VANCOUVER, British Columbia, Feb. 05, 2021 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”) is pleased to announce that it has increased its investment in PowerTap Hydrogen Fueling Corp. (“PowerTap”) by acquiring an additional 4.5% equity interest in PowerTap. As previously announced, the Company initially invested in PowerTap on October 27, 2020 by acquiring a 90% equity interest. With the latest investment, Clean Power has increased its equity interest in PowerTap to 94.5%.
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 already 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.
Since Clean Power’s intial investment, PowerTap 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 past news releases. Most recently, PowerTap signed a definitive agreement with Humboldt Petroleum, Inc., Peninsula Petroleum, LLC, and Colvin Oil I LLC (dba GP Energy), collectively referred to as “the Andretti Group” to locate PowerTap’s hydrogen station technology at select Andretti Group properties. Under the terms of definitive agreement, the Andretti Group will further help market PowerTap’s technology to third-party chain retailers, major oil companies and independent stations through the Andrettis’ deep network of automotive industry connections. See the Company’s news release dated January 26, 2021 for further details on the definitive agreement with the Andretti Group.
Clean Power’s investments in PowerTap aligns well with the energy industry focusing on transitioning more into hydrogen-based energy as demonstrated by the USA President Biden’s most recent executive orders to drive the USA to a clean energy future by achieving a carbon pollution-free power sector by 2035 and putting the USA on an irreversible path to a net-zero economy by 20501; and Canada’s recently announced hydrogen strategy, which sets sets an ambitious framework to cement hydrogen as a key part of Canada’s path to net-zero carbon emissions by 20502.
Taking advantage of the energy industry’s momentum towards investments in the development of hydrogen-based technology and the anticipated increase in demand for hydrogen-based fuel, the investment in PowerTap takes advantage of favourable market conditions and is aligned with the Company’s investment policy, which was previously amended and restated to include the renewable energy sector as an area of focus for the Company. The amended and restated investment policy is available for review on the Company’s website at https://cleanpower.capital/ and will be tabled for ratification at the Company’s next annual general meeting of shareholders on March 15, 2021.
After the initial investment to acquire 90% of PowerTap, the Company completed this follow-on investment to increase Clean Power’s investment in PowerTap to 94.5%. The consideration paid to the vendors for the additional 4.5% of PowerTap consisted of an aggregate of 18,000,000 common shares in the capital of the Company (the “Consideration Shares”) at a deemed value of $2.72 per Consideration Share. The vendors are arm’s-length to one another and none of whom, individually holds 10% or more of the issued and outstanding shares of the Company on a non-diluted basis. The issuance of the Consideration Shares relied on the accredited investor exemption under Section 2.3 of National Instrument 45-106 – Prospectus Exemptions and therefore the Consideration Shares are subject to a four month and one day hold period.
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
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
