats gaining control of the United States Senate with the win of control of the Senate with two key Senate runoff elections in the State of Georgia, PowerTap is optimistic that the US federal government will introduce new green initiatives that will include incentives and funding for the hydrogen infrastructure space.”About PowerTapThe Company invested in PowerTap on October 27, 2020 (see the Company’s news release on October 28, 2020). PowerTap is leading the charge to build out cost-effective hydrogen fueling infrastructure through its environmentally friendly intellectual property, product design for the modularized and lowest tier production cost of hydrogen, and launch plan. PowerTap technology-based hydrogen fueling stations are located in private enterprises and public stations (near LAX airport) in California, Texas, Massachusetts, and Maryland. Additional information about PowerTap and the Hydrogen Industry may be found at its website at http://www.powertapfuels.com
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.ON BEHALF OF THE CLEAN POWER CAPITAL CORP. BOARD OF DIRECTORS“Joel Dumaresq”Joel Dumaresq CEO
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THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY 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. 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. 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 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.1 (https://www.cnbc.com/2021/01/06/newsom-plan-includes-1point5-billion-to-boost-electric-hydrogen-vehicles.html)