TORONTO, July 06, 2023 (GLOBE NEWSWIRE) -- Cleantech Power Corp. (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: E43, WKN: A3EEHV) (“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into has entered into a non-binding Letter of Intent (“LOI”) with PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND), a leading provider of on-site hydrogen fueling stations, to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use their best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration (a “Potential Transaction”). The Company does not anticipate issuing any securities in connection with a Potential Transaction unless the FTFCTO (as defined below) has been lifted by the British Columbia Securities Commission (the “BCSC”).
Under the LOI, PWWR and PowerTap intend to assess project opportunities on a case-by-case basis, with the possibility of entering into a collaboration through the formation of a special purpose entity, or pursuing other non-exclusive arrangements outlined in a definitive agreement. The collaboration seeks to enhance both companies' value propositions with customers by combining PowerTap's hydrogen fueling technology with PWWR's fuel cells and power development projects.
"The collaboration between Cleantech Power Corp. and PowerTap Hydrogen Fueling Corp. represents a significant step towards accelerating the development of clean hydrogen infrastructure in North America," said Frank Carnevale, CEO of Cleantech Power Corp. "By delivering hydrogen to customers’ sites, we bridge the divide that enables hydrogen to be used on our Combined Heat and Power (“CHP”) systems and other proprietary technology.”
Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp., stated, "We are excited about the opportunity to integrate Cleantech Power Corp.'s assets into our product stack. This collaboration will enable us to deliver affordable renewable energy in the form of hydrogen and power at our various projects, furthering our commitment to sustainable energy solutions."
Corporate Update
As announced on June 2, 2023, the Company is currently subject to a Failure to File Cease Trade Order (the “FTFCTO”). The FTFCTO will remain in effect until the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law, including the annual financial statements for the year ended December 31, 2022 and the related management discussion and analysis, as well as the requisite CFO and CEO certifications (the “Required Documents”). The Company is working with its auditors to complete the Required Documentation.
Further, as announced on April 4, 2023, PWWR is currently working towards securing certain of Fuel Cell assets (the “Fuel Cell Assets”) which are currently under administration by a Belgian bankruptcy trustee.
2023 Priorities
On March 6, 2023, the Company announced 2023 Priorities, and the ability to deliver hydrogen more immediately to potential customers in North America, greatly enhances PWWR’s ability to market long term renewable CHP projects for customers.
PWWR will utilize this opportunity to further enhance funding opportunities with low to no carbon power solutions as well as approaching existing sales prospects with the need for long-term baseload affordable renewable and reliable power.
ABOUT POWERTAP HYDROGEN CAPITAL CORP.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused 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 lack hydrogen fueling infrastructure.
www.PowerTapcapital.com
www.PowerTapfuels.com
CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech. We bring ‘Power to the People’ today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter, Facebook, LinkedIn, Instagram, TikTok and YouTube. Common shares are listed for trading on the NEO under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “PWWRF” and on the Frankfurt Exchange under symbol “E43” and “WKN A3EEHV”.
For further information, please contact:
Frank Carnevale
Chief Executive Officer
+1 (647) 531-8264
fcarnevale@cleantechpower.ca
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements in this news release may include, but are not limited to, the LOI, the Potential Transaction, the FTFCTO and the Fuel Cell Assets and expectations relating therewith and statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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