Clean Power Provides Update on the Development of Its PowerTap Investment
VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). The Company is pleased to provide an update on the activities of PowerTap Hydrogen Fueling Corp. (“PowerTap”), the company’s previously announced investment. PowerTap is in the process of completing its 3rd generation design of its patented onsite hydrogen production and dispensing technology for the North American hydrogen vehicle market.
As PowerTap looks to roll out the 3rd generation of its onsite hydrogen production and dispensing technology for hydrogen trucks and cars, PowerTap believes that its new modular design of the units has distinct advantages over the previous two generations of PowerTap units installed in the United States and other hydrogen fueling technologies. These improvements and advantages include:The modular design allows for the station to be fully assembled and tested prior to delivery. The modular design also allows for the selection of already operating sites that have suitable zoning permits for installation and operation.This allows for stations to go live within weeks versus months or years.Other competitive stations are built from scratch onsite leading to multi-year construction projects and increased needed zoning approvals.The modular design allows for Underwriters Laboratories UL approval, greatly reducing the number of onsite inspections by third parties.The modular design allows for future upgrades in capacity and storage to an existing station to grow as market demand grows.The modular design allows the stations to be mass produced, critical to building out a large infrastructure near term.The modular design bypasses city planning processes, as the stations come fully assembled and only require a pad and Compressed Natural Gas (CNG)/Renewable Natural Gas (RNG) feedstock brought to the site.The modular design is capable of supporting other new technologies for hydrogen production (when green hydrogen becomes economical) as all other modules are independent of the fuel processing module allowing PowerTap to upgrade its technology onsite in the future.The modular design allows for the station to be relocated if necessary, which further extends the life of the asset and its value.The PowerTap modular size and design is less than half the size of the closest competitor.The modular design creates additional intellectual property owned by PowerTap in addition to PowerTap’s current 20+ global patent portfolio.
“PowerTap’s patented, onsite blue hydrogen generating fuel station technology is the right solution for today’s lack of hydrogen fueling infrastructure. PowerTap plans to roll out hydrogen fueling stations to meet the USA’s public hydrogen fueling station increased demand. Our new modular design will allow us to deploy our stations rapidly starting in 2021,” noted Kelley Owen, Chief Operating Officer of PowerTap.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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[email protected]Learn more about Clean Power by visiting our website at: https://cleanpower.capital/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.