VANCOUVER, British Columbia and IRVINE, Calif — Clean Power Capital Corp. is pleased to announce that effective June 1, 2021, the Company will transition to a single-purpose company from an investment issuer, redeploying its assets and resources to be a single-purpose hydrogen technology company.
In connection with becoming a single-purpose company, Clean Power will reorganize its operating assets, non-hydrogen investments, and other resources to focus on the design, build, installation, and operation of hydrogen dispensing units for hydrogen-fueled vehicles. A material change report in connection with the transition will be filed by the Company forthwith. Financial results will be reported on a consolidated basis commencing June 1, 2021.
Through its wholly-owned subsidiary, PowerTap Hydrogen Fueling Corp., the Company 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 previous news releases.
Raghu Kilambi, the CEO of Clean Power, stated “We are excited to transition to becoming a single purpose company to focus solely on the hydrogen fueling technology business. This transition signals to the market that we are fully committed to growing our business to become one of the leaders in the hydrogen fueling industry. With our focus being directly targeted to the development of our PowerTap 3.0 hydrogen dispensing units and the subsequent roll-out at gas stations and truck stops, we look forward to sharing our advancements to the market as milestones are achieved.”
Source: Clean Power