REPEAT - Clean Power Capital Corp.’s Subsidiary, PowerTap Hydrogen Fueling, Announces That It Has Engaged NASA-Based Hydrogen Engineering Firm, Cryotek, as Its Engineering Design Partner to Commercialize Its Patented Hydrogen Filling Technology
VANCOUVER, British Columbia, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB:
2K6A)(OTC: MOTNF) (“Clean Power” or the “Company” or
"MOVE"). The Company’s 90 percent owned subsidiary PowerTap Hydrogen Fueling Corp. (“PowerTap”) is pleased to announce that it has partnered with
Cryotek (cryotek.com) pursuant to an 8-month contract to provide engineering and design for the next generation PowerTap hydrogen filling stations, which is planned to be deployed across North
America starting in 2021. The engineering design will include:
- Next Generation PowerTap Onsite Steam Methane Reformer (“SMR”) solution capable of producing 1,000kg+ per day;
- Gaseous and Liquid Hydrogen storage solutions capable of 1,000kg+ or more per day;
- CO2 capture solutions;
- Advanced hydrogen dispensing unit; and
- Artist rendition of proposed final hydrogen filling station.
Cryotek is a hydrogen engineering firm led by CEO Cody Bateman. Mr. Bateman started this firm in 1989 as Advantex Research to focus on developing engineering solutions of complex problems associated with various industries including oil and gas, pharmaceuticals, airlines and energy. In 2018, the company was rebranded to Cryotek to focus on cryogenic solutions for NASA (USA National Aeronautics and Space Administration) and the USA Department of Energy. Since then, Cryotek has focused on the future of liquid hydrogen as the energy of the future and has become a leader in the field by developing smaller hydrogen steam methane reformation (SMR) units.
“This is an excellent opportunity to work with PowerTap Hydrogen Fueling Corp. to combine our patented technologies, intellectual properties and trade secrets to deliver the next generation of the well-known PowerTap delivery system of hydrogen for the future. We have spent the last few months evaluating PowerTap’s intellectual property and design and we believe that by incorporating it with our proven technology that we will clearly have the most advanced, smallest footprint steam methane reformation hydrogen production solution and liquid storage for the trucking and automobile industry,” said Cody Bateman, CEO of Cryotek.
“PowerTap is excited to work with Cryotek as our engineering and design partner to commercialize the next generation of PowerTap hydrogen filling stations. Cody Bateman and his world class engineering team are the ideal partner for PowerTap as we plan our aggressive roll out of hydrogen filling stations commencing in 2021,” said Raghu Kilambi, CEO of PowerTap Hydrogen Fueling Corp.
Hydrogen powered vehicles have major advantages over battery electric, gas, and diesel vehicles (driving range, quicker filling time and cost per mile). Billions of dollars’ worth of hydrogen long haul trucks and cars are expected on the market in next 2-4 years from incumbents and upstarts in the next 36 months. Hydrogen-powered vehicles generate electrical power in a fuel cell, emitting only water vapor and warm air.
The major advantage of this new technology over other hydrogen filling station systems is the small physical footprint for onsite hydrogen production and storage (700 Square Feet). These new modular stations are fabricated at a central manufacturing center and delivered to existing gas stations to augment their product offering. Each hydrogen station is then fully operational within two weeks from delivery. Most existing USA hydrogen filling stations must have their hydrogen delivered at a much higher costs than PowerTap’s on-site hydrogen production cost. PowerTap’s technology-based hydrogen filling stations are currently located in private enterprises and public stations in California, Texas, Massachusetts, and Maryland.
The Company acquired a 90 percent interest 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 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
+1 (604) 687-2038
Learn more about Clean Power by visiting our website at: https://cleanpower.capital/.
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