Clean Power's PowerTap Signs Definitive Agreement with Andretti Group to Both Install At Existing Gas Stations and To Distribute PowerTap Hydrogen Fueling Stations
VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or
"MOVE"). Clean Power is pleased to announce that PowerTap Hydrogen Fueling, its investee company, has executed a definitive agreement (the “Definitive Agreement”) with Humboldt
Petroleum, Inc., Peninsula Petroleum, LLC, and Colvin Oil I LLC (dba GP Energy) (collectively, “the Andretti Group”) to install PowerTap’s innovative modular hydrogen fueling stations starting in
the State of California in 2021.
The Andretti Group has over 100 company-owned and operated facilities in the United States with 39 in California. In the industry, there are approximately 111,000 conventional/petrol gas stations in the United States, of which over 11,000 are in California. Under the terms of the Definitive Agreement, PowerTap will install its 1,250-kilogram hydrogen production and dispensing fueling stations at certain Andretti Group properties located in California. As part of the Definitive Agreement, the Andretti Group will exclusively introduce and distribute PowerTap to the Andretti Group's deep network of major oil companies, chain retailers, cardlock operators, and independent fueling stations and provide certain services to PowerTap consisting of: tactical and strategic planning, network development, real estate support, project management, account management, and various “run and maintain” support work in connection with the fueling stations (collectively, the "Services"). This affiliate relationship will enable PowerTap to quickly operationalize and accelerate deployment of its unique patented technology, as well as a very compelling retailer “revenue share” model.
“We are delighted to partner with the incredible team at the Andretti Group to bring our innovative and cost-effective hydrogen fuel technology to their gas stations locations, starting in California. We are also confident that the Andretti Group will be a strong exclusive distribution partner as we build out our 500+ station network across the USA. We are honored to partner with the legendary auto racing father and son duo of Mario and Michael Andretti along with their talented team,” said Raghu Kilambi, CEO of PowerTap.