Clean Power Capital Announces Investment in Fusion One Waste to Electricity and Hydrogen Technology
VANCOUVER, British Columbia and TORONTO, April 15, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the
“Company” or "MOVE"). The Company is pleased to announce that it has entered into a definite agreement to make an investment in FusionOne Energy Corp.
(“FusionOne”), a producer of technologies primarily for the conversion of plastic waste to hydrogen and clean electricity.
One of the principals of FusionOne has developed proprietary, patented pending technologies for the thermal processing of plastics and other carbon matter into clean “white” hydrogen and electricity, this gives the opportunity to recognize the breadth of technologies central to Company’s investment philosophy. The cutting-edge solution integrates an internally developed, market-leading efficiency, continuous cycle reactor, a proprietary secondary heating system and a synthesis gas separation system to optimize the volume of synthesis gas (syngas) available for hydrogen recovery. The inventor of the proprietary technologies has submitted patent applications for the technologies with the United States Patent and Trademark Office (“USPTO”). Upon the patent applications being approved by the USPTO, the inventor will assign one of the patents to FusionOne and will license the other patent to FusionOne. The company’s proof of concept benchmarked the system’s capabilities, its ability to process multiple waste stream feedstock and the quality of subsequent outputs. Clean Power will be acquiring an approximate 5 percent ownership of FusionOne for an initial US$500,000 investment. Clean Power will also receive one-year warrants to acquire an additional 3,333,333 common shares for an additional US$1m investment. The value of the investment in FusionOne was negotiated at arm's-length and was determined through a due diligence review of FusionOne's technology and a review of comparable technologies and companies in the market.
Clean Power will support FusionOne’s efforts to commercialize its HydroPlas Reactor, the first integrated technology thermal solution to create white hydrogen from plastic waste, as well as other carbon-based waste, and will deploy on two sites in North America starting in the first half of 2021, with delivery expected on both by the first half of 2022, and a third site in the UK will be announced in Q1 of 2023 with subsequent US and UK deployments to follow. FusionOne technology allows for the production of hydrogen at a low cost with tipping fees received on the multiple, abundantly available waste streams used to generate electricity and hydrogen. This investment in FusionOne aligns with the Company’s investment policy. In connection with Clean Power’s strategic investment and Raghu Kilambi will been appointed as a strategic advisor to FusionOne.
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