- The proposed allocation of these funds is in alignment with investee PowerTap’s plans to begin rollout of its hydrogen fueling stations network in the second half of the year
- PowerTap will generate additional revenue to finance its hydrogen infrastructure by participating in the California Low Carbon Fuel Standard Carbon credit program
- Hydrogen fueling adoption advocate and auto racing entrepreneur George Steinbrenner IV is appointed to PowerTap’s advisory board, will bring his commitment to sustainability and influence to help promote company’s hydrogen production and dispensing technology
Investment holding company Clean Power Capital (CSE: MOVE) (OTC: MOTNF) (FWB: 2K6A) welcomed a California proposal to allocate $1.5 billion to the construction and maintenance of charging and hydrogen fueling infrastructure. According to a company press release, California Governor Gavin Newsom’s proposal to earmark these funds as part of a $4.5 billion stimulus proposal for the 2021 state budget is encouraging for Clean Power Capital and its investee PowerTap’s hydrogen station plans (https://nnw.fm/AWBh3).
PowerTap Hydrogen Fueling Corp is currently preparing to roll out its initial hydrogen fueling stations nationwide in the second half of 2021 and will soon announce its partners for this stage, CEO Raghu Kilambi said. He also explained that the $1.5 billion stimulus for hydrogen infrastructure is in alignment with the company’s own plans and supports its aggressive rollout strategy.
The company plans to deploy its hydrogen fueling infrastructure at existing truck stops and gas stations across the country, with an initial roll-out of up to 500 stations. All of PowerTap’s hydrogen stations will adhere to the California Governor’s Office of Business and Economic Development permitting guidebook.
Additionally, PowerTap also intends to participate in the California Low Carbon Fuel Standard (LCFS) Carbon credit program, one of the most innovative carbon emission credit trading plans, which will offer the company the opportunity to generate revenue by selling earned LCFS credits on the emission trading markets before it even begins dispensing hydrogen through its planned fueling station infrastructure (https://nnw.fm/ciHHM).
Participation in the LCFS program will provide PowerTap with more revenue to finance its hydrogen station infrastructure. Moreover, with the change in U.S. administration, the company is optimistic that the U.S. federal government will launch new green initiatives that will include funding and incentives for the hydrogen infrastructure space, Kilambi explained.
To help PowerTap further advance and commercialize its hydrogen production and dispensing technology, Clean Power Capital has appointed auto racing entrepreneur George Steinbrenner IV to its investee’s advisory board (https://nnw.fm/NXr09).
A staunch supporter of different earth-friendly avenues and policies and promoter of various charitable programs, Steinbrenner is the youngest team owner in the NTT INDYCAR Series. His commitment to sustainability both in his personal life and business practices is fully in line with INDYCAR’s planned move to implement single-source hybrid systems as of 2023. Steinbrenner has long supported the message of sustainability in the field of motorsport via unique initiatives such as helping implement comprehensive recycling programs, implementing green power at campsites and trying to achieve a carbon neutral or overall better transportation footprint by running an alternative fuel transporter and companion generator.
“Expanding our relationships and participation within sustainability opens long-term benefit. As our team and series continue to innovate, aligning with growth-minded companies such as PowerTap that naturally connect to existing partnerships within the biofuels space opens mutual benefit opportunities,” Steinbrenner said. “I’m excited to take an advisory role within PowerTap and welcome applying their industry-leading technologies and strategic partnerships to bring greater adoption.”
Kilambi also welcomed the appointment, voicing appreciation for Steinbrenner’s clean energy focus and active involvement in the auto racing industry as an active advocate of hydrogen fueling adoption. “Mr. Steinbrenner’s industry relationships and influence will be critical as PowerTap launches the commercialization of our onsite hydrogen production and dispensing technology,” the PowerTap CEO added.
With its impressive portfolio of IP and advanced deployed technologies, as well as plans to build and expand a hydrogen filling station network across North America, PowerTap was an attractive opportunity for Clean Power Capital Corp., an investment company focused on identifying lucrative opportunities in the health and renewable energy industries. Clean Power Capital has 10 investments in various sectors and currently holds 90 percent equity interest in PowerTap Hydrogen Fueling.
For more information, visit the company’s website at www.CleanPower.Capital.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://nnw.fm/MOTNF
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