Clean Power Capital Corp.: PowerTap applauds California city for banning new gas stations

Rhea-AI Summary

Clean Power Capital Corp. (OTC: MOTNF) announced that the city of Petaluma, California, has enacted a ban on new gas stations, promoting hydrogen fueling and electric charging stations. This aligns with California's aim for all new vehicles to be emission-free by 2035. CEO Raghu Kilambi emphasized the need for more hydrogen fueling stations to support the expected rise of hydrogen vehicles. The company plans to deploy its PowerTap technology in over 500 stations across the USA within five years, enhancing hydrogen infrastructure development.

Positive

• Petaluma's ban on new gas stations supports the transition to hydrogen fueling stations.
• PowerTap plans to install over 500 hydrogen stations across the USA in the next 5 years.
• California's commitment to emission-free vehicles by 2035 creates a favorable market for hydrogen technology.

Negative

• None.

VANCOUVER, British Columbia and NEWPORT BEACH, Calif., March 04, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or "MOVE"). The Company and its investee company, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is pleased that the city of Petaluma, California has announced a ban on new gas stations to encourage the deployment of Hydrogen fueling station and battery electric charging stations¹. This city ban is consistent with State of California’s mission to mandate that all new vehicles be emission free by 2035².

“The recent announcements by Petaluma, CA and the State of California are consistent with our thesis that to support hydrogen vehicles (cars and long trucks) that will be hitting the road in the coming few years, significantly more hydrogen fueling stations will be needed (over the current available ~44 in California³) in California and the rest of the USA. Our PowerTap onsite hydrogen production technology is currently being used for private hydrogen stations in the USA and a public station near LAX and we look forward to installing our new PowerTap 3 to be deployed at existing gas stations starting in the second half of 2021. Our business plan is to install 500+ stations across the USA in the next 5 years.” said Raghu Kilambi, CEO of PowerTap.

About PowerTap

The 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.com.

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. 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
Raghu Kilambi
raghu@hydrogenfueling.co

PR Contact Vito Palmeri AMW PR
c: 347.471.4488 | o: 212.542.3146
vito@amwpr.com

Clean Power Contact
Joel Dumaresq info@cleanpower.capital
+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 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.

¹ https://www.thedrive.com/news/39541/petaluma-california-is-the-first-us-city-to-ban-new-gas-pumps
² https://www.gov.ca.gov/2020/09/23/governor-newsom-announces-california-will-phase-out-gasoline-powered-cars-drastically-reduce-demand-for-fossil-fuel-in-californias-fight-against-climate-change/
³ https://cafcp.org/stationmap

 

FAQ

What recent development did Clean Power Capital Corp. announce regarding hydrogen fueling stations?

Clean Power Capital Corp. announced that Petaluma, California, has banned new gas stations, promoting hydrogen fueling and electric charging stations.

How many hydrogen fueling stations does Clean Power plan to install?

Clean Power plans to install over 500 hydrogen fueling stations across the USA in the next 5 years.

What is the significance of Petaluma's gas station ban for Clean Power Capital Corp.?

The ban supports the development of hydrogen fueling infrastructure, aligning with Clean Power's strategy to expand its PowerTap technology.

What is the stock symbol for Clean Power Capital Corp.?

The stock symbol for Clean Power Capital Corp. is MOTNF.

What is California's goal for new vehicles by 2035?

California aims for all new vehicles to be emission-free by 2035, which benefits hydrogen technology adoption.