PowerTap, An Investee Company Of Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF), Sets Sights on Developing Hydrogen Fuel Market
Clean Power Capital Corp. (formerly known as Organic Flower Investments Group Inc.) has built a successful holding company model with 10 investments in a variety of sectors, and its most recent investment is focused on the developing hydrogen fuel marketplace
- The state of California, which boasts the world’s fifth-largest economy, is emerging as a hydrogen fuel booster amid global concerns about climate change
- PowerTap Hydrogen Fueling Corp., an investee company of Clean Power, aims to begin building a 500-station fueling network across the state during the next year before advancing into other parts of the country
- Researchers at McKinsey & Company are forecasting that the hydrogen economy could generate $140 billion in annual revenue by 2030 and support 700,000 jobs (https://nnw.fm/squiY).
While President Donald Trump’s administration has attempted to move the United States away from global climate change science efforts to boost alternatives to the petroleum fuel standard, the apparent victory of President-elect Joseph Biden (which, in a contested election, will be settled between Dec. 14 and Jan. 6 as electors’ votes are counted (https://nnw.fm/kaZfo) signals a new impetus by the nation to advance renewable fuels’ potential.
Biden’s acknowledgment in a presidential debate that he intends to promote alternative fuels drew pleased criticism from Trump, who expected states with significant petroleum-based economies to reject the candidate (https://nnw.fm/FjteY). But one of those states — Pennsylvania — provided what appears to be the decisive returns in Biden’s favor (https://nnw.fm/jHdu
Independent of the national stance on climate change, the state of California, which has an economy larger than all but four countries worldwide (https://nnw.fm/An5EI), continues to develop its own interests in renewable-energy fuels, emerging as a potential driver of clean-energy hydrogen-based systems for automobiles. Investment holding company Clean Power Capital (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) sees the developing marketplace as ripe with potential, as evidenced by recent efforts to invest in and provide early-stage financing to businesses aligned with California’s hydrogen fuel market.
Clean Power Capital (known prior to November as Organic Flower Investments Group Inc.) currently has 10 investments in a variety of sectors and successfully held nearly C$120 million in investments during the past fiscal year as it turned its attention to an equity investment in PowerTap Hydrogen Fueling Corp. that granted it a 90 percent equity interest (https://nnw.fm/L0Uri).
PowerTap Hydrogen Fueling is a technology-developing business determined to build a network of hydrogen fuel stations across California and eventually across the country in a phased development approach, utilizing the company’s onsite steam methane reforming (“SMR”) hydrogen production and dispensing modular units, which have the potential to establish an environmentally cleaner hydrogen fueling process than technologies dependent on a significant amount of electricity to produce hydrogen, and to be more cost effective than offsite-produced hydrogen.
PowerTap is aiming for an initial launch of 500 fueling stations in California, co-located at existing gas stations and truck stops and dependent on the necessary agreements for their technology installation. At each stage of development, PowerTap plans to help fund its project through available government financing and credits, in addition to equity, debt and convertible debt offerings.
The company expects its planned fueling station network building to begin in the final weeks of this month with initial manufacturing to begin in the first quarter of next year and production to continue throughout the year.
From San Diego to San Francisco, hydrogen fueling stations are increasing in number and growing in size as California sets ambitious goals to phase out vehicles that run on fossil fuels and replace them with autos that powered by batteries and hydrogen. The state is providing significant financial incentives to help the fuel alternative develop.
“In past cycles, there was always something missing,” Matthew Blieske, Royal Dutch Shell’s global hydrogen product manager, told the New York Times recently (https://nnw.fm/MVMlA). “There was a policy missing, or the technology wasn’t quite ready, or people were not so serious about decarbonization. We don’t see those barriers anymore.”
A recent study by business and economics researchers at McKinsey & Company estimated that the hydrogen economy could generate $140 billion in annual revenue by 2030 and support 700,000 jobs, and that hydrogen could meet 14 percent of total American energy demand by 2050, according to the report (https://nnw.fm/squiY).
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://nnw.fm/MOTNF
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