VANCOUVER, British Columbia and IRVINE, Calif., May 27, 2021 (GLOBE NEWSWIRE) – Clean Power Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). Clean Power is pleased to announce that PowerTap Hydrogen Fueling Corp. will be featured as Main Sponsor of Entry # 17 Indy Lights driven by Devlin DeFrancesco, until December 31, 2023 (the “Term”). Through its wholly owned subsidiary, PowerTap Hydrogen, Clean Power is focusing on PowerTap intellectual property to develop a cost effective infrastructure for integrating hydrogen into everyday life. The partnership with Andretti Steinbrenner Autosport marks the company’s first venture in the motorsport industry.
“We are delighted to welcome PowerTap Hydrogen to the Andretti-Steinbrenner partner ecosphere,” said George Michael Steinbrenner IV, owner of Steinbrenner Racing. “The partnership will be new to the circuit, which will represent an extension of the existing relationship with PowerTap in the business sector for myself and the Andretti family. The addition of another innovative company in the green energy and sustainability sector also offers unique opportunities for our team. and among other sponsors / partner companies that can lead to interesting ideas and integrations. “
“It’s great to have PowerTap Hydrogen on the team represented on Devlin DeFrancesco’s Indy Lights car,” said Michael Andretti, Chairman and CEO of Andretti Autosport. “As there is a goal in the paddock to achieve a carbon neutral environment as well as in the whole world, we believe that PowerTap Hydrogen’s experience with their proprietary technology is a step to begin to achieve this goal.”
“Hydrogen-powered vehicles will be introduced in many verticals in the coming years, including auto racing,” said Raghu Kilambi, CEO of PowerTap Hydrogen Fueling Corp. and Clean Power Capital Corp. “Our unique PowerTap on-site hydrogen refueling technology can refuel vehicles of all types, a top sponsorship from Devlin DeFrancesco and the team at Andretti Steinbrenner makes sense as we launch PowerTap as a leading brand. in the field of hydrogen supply.
In addition to PowerTap Hydrogen’s primary sponsorship in the Indy Lights program for DeFrancesco, Andretti and Steinbrenner IV are both founding partners of the PowerTap Hydrogen Advisory Board, providing motorsport industry expertise to help drive adoption. hydrogen in everyday vehicles.
DeFrancesco joined the Andretti Steinbrenner Autosport team in 2020 competing in the Indy Pro 2000 series. The Italian-Canadian rider finished second in the Indy Pro 2000 championship after recording two wins, three pole positions and six podiums. After an impressive 2000 Indy Pro rookie campaign, DeFrancesco will make the leap to the Indy Lights field in 2021. DeFrancesco will make his track debut in 2021 in the No.17 machine at the season opener Indy Lights Presented by Cooper Tires April 17 at Barber Motorsports Park.
In return for being the featured main sponsor of entry # 17 Indy Lights driven by Devlin DeFrancesco, Clean Power agreed to pay a sponsorship fee equivalent to US $ 2 million per year during the three (3) period. years (the “sponsorship fees”)). Payment of the sponsorship fee is payable in common shares of the capital of the Company (the “Matching Shares”). The number of counterpart shares to be issued in respect of the sponsorship fee for each year will be equal to US $ 2 million divided by the greater of the following amounts: (i) the closing 10-day VWAP of the common shares of the society; and (ii) the closing price of the common shares of the Company on the day before the submission of the share issue to the NEO Exchange for approval. The counterpart shares are subject to a holding period of four (4) months and one (1) day from the date of issue. The sponsorship fees for 2021 will be paid by the issuance of a total of 2,104,348 counterpart shares with an assigned value of C $ 1.15 per counterpart share, and are subject to acceptance by the NEO Exchange. final filing documents.
For more information visit www.AndrettiAutosport.com
ABOUT CLEAN POWER CAPITAL CORP.
Clean Power is an investment firm specializing in opportunistic investing in private and public companies that can be engaged in a variety of industries, with a current focus on the healthcare and renewable energy industries. In particular, the investment mandate is focused on high yield 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 (https://powertapfuels.com/) on October 27, 2020 (see the Company’s press release of October 28, 2020). A copy of Clean Power’s amended and updated investment policy can be found under the company profile at www.sedar.com. Learn more about Clean Power by visiting our website at: https://cleanpower.capital/
Clean Power’s common stock is listed on the NEO stock exchange. Please see the Company Profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
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NEO THE NEO EXCHANGE SERVICE PROVIDER NOR ITS REGULATIONS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.
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 laws.
Specifically, this press release contains forward-looking statements regarding, but not limited to: the successful installation of the PowerTap power units, the availability of the RNG feedstock to produce blue hydrogen, PowerTap becoming eligible for earn HRI credits under the LCFS carbon credit program, secondary market liquidity to sell carbon credits, forecasts, estimates, expectations and targets for future operations. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Clean Power. Some assumptions include, but are not limited to, the development of hydrogen powered vehicles by automakers, market adoption of hydrogen powered vehicles, laws and regulations favoring the use of hydrogen. hydrogen as an alternative energy source, qualification for carbon credits, the company’s ability to develop its network of hydrogen refueling stations, and the company’s ability to raise sufficient funds to finance its business plan. Forward-looking statements are statements which are not historical facts and which are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “believes”. “,” Plans “,” potential “and similar expressions, or that events or conditions” will “,” would “,” could “,” could “or” should “occur or be realized. This press release contains forward-looking statements relating, among other things, to the timing and ability of the Company to make potential investments or acquisitions, if any, and their timing. Forward-looking information is based on current expectations, estimates and projections which involve a number of risks, which could cause actual results to vary and, in certain cases, 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 important factors, expectations and assumptions expressed in these forward-looking statements are reasonable based on the information available to it at the date of these statements, no assurance can be given as to the results, levels of future activity and achievements. and these statements are not guarantees of future performance.
The forward-looking information contained in this press release is expressly qualified by the foregoing warnings and is provided as of the date of this press release. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unforeseen events, whether as a result of new information, future events or results, or otherwise.