Clean Power Provides Update on PowerTap’s California Hydrogen Fueling Station launch in 2021
In-line with California Governor Newsom’s Proposed Stimulus Plan
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."
The 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