VANCOUVER, British Columbia and NEWPORT BEACH, Calif., Feb. 22, 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 provide additional information about how the onsite hydrogen production and dispensing technology being developed by PowerTap Hydrogen Fueling Corp. (“PowerTap”), an investee company of Clean Power, will be used in other commercial markers.
PowerTap has commenced plans to commercialize its 3rd Generation units into new verticals such as commercial buses and trains, and has started initial discussions with various cities, states/provinces about partnerships. Subject to the progression of PowerTap’s plan to expand its product offering into commercial buses and trains, its 3rd generation onsite hydrogen production module will be made available to provide blue hydrogen for trains and buses, in addition to hydrogen fuel cell cars and trucks. A prime and exciting example of this growing market is the Coradia iLint, a hydrogen train built by Alstom in Salzgitter, Germany and currently being deployed in Europe1. The Corada iLint is the world’s first passenger train powered by on-board hydrogen fuel cells, which produces electrical power for traction. This relatively low-noise, zero-emission train only exhausts steam and condensed water as atmospheric outputs.Another vertical that could be receptive to PowerTap’s blue hydrogen production and dispensing technology is the ever expanding hydrogen public bus fleet. For instance, the Orange County, California Transit Authority (OCTA) added a fuel cell bus to their fleet in the summer of 2016 as part of a pilot program in which OCTA became the first large public transportation agency in Southern California to operate a hydrogen fuel-cell electric bus2. During the pilot program, OCTA operated the first hydrogen bus on a number of its routes for about 16 hours per day, 292 days a year, similar to the way OCTA operates the other buses in its fleet. In the near future, OCTA has plans to deploy ten additional buses with supporting fueling infrastructure with a grant funded by the California Air Resources Board (CARB) Zero-Emission Truck and Bus Pilot Commercial Deployment Project and the South Coast Air Quality Management District (SCAQMD). According to the California Fuel Cell Partnership, fuel cell buses operate with no local emissions, reduced noise, and a substantial reduction in greenhouse gas emissions on a well-to-wheel basis and have performance, range and route flexibility similar to diesel buses3.Raghu KIlambi, CEO of PowerTap noted, “PowerTap continues to have discussions with various commercial opportunities in various verticals and will continue to update shareholders in the coming weeks and months.”______________________________
About PowerTapThe 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.comABOUT 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.Learn more about Clean Power by visiting our website at: https://cleanpower.capital/NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.PowerTap Contact
[email protected]PR Contact
c: 347.471.4488 | o: 212.542.3146
[email protected]Clean Power Contact
Joel Dumaresq [email protected]
+1 (604) 687-2038Notice Regarding Forward Looking Information:This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Clean Power. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the Company’s ability to build out its planned hydrogen fueling station network, and the Company’s ability to raise sufficient funds to fund its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward- looking information contained in this press release.Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.