Clean Power announced that PowerTap Hydrogen Fueling Corp. will serve as the main sponsor of Devlin DeFrancesco’s No. 17 Indy Lights car until December 31, 2023.
Clean Power is concentrating its efforts on the PowerTap intellectual property in order to develop cost-effective infrastructure for integrating hydrogen fueling into daily life through its wholly-owned subsidiary, PowerTap Hydrogen. The company’s cooperation with Andretti Steinbrenner Autosport is its first foray into the motorsports business.
“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 principal sponsorship of DeFrancesco by PowerTap Hydrogen in the Indy Lights program, Andretti and Steinbrenner IV are founding members of the PowerTap Hydrogen Advisory Board, which provides experience from the racing industry to aid in the adoption of hydrogen fuel in daily vehicles. DeFrancesco will compete in the Indy Pro 2000 series for Andretti Steinbrenner Autosport in 2020.
The Italian-Canadian driver finished second in the Indy Pro 2000 series with two victories, three pole positions, and six podium finishes. DeFrancesco will make the jump to Indy Lights in 2021 following an excellent first season in Indy Pro 2000. DeFrancesco will make his on-track debut at the Indy Lights in 2021 with the No. 17 vehicle. Barber Motorsports Park will host the season-opening Presented by Cooper Tires race on April 17.
Clean Power committed to pay a sponsorship cost of US $2 million a year over the three (3) year Term in exchange for being the featured principal sponsor on the No. 17 Indy Lights entry piloted by Devlin DeFrancesco (the “Sponsorship Fee”). The Sponsorship Fee is payable in common shares of the Company’s capital (the “Consideration Shares”). Each year, the number of Consideration Shares to be issued in exchange for the Sponsorship Fee shall be equal to US $2 million divided by the higher of I the 10-day closing VWAP of the Company’s common shares; or (ii) the closing price of the Company’s common shares on the day previous to the share issuance being submitted to the NEO Exchange for approval. From the date of issuance, the Consideration Shares are subject to a four (4) month and one (1) day hold period. The Sponsorship Fee for 2021 will be paid by the issuing of an aggregate of 2,104,348 Consideration Shares at an ascribed value of CDN $1.15 per Consideration Share, and is subject to the acceptance of the final filing documents by the NEO Exchange.
