- Canada’s Clean Power Capital Corp., a holding company focused on investing in the renewable energy sector, recently increased its equity interest in California’s PowerTap Hydrogen Fueling Corp. from 90 percent to 94.5 percent
- PowerTap inked an agreement last month with the companies collectively comprising the Andretti Group, operated by auto racing legends Mario and Michael Andretti to situate and market PowerTap’s hydrogen fueling technology
- PowerTap followed up on the agreement by appointing Michael Andretti to the company board
- PowerTap recently announced the strategy behind its business model, focusing on profit motivations for the retail locations where the fueling stations will be located and PowerTap’s opportunities to expand without land lease expenses
- North America is undergoing a renewed interest in renewable energy sources under the administration of new U.S. President Joe Biden and Canada’s Prime Minister Justin Trudeau
PowerTap Hydrogen Fueling Corp., a majority-owned investee interest of investment issuer Clean Power Capital (CSE: MOVE) (FWB: 2K6) (OTC: MOTNF), is stepping up its dedication to clean energy infrastructure through cost-effective hydrogen fuel IP, modular fuel station product design flexibility and a launch plan for building a fueling network across California and into the rest of the nation.
PowerTap recently announced the appointment of auto racing legend Michael Andretti to its board following its January agreement with the businesses collectively known as the Andretti Group to install its 1,250-kilogram hydrogen production and dispensing stations at certain Andretti properties and to further market the stations to Andretti’s deep network of outside oil companies, chain retailers, cardlock operators and independent fueling stations.
The Andretti Group family of companies includes more than 100 retail chain stores focused on fuel, convenience and food operations. It runs or supplies facilities under the Chevron, Texaco, Shell, 76, Circle K, Pacific Pride and CFN brands, among others, throughout California, Oregon and Washington, according to the news release (https://ibn.fm/GI9vP).
PowerTap and the Andretti Group released further details on Feb. 8 regarding their strategic business model for the fueling stations and the ways PowerTap and retailers will benefit from the operation. Key points include using sites where the retailer can provide PowerTap with the necessary land for its modular hydrogen production and dispensing units without the need for lease expense to PowerTap and the retailer generates a profit from fuel sales by traditional methods, while PowerTap installs and maintains the units.
While the retailer is able to benefit from new traffic and find a new use for under-utilized land, PowerTap is able to operate its units without land expenses and is able to offer its customers the amenities inherent in existing fuel retail sites, leveraging the expertise of the Andretti Group’s affiliates.
“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,” Incoming PowerTap President Salim Rahemtulla stated in the company’s announcement (https://ibn.fm/FRjnR).
North America’s renewed commitment to pursue “clean energy” through sources such as hydrogen fuel, as demonstrated by new U.S. President Joe Biden’s executive orders driving the country toward a carbon pollution-free power sector by 2035 (https://ibn.fm/jAXDY), coupled with Canada’s recently announced hydrogen strategy for building a net-zero carbon emissions infrastructure within the next three decades (https://ibn.fm/fZDVN) and Prime Minister Justin Trudeau’s acknowledgement that the two countries are poised to become collaborative partners in the clean energy supply chain (https://ibn.fm/cbl43), are further cause for excitement at PowerTap and Clean Power Capital.
PowerTap’s hydrogen-based technology is already being utilized at some hydrogen stations located at private and public sites in California, Texas, Massachusetts and Maryland. Clean Power announced Feb. 8 that it has increased its investment in PowerTap from a 90 percent equity interest to 94.5 percent as the Andretti agreements continue to build momentum (https://ibn.fm/LFkpy).
Clean Power holds 10 investments in varied sectors but restructured its corporate investment policy last year to focus on renewable energy. The company successfully held nearly $120 million in investments during 2020.The consideration paid for the additional 4.5 percent of PowerTap this year consisted of an aggregate of 18 million common shares in the capital of the company at a value of $2.72 per consideration share. The vendors have an arms-length relationship to each other and none of them individually owns more than 10 percent of the company’s shares on a non-diluted basis.
Clean Power is listed on the Canadian Securities Exchange’s CSE Composite Index (R) and the CSE25 (TM) index, and the company announced in December that it has formed a strategic committee to examine the possibility of listing common shares on the NASDAQ exchange in the United States (https://ibn.fm/2f2Yl).
For more information, visit the company’s website at www.CleanPower.Capital.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://ibn.fm/MOTNF
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