- California-based PowerTap Hydrogen Fueling Corp. has signed a definitive agreement with the companies collectively comprising the Andretti Group to locate PowerTap’s hydrogen station technology at select Andretti properties
- 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
- Clean Power Capital Corp., based in British Columbia, Canada, is a major investor in PowerTap, holding 90 percent equity interest as part of its mission to help build holdings in the health and renewable energy industries
- Clean Power announced in December that its appearance on the Canadian Securities Exchange has been enhanced by listing on two of the CSE’s indices — the CSE Composite Index (R) and the CSE25 (TM) index — and that the company is examining the possibility of uplisting to the NASDAQ exchange in the United States
Holding company Clean Power Capital (CSE: MOVE) (FWB: 2K6) (OTC: MOTNF) recently announced a landmark definitive agreement between its investee company, PowerTap Hydrogen Fueling Corp. and the Humboldt Petroleum, Inc., Peninsula Petroleum, LLC, and Colvin Oil I LLC (dba GP Energy) companies that collectively are identified as “the Andretti Group.”
PowerTap is a technology-developing business determined to build a large network of hydrogen fuel stations that will help Americans embrace hydrogen as a clean energy alternative to petroleum for vehicles including long haul Class 8 trucks and cars. The company intends to develop a network across the United States in a phased approach, beginning with a launch of 500 outlets in California that use its onsite steam methane reforming (“SMR”) hydrogen production and dispensing modular units.
The Andretti Group agreement will allow PowerTap to install its 1,250-kilogram hydrogen production and dispensing stations at certain California properties owned by the Andretti Group, while the Andretti Group works to exclusively introduce and distribute PowerTap to its deep network of third-party major oil companies, chain retailers, cardlock operators and independent fueling stations under a retailer “revenue share” model, according to the Jan. 26 announcement (https://nnw.fm/vPyOh).
PowerTap will infuse an initial $1.25 million to the Andretti Group initiative to enable the Andretti / PowerTap initiative to become operative quickly.
“Given our long family lineage around the automobile, we are thrilled to be on the vanguard of new transportation technology — especially in this very exciting and promising area of Hydrogen Fuel Cells,” a statement issued by Andretti Group Chairman Mario Andretti and his partner/son Michael Andretti reads. “We are always energized at being first in the application of innovative technologies. We relish the prospect of leading America’s move to cleaner and more efficient energy.”
Western Canada-based Clean Power has 10 investments in a variety of sectors and successfully held nearly $120 million in investments last year, when it gained a 90 percent interest in PowerTap through an equity investment in the company’s clean energy operation. Clean Power’s corporate focus is on the health and renewable energy industries, aiming to help a select set of private and public companies grow to meet their potential.
The Andretti Group will also provide PowerTap with services including tactical and strategic planning, network development, real estate support, project management, account management and various “run and maintain” support projects in connection with the fueling stations.
PowerTap believes its technology has the potential to supply a cleaner fueling process than technologies dependent on large amounts of electricity to produce hydrogen, and that it can be more cost-effective than hydrogen produced offsite from the fueling stations.
Clean Power’s entry on two Canadian Securities Exchange indices — the CSE Composite Index (R) and the CSE25 (TM) index — is designed to help its holdings grow, and the company announced in December that it has formed a strategic committee to examine the possibility of listing common shares on the NASDAQ exchange in the United States to further improve its attractiveness to investors (https://nnw.fm/4eoJj).
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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