Clean Power Capital Announces the California Hydrogen Business Council (CHBC) Appointment of PowerTap President as Chair of the CHBC‘s Light-Duty Vehicle and Infrastructure Initiative Committee

Rhea-AI Summary

Clean Power Capital Corp. (OTC: MOTNF) announced the appointment of Salim Rahemtulla as Chairman of the California Hydrogen Business Council’s Light-Duty Vehicle and Infrastructure Initiative Committee, effective April 19, 2021. This role aims to enhance engagement in the hydrogen vehicle sector and address infrastructure challenges. Clean Power holds a 94.5% stake in PowerTap Hydrogen Fueling Corp, focusing on establishing a blue hydrogen filling station network in the U.S. to meet expected growth in hydrogen vehicle sales. This leadership position is expected to further advocate for hydrogen technology commercialization.

Positive

• Salim Rahemtulla's appointment as Chairman may provide enhanced leadership and advocacy for hydrogen technology.
• The initiative is expected to address infrastructure challenges in the hydrogen refueling network, which can drive adoption of hydrogen vehicles.
• Clean Power's significant stake in PowerTap positions it well to leverage growth in hydrogen infrastructure and technology.

Negative

• There may be concerns about the continuity and experience gaps due to leadership changes within PowerTap.

VANCOUVER, British Columbia and TORONTO, April 28, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (NEO: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or "MOVE"). The Company is pleased to announce that the California Hydrogen Business Council (CHBC) has appointed President of PowerTap Hydrogen Fueling Corp., Salim Rahemtulla, as Chairman of the CHBC’s Light-Duty Vehicle and Infrastructure Initiative Committee as of April 19, 2021.

Clean Power owns 94.5% of Power Tap. Through PowerTap, Clean Power's main focus is on employing its patented hydrogen production technology to build a blue hydrogen filling station network in the United States to accommodate anticipated growth in hydrogen vehicle sales. Visit: www.PowerTapfuels.com

The CHBC’s Light-Duty Vehicle and Infrastructure Initiative is one of four policy committees including committees for Heavy-Duty Vehicles and Infrastructure, Renewable Hydrogen & Climate Change and Pipeline and Fuel Cell Infrastructure, which are focused on providing member-driven education and market intelligence in California. These committees direct CHBC’s advocacy for legislation and regulatory actions that enable the development and commercialization of hydrogen and fuel cell technology in California, including transportation incentives and zero-emission vehicle and infrastructure programs.

This appointment will help ensure that PowerTap’s leadership is included in driving the growth of hydrogen in the transportation sector toward solutions to the “chicken and egg” problem that exists relative to the deployment of fuel cell technology and hydrogen refueling infrastructure.

“We are pleased to appoint Salim Rahemtulla, a representative of PowerTap, as chairman of this critically important committee. Mr. Rahemtulla's leadership will help guide the CHBC in its mission to advance the commercialization of our members’ hydrogen and fuel cell technology solutions,” said Bill Zobel, Executive Director of CHBC.

“We are excited for the appointment of a representative of PowerTap to lead this initiative committee and play a role in advocating for the growth and expansion of hydrogen adoption for light-duty vehicles and infrastructure”, said Mr. Raghu Kilambi, CEO of Clean Power.

About the California Hydrogen Business Council

The California Hydrogen Business Council (CHBC) is comprised of companies, agencies, non-governmental organizations and academia involved in the business of hydrogen. CHBC is committed to advancing the commercialization of hydrogen and fuel cells in the energy and transportation sectors to achieve California’s climate, air quality, and decarbonization goals. CHBC provides clear value to its members and serve as the indispensable and leading voice in promoting the use of hydrogen and fuel cells in California and beyond. The CHBC’s cross-sectoral focus offers a one-stop-shop for industry, academia, government, and NGO stakeholders engaged in the California market to access advocacy and educational resources, including policy representation with the Governor’s Office, state legislature and regulatory agencies, industry newsletter updates, events, webinars, and much more.  For organizations interested in joining the CHBC and engaging in its activities, visit www.californiahydrogen.org.

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.

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.

CHBC Contact
Peter Thompson, CHBC Communications Director
pthompson@californiahydrogen.org
+1 (310) 455-6095 x302

PR Contact
Investor Contact:
Tyler Troup, Circadian Group IR
MOVE@circadian-group.com

Clean Power Contact

Raghu Kilambi
raghu@hydrogenfueling.co
+1 (604) 687-2038

Notice 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 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.

FAQ

What is the significance of Salim Rahemtulla's appointment to the CHBC?

Salim Rahemtulla's appointment as Chairman is significant as it enhances PowerTap's involvement in advocating for hydrogen vehicle infrastructure development and commercialization.

How does Clean Power's stake in PowerTap impact its business?

Clean Power's 94.5% stake in PowerTap enables it to capitalize on the growing hydrogen market, particularly in establishing filling station networks.

What is the focus of the California Hydrogen Business Council's initiatives?

The CHBC focuses on policies that promote the development and commercialization of hydrogen and fuel cell technology, including advocacy for infrastructure improvements.

When was Salim Rahemtulla appointed Chairman of the CHBC’s Light-Duty Vehicle Committee?

Salim Rahemtulla was appointed Chairman of the CHBC’s Light-Duty Vehicle and Infrastructure Initiative Committee on April 19, 2021.

What are the expected benefits of the CHBC's initiatives for Clean Power?

The CHBC's initiatives could lead to increased advocacy for hydrogen adoption, which may positively impact Clean Power's investments and strategic positioning in the hydrogen sector.