VANCOUVER, British Columbia and IRVINE, Calif., June 01, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (NEO: MOVE)(FWB: 2K6)(OTC: MOTNF) ("Clean Power" or the "Company" or "MOVE"). Clean Power is pleased to announce that effective June 1, 2021, the Company will transition to a single purpose company from an investment issuer, redeploying its assets and resources to be a single purpose hydrogen technology company. In connection with becoming a single-purpose company, Clean Power will reorganize its operating assets, non-hydrogen investments and other resources to focus on the design, build, installation and operation of hydrogen dispensing units for hydrogen-fueled vehicles. A material change report in connection with the transition will be filed by the Company forthwith. Financial results will be reported on a consolidated basis commencing June 1, 2021.
Through its wholly-owned subsidiary, PowerTap Hydrogen Fueling Corp., the Company 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 previous news releases.
Raghu Kilambi, the CEO of Clean Power, stated "We are excited to transition to becoming a single purpose company to focus solely on the hydrogen fueling technology business. This transition signals to the market that we are fully committed to growing our business to become one of the leaders in the hydrogen fueling industry. With our focus being directly targeted to the development of our PowerTap 3.0 hydrogen dispensing units and the subsequent roll-out at gas stations and truck stops, we look forward to sharing our advancements to the market as milestones are achieved."
ABOUT CLEAN POWER CAPITAL CORP.
Clean Power Capital Corp., through its owned subsidiary, PowerTap Hydrogen Fueling Corp. ("PowerTap"), on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap's patented solution has been developed over 20 years. PowerTap is now commercializing its third generation blue hydrogen product that will focus on the refueling needs of the automotive and long haul trucking markets that lacks hydrogen fueling infrastructure. There are currently under 100 operational publicly available hydrogen stations in the United States with most of the existing stations purchasing industrial hydrogen from industrial manufacturers and shipping hydrogen to individual stations via tanker trucks.
Learn more about Clean Power by visiting our website at: https://cleanpower.capital/
Clean Power common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
Dave Brown AMW PR
c: (917) 543-1050
Tyler Troup, Circadian Group IR
Clean Power Contact:
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
Specifically, this news release contains forward-looking statements relating to, but not limited to: the successful installation of the PowerTap fueling units, the availability of RNG feedstock to produce blue hydrogen, PowerTap becoming eligible to earn HRI credits under the LCFS carbon credit program, the liquidity of a secondary market to sell the carbon credits, forecasts, estimates, expectations and objectives for future operations. These forward-looking statements 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 qualification for carbon credits, 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.