VANCOUVER, British Columbia, February 5, 2021 – Clean Power Capital Corp. (CSE:MOVE)(FWB:2K6)(OTC:MOTNF) (“Clean Power” or the “Company” or “MOVE”) is pleased to announce that it has increased its investment in Powertap Hydrogen Fueling Corp. (“PowerTap”) by acquiring an additional 4.5% equity interest in PowerTap. As previously announced, the Company initially invested in PowerTap on October 27, 2020 by acquiring a 90% equity interest. With the latest investment, Clean Power has increased its equity interest in PowerTap to 94.5%.
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 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.
Clean Power’s investments in PowerTap aligns well with the energy industry focusing on transitioning more into hydrogen-based energy as demonstrated by the USA President Biden’s most recent executive orders to drive the USA to a clean energy future by achieving a carbon pollution-free power sector by 2035 and putting the USA on an irreversible path to a net-zero economy by 2050; and Canada’s recently announced hydrogen strategy, which sets sets an ambitious framework to cement hydrogen as a key part of Canada’s path to net-zero carbon emissions by 2050.
Taking advantage of the energy industry’s momentum towards investments in the development of hydrogen-based technology and the anticipated increase in demand for hydrogen-based fuel, the investment in PowerTap takes advantage of favourable market conditions and is aligned with the Company’s investment policy, which was previously amended and restated to include the renewable energy sector as an area of focus for the Company. The amended and restated investment policy is available for review on the Company‘s website at (https://cleanpower.capital/) and will be tabled for ratification at the Company’s next annual general meeting of shareholders on March 15, 2021.
After the initial investment to acquire 90% of PowerTap, the Company completed this follow-on investment to increase Clean Power’s investment in PowerTap to 94.5%. The consideration paid to the vendors for the additional 4.5% of PowerTap consisted of an aggregate of 18,000,000 common shares in the capital of the Company (the “Consideration Shares”) at a deemed value of $2.72 per Consideration Share. The vendors are arm’s-length to one another and none of whom, individually holds 10% or more of the issued and outstanding shares of the Company on a non-diluted basis. The issuance of the Consideration Shares relied on the accredited investor exemption under Section 2.3 of National Instrument 45-106 – Prospectus Exemptions and therefore the Consideration Shares are subject to a four month and one day hold period.
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. Clean Power’s most recent investment was in PowerTap on October 27, 2020 (see the Company’s news release on October 28, 2020). 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/
Clean Power common shares are listed on the Canadian Securities Exchange. Please visit the company’s profile on the Canadian Securities Exchange website at: https://thecse.com/en/listings/diversified-industries/clean-power-capital-corp
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