REPEAT – Clean Power Capital Corp. PowerTap applauds California city for banning new gas stations
VANCOUVER, British Columbia and NEWPORT BEACH, Calif., March 04, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the
“Company” or "MOVE"). The Company and its investee company, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is pleased that the city of Petaluma, California has
announced a ban on new gas stations to encourage the deployment of Hydrogen fueling station and battery electric charging stations1. This city ban is consistent with State of
California’s mission to mandate that all new vehicles be emission free by 20352.
“The recent announcements by Petaluma, CA and the State of California are consistent with our thesis that to support hydrogen vehicles (cars and long trucks) that will be hitting the road in the coming few years, significantly more hydrogen fueling stations will be needed (over the current available ~44 in California3) in California and the rest of the USA. Our PowerTap onsite hydrogen production technology is currently being used for private hydrogen stations in the USA and a public station near LAX and we look forward to installing our new PowerTap 3 to be deployed at existing gas stations starting in the second half of 2021. Our business plan is to install 500+ stations across the USA in the next 5 years.” said Raghu Kilambi, CEO of PowerTap.
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.
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.