Clean Power Capital Corp. has announced that PowerTap Hydrogen Fueling, its investee company, has executed a definitive agreement with Humboldt Petroleum, Inc., Peninsula Petroleum, LLC, and Colvin Oil I LLC (collectively, the Andretti Group) to install PowerTap’s innovative modular hydrogen fuelling stations starting in the State of California in 2021.
The Andretti Group has over 100 company-owned and operated facilities in the United States with 39 in California. In the industry, there are approximately 111,000 conventional/petrol gas stations in the United States, of which over 11,000 are in California. Under the terms of the Definitive Agreement, PowerTap will install its 1,250-kilogram hydrogen production and dispensing fuelling stations at certain Andretti Group properties located in California. As part of the Definitive Agreement, the Andretti Group will exclusively introduce and distribute PowerTap to the Andretti Group’s deep network of major oil companies, chain retailers, cardlock operators, and independent fueling stations and provide certain services to PowerTap consisting of tactical and strategic planning, network development, real estate support, project management, account management, and various “run and maintain” support work in connection with the fuelling stations. This affiliate relationship will enable PowerTap to quickly operationalise and accelerate deployment of its unique patented technology, as well as a very compelling retailer “revenue share” model.
“We are delighted to partner with the incredible team at the Andretti Group to bring our innovative and cost-effective hydrogen fuel technology to their gas stations locations, starting in California. We are also confident that the Andretti Group will be a strong exclusive distribution partner as we build out our 500+ station network across the USA. We are honoured to partner with the legendary auto racing father and son duo of Mario and Michael Andretti along with their talented team,” says Raghu Kilambi, CEO of PowerTap.
PowerTap believes that a lack of hydrogen fuelling station locations in the United States (currently under 100 public hydrogen stations in operation in the US with 41 of those in California) is the primary impediment to rapid adoption of hydrogen and presents an enormous opportunity in the clean energy industry for vehicles including long haul Class 8 trucks and cars. Hydrogen currently supplies less than 5% of the world’s energy, but according to a recent report in the Wall Street Journal, this could reach nearly 25% of global energy consumption by 2050 and generate more than USD 2.5 trillion in direct revenue annually in that time.
Andretti Group Chairman Mario Andretti and partner/son Michael Andretti comments, “Given our long family lineage around the automobile, we are thrilled to be on the vanguard of new transportation technology – especially in this very exciting and promising area of Hydrogen Fuel Cells. We are always energised at being first in the application of innovative technologies. We relish the prospect of leading America’s move to cleaner and more efficient energy.”
Andretti Group Managing Member and CEO, MJ Castelo, also notes, “Our team is delighted to bring our fuel delivery experience and exceptional industry sector passion to the PowerTap initiative. We are certain to add value facilitating hydrogen fuelling to our industry colleagues – and creating a new customer value proposition, as well as a robust new profit centre for operators.”