VANCOUVER, British Columbia, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or "MOVE"). Further to Clean Power’s press release of January 26, 2021 announcing a Definitive Agreement between Clean Power’s investee PowerTap Hydrogen Fueling and the Andretti Group to install PowerTap’s innovative modular hydrogen production and dispensing units in California this year. PowerTap and the Andretti Group are elaborating on details of the business model and benefits for Retailers and PowerTap.
- Physical Site Eligibility Requirements
- Existing fuels Retailer
- Usable footprint of at least 1000 square feet
- Access to utilities: natural gas, electricity and water
- Key Points for Business Model
- Retailer provides land, with no lease expense to PowerTap
- PowerTap installs and maintains the modular hydrogen production and dispensing unit at PowerTap’s sole expense, including utilities and branding costs
- Retailer markets hydrogen fuel generating profit in the same way as traditional fuel sales
- Advantages for Retailers
- High yield revenue opportunity for “under-utilized” land
- Retailer receives a portion of the carbon credit revenue
- Additional profit center with minimal operating cost and high incremental earnings
- New customer traffic, generating ancillary purchases of other products and services
- On-site production allows a competitive “go to market” price relative to delivered supply
- Advantages for PowerTap
- No land purchase or land lease expense
- Co-development providing access to prime, high traffic real estate parcels
- Faster entitlement process due to existing traditional fuels operation
- Ability to leverage Andretti Group’s established operational expertise and geographic reach, to create an optimized network
- Expedited rollout, enabling the deployment of over 500 PowerTap modular hydrogen production and dispensing units in the USA by the end of 2025
“This exciting win-win relationship between PowerTap and the Andretti Group along with their industry partners will accelerate the deployment of our proprietary patented hydrogen production and dispensing technology, and provide a particularly compelling revenue share model with mutual benefit for all partners. We are energized to be at the leading-edge of a renewable energy solution for the future during this period of accelerated energy transition.” said Incoming PowerTap President Salim Rahemtulla (https://powertapfuels.com/management.php).
The pre-application for prospective Andretti Group affiliates is at the PowerTap website (https://powertapfuels.com/andretti-partnership.php) and the Andretti Group website (https://andretti1.com/powertap-hydrogen/) and contact email address is PowerTap@Andretti1.com.
ABOUT THE ANDRETTI GROUP
The Andretti Group traces its roots to its start-up founding in 1997 by famed racers Mario Andretti and Michael Andretti, along with managing partner and industry veteran MJ Castelo. The Andretti Group family of companies has grown rapidly to include chain Retail Fuel/Convenience Store/Quick Service Restaurant (QSR) operations; Branded and Unbranded Wholesale Fuel operations; Trucking/Logistics operations; Card Lock/Fleet Fueling operations; and Full-Service Factory Authorized Maintenance operations. The company operates in a geography spanning California, Oregon, and Washington. Currently, Andretti Petroleum has over 100 company owned and operated facilities and delivers multi-branded fuel to some 125 independent owner operators.
https://andretti1.com/
ABOUT POWERTAP
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 may be found at its website at: https://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. Clean Power's most recent investment was in PowerTap on October 27, 2020 (see the Company’s news release on October 28, 2020). 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/.
Clean Power common shares are listed on the Canadian Securities Exchange. Please visit the company's profile on the Canadian Securities Exchange website at: https://thecse.com/en/listings/diversified-industries/clean-power-capital-corp.
PowerTap Contact
Salim Rahemtulla
salim@hydrogenfueling.co
Andretti Group Contact
Amy Brookshier-Kaplan
abrookshier@andretti.com
PR Contact
Vito Palmeri
AMW PR
c: 347.471.4488 | o: 212.542.3146
vito@amwpr.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 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.