REPEAT -- Clean Power Acquires Remaining Interest in PowerTap to Become 100% Owner of Hydrogen Fueling Company
VANCOUVER, British Columbia and IRVINE, Calif., May 07, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (NEO: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the
“Company” or “MOVE”) is pleased to announce that it has completed the acquisition of the remaining shares in PowerTap Hydrogen Fueling Corp. (“PowerTap”) to become
the sole shareholder of PowerTap. As previously announced, the Company initially invested in PowerTap on October 27, 2020 by acquiring a 90% equity interest and on February 5, 2021, the Company
acquired an additional 4.5% of PowerTap. With the latest acquisition, Clean Power has increased its equity interest in PowerTap to 100%.
PowerTap's main focus is on employing its patented hydrogen production technology to build a blue hydrogen filling station network in the United States to accommodate anticipated growth in hydrogen vehicle sales. PowerTap’s goal is 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 already 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: https://www.powertapfuels.com
Since Clean Power's initial investment, PowerTap has been developing its hydrogen fueling station network in stages, consisting of engineering & design; ongoing development of PowerTap 3.0; and permitting and site preparation, as updated in past news releases. Most recently, PowerTap signed a definitive agreement with Humboldt Petroleum, Inc., Peninsula Petroleum, LLC, and Colvin Oil I LLC (dba GP Energy), collectively referred to as “the Andretti Group” to locate PowerTap’s hydrogen station technology at select Andretti Group properties. Under the terms of definitive agreement, the Andretti Group will further help market PowerTap’s technology to third-party chain retailers, major oil companies and independent stations through the Andrettis’ deep network of automotive industry connections. See the Company’s news release dated January 26, 2021, for further details on the definitive agreement with the Andretti Group.
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