Cleantech Power Corp. Enters Into Letter of Intent for Collaborative Energy Project Development

TORONTO, July 06, 2023 (GLOBE NEWSWIRE) -- Cleantech Power Corp. (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: E43, WKN: A3EEHV) (“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into  has entered into a non-binding Letter of Intent (“LOI”) with PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND), a leading provider of on-site hydrogen fueling stations, to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use their best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration (a “Potential Transaction”). The Company does not anticipate issuing any securities in connection with a Potential Transaction unless the FTFCTO (as defined below) has been lifted by the British Columbia Securities Commission (the “BCSC”).

Under the LOI, PWWR and PowerTap intend to assess project opportunities on a case-by-case basis, with the possibility of entering into a collaboration through the formation of a special purpose entity, or pursuing other non-exclusive arrangements outlined in a definitive agreement. The collaboration seeks to enhance both companies' value propositions with customers by combining PowerTap's hydrogen fueling technology with PWWR's fuel cells and power development projects.

"The collaboration between Cleantech Power Corp. and PowerTap Hydrogen Fueling Corp. represents a significant step towards accelerating the development of clean hydrogen infrastructure in North America," said Frank Carnevale, CEO of Cleantech Power Corp. "By delivering hydrogen to customers’ sites, we bridge the divide that enables hydrogen to be used on our Combined Heat and Power (“CHP”) systems and other proprietary technology.”

Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp., stated, "We are excited about the opportunity to integrate Cleantech Power Corp.'s assets into our product stack. This collaboration will enable us to deliver affordable renewable energy in the form of hydrogen and power at our various projects, furthering our commitment to sustainable energy solutions."