Clean Power Announces Transition to be a single purpose hydrogen technology company.
Clean Power Capital Corp. (NEO: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). Clean Power announced that effective 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.
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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.
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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.
Clean Power Announces Transition to Single Purpose Business, VANCOUVER, British Columbia and IRVINE, Calif., June 01, 2021
