VANCOUVER, British Columbia and Irvine, California, May 27, 2021 – 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 the primary sponsor on the No. 17 Indy Lights entry piloted by Devlin DeFrancesco, until December 31, 2023 (the “Term”). Through its wholly-owned subsidiary, PowerTap Hydrogen, Clean Power is focused on the PowerTap intellectual property to develop cost-effective infrastructure for incorporating hydrogen fueling into daily life. The partnership with Andretti Steinbrenner Autosport marks the company’s first venture within the motorsports industry.
“We are excited to welcome PowerTap Hydrogen to the Andretti-Steinbrenner partner ecosphere,” said George Michael Steinbrenner IV, owner, Steinbrenner Racing. “The partnership will be a new one on the racetrack, representing an extension of existing relationships with PowerTap in the business sector for myself and the Andretti family. Adding another innovative company within the green energy and sustainability sector also brings unique opportunities both for our team and among fellow sponsor/partner companies that can lead to cool ideas and integrations.”
“It is great to have PowerTap Hydrogen within the team represented on Devlin DeFrancesco’s Indy Lights car,” said Michael Andretti, Chairman and CEO, Andretti Autosport. “As there is a goal within the paddock to achieve a carbon neutral environment as well as across the world, we believe PowerTap Hydrogen’s experience with their proprietary technology is a step to begin achieving that goal.”
“Hydrogen vehicles will be introduced into many verticals in the coming years including auto racing,” noted Raghu Kilambi, CEO, PowerTap Hydrogen Fueling Corp. and Clean Power Capital Corp. “As our unique onsite PowerTap hydrogen fueling technology can refuel vehicles of all types, a prominent sponsorship of Devlin DeFrancesco and the Andretti Steinbrenner team makes sense as we launch PowerTap as a leading hydrogen fueling brand.”
Along with the PowerTap Hydrogen’s primary sponsorship in the Indy Lights program for DeFrancesco, Andretti and Steinbrenner IV are both founding partners on the PowerTap Hydrogen Advisory Board, providing expertise from the motorsports industry to assist in adopting hydrogen fuel in everyday vehicles.
DeFrancesco joined the Andretti Steinbrenner Autosport stable in 2020 competing in the Indy Pro 2000 series. The Italian-Canadian driver finished second in the Indy Pro 2000 championship after collecting two wins, three pole positions and six podiums. Following an impressive rookie campaign in Indy Pro 2000, DeFrancesco will make the step up to the Indy Lights field in 2021. DeFrancesco will make his 2021 on-track debut in the No. 17 machine at the Indy Lights Presented by Cooper Tires season opener on April 17 at Barber Motorsports Park.
As consideration for being the featured primary sponsor on the No. 17 Indy Lights entry piloted by Devlin DeFrancesco, Clean Power agreed to pay a sponsorship fee equal to US $2 million per year during the three (3) year Term (the “Sponsorship Fee”). The payment of the Sponsorship Fee is payable in common shares in the capital of the Company (the “Consideration Shares”). The number of Consideration Shares to be issued in respect to the Sponsorship Fee for each year shall be equal to US $2 million divided by the higher of: (i) the 10-day closing VWAP of the common shares of the Company; and (ii) the closing price of the common shares of the Company the day prior to the submission of the share issuance to the NEO Exchange for approval. The Consideration Shares are subject to a four (4) month and one (1) day hold period from the date of issuance. The Sponsorship Fee for 2021 will be paid by the issuance of an aggregate of 2,104,348 Consideration Shares at an attributed value of CDN $1.15 per Consideration Share, and is subject to the NEO Exchange’s acceptance of the final filing documents.
For more information, visit www.AndrettiAutosport.com
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 (https://powertapfuels.com/) 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 NEO Exchange. Please visit the company’s profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth.
Dave Brown AMW PR
c: (917) 543-1050
Tyler Troup, Circadian Group IR
Clean Power Contact:
+1 (604) 687-2038
NEITHER THE NEO EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 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.