VANCOUVER: Clean Power Capital Corp. has increased its investment in Powertap Hydrogen Fueling Corp. by acquiring an additional 4.5% equity interest in PowerTap.
As previously announced, the Company initially invested in PowerTap on October 27, 2020 by acquiring a 90% equity interest. With the latest investment, Clean Power has increased its equity interest in PowerTap to 94.5%.
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 already located in private enterprises and public stations in California, Texas, Massachusetts, and Maryland.
Since Clean Power’s initial investment, PowerTap 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 past news releases.
Most recently, PowerTap signed a definitive agreement with Humboldt Petroleum, Inc., Peninsula Petroleum, LLC, and Colvin Oil I LLC (dbaGP Energy), collectively referred to as “the Andretti Group” to locate PowerTap’s hydrogen station technology at select Andretti Group properties.
Under the terms of definitive agreement, 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. Seethe Company’s news release dated January 26, 2021 for further details on the definitive agreement with the Andretti Group.
Clean Power’s investments in PowerTap aligns well with the energy industry focusing on transitioning more into hydrogen-based energy as demonstrated by the USA President Biden’s most recent exeutive orders to drive the USA to a clean energy future by achieving a carbon pollution-free power sector by2035 and putting the USA on an irreversible path to a net-zero economy by 20501; and Canada’s recently announced hydrogen strategy, which sets an ambitious framework to cement hydrogen as a key part of Canada’s path to net-zero carbon emissions by 20502.
Taking advantage of the energy industry’s momentum towards investments in the development of hydrogen-based technology and the anticipated increase in demand for hydrogen-based fuel, the investment in PowerTap takes advantage of favourable market conditions and is aligned with the Company’s investment policy, which was previously amended and restated to include the renewable energy sector as an area of focus for the Company.
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 investments.