Clean Power has transitioned to a single purpose company from an investment issuer, redeploying its assets and resources to be a single purpose hydrogen technology company.
Clean Power will reorganize its operating assets, non-hydrogen investments, and other resources in order to focus on the design, construction, installation, and operation of hydrogen dispensing units for hydrogen-fueled automobiles. The company will file a significant change report in conjunction with the transition as soon as possible.
The company has been constructing its hydrogen fueling station network in stages through its wholly-owned subsidiary, PowerTap Hydrogen Fueling, including engineering and design, continuous development of PowerTap 3.0, and permitting and site preparation.
“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.”Raghu Kilambi, the CEO of Clean Power.