VANCOUVER, British Columbia and NEWPORT BEACH, Calif., Feb. 11, 2021 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). The Company is pleased to provide additional information about the technology being developed by PowerTap Hydrogen Fueling Corp. (“PowerTap”), an investee company of Clean Power. PowerTap’s third generation onsite hydrogen production module unit is enhanced for blue hydrogen classification via Advanced Carbon Capture (https://cleanpower.capital/news/powertaps-blue-hydrogen-uses-innovative-carbon-capture-system/) and using Renewable Natural Gas (RNG) as its main feedstock to generate Blue Hydrogen.
Common sources of RNG, also referred to as biomethane or upgraded biogas, include landfills, animal manure, food scraps and wastewater sludge. With these “wet” wastes, bacteria break down organic matter and produce methane, carbon dioxide, and other gases and solids through a process referred to as anaerobic digestion. The resulting biogas can then be processed or “upgraded” to get rid of impurities, so that it is nearly pure methane, and injected into the natural gas pipeline system in the USA. According to the EPA, landfill gas presents a major opportunity to capture and use a significant and often-wasted energy resource.1
The majority of hydrogen in the USA is produced utilizing Steam Methane Reformer (SMR) technology and natural gas as its primary feedstock with limited carbon capture (Grey Hydrogen)2. Green Hydrogen is produced using electrolysis3, which requires significantly higher amounts of electricity which is expensive in many regions4. PowerTap’s patented modular, onsite SMR production and dispensing system, which improves upon previous generations of hydrogen technology via advanced carbon capture and the use of RNG as the key feedstock, produces Blue Hydrogen.
PowerTap will be commercializing its Blue Hydrogen fueling solutions co-located on existing gas stations where natural gas and RNG are delivered in key markets starting in the Western USA where Green Hydrogen is not economically viable or physically possible due to the lack of sufficient renewable energy sources to produce electricity. “We look forward to being at the forefront of developing the Hydrogen Highway by providing a greener solution using renewable natural gas to support the refueling of vehicles and fleets across the U.S.,” said Kelley Owen, PowerTap’s Chief Operating Officer.
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 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. 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.
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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.
3 The Wall Street Journal, The Journal Report – Technology, Page R10, October 23, 2020 (https://powertapfuels.com/pdf/WSJ_Hydrogen_Overview_Oct_2020.pdf)
4 The Wall Street Journal, “Hydrogen Has A Long Way To Go To Be Green,” October 9, 2020 (https://powertapfuels.com/pdf/WSJ_Hydrogen_Dirty_Secret_oct_2020.pdf)
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