19:06:35 EDT Fri 26 Apr 2024
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or Name
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Clean Power Capital Corp
Symbol MOVE
Shares Issued 282,887,793
Close 2021-04-15 C$ 1.42
Market Cap C$ 401,700,666
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Clean Power to acquire 5% of FusionOne for $500K (U.S.)

2021-04-15 18:53 ET - News Release

Mr. Raghu Kilambi reports

CLEAN POWER CAPITAL ANNOUNCES INVESTMENT IN FUSION ONE WASTE TO ELECTRICITY AND HYDROGEN TECHNOLOGY

Clean Power Capital Corp. has entered into a definitive agreement to make an investment in FusionOne Energy Corp., a producer of technologies primarily for the conversion of plastic waste to hydrogen and clean electricity.

One of the principals of FusionOne has developed proprietary, patented pending technologies for the thermal processing of plastics and other carbon matter into clean white hydrogen and electricity. This gives the opportunity to recognize the breadth of technologies central to company's investment philosophy. The cutting-edge solution integrates an internally developed, market-leading efficiency, continuous cycle reactor, a proprietary secondary heating system and a synthesis gas separation system to optimize the volume of synthesis gas (syngas) available for hydrogen recovery. The inventor of the proprietary technologies has submitted patent applications for the technologies with the U.S. Patent and Trademark Office (USPTO). Upon the patent applications being approved by the USPTO, the inventor will assign one of the patents to FusionOne and will license the other patent to FusionOne. The company's proof of concept benchmarked the system's capabilities, its ability to process multiple waste stream feedstock and the quality of subsequent outputs. Clean Power will be acquiring an approximate 5-per-cent ownership of FusionOne for an initial $500,000 (U.S.) investment. Clean Power will also receive one-year warrants to acquire an additional 3,333,333 common shares for an additional $1-million (U.S.) investment. The value of the investment in FusionOne was negotiated at arm's length, and was determined through a due diligence review of FusionOne's technology and a review of comparable technologies and companies in the market.

Clean Power will support FusionOne's efforts to commercialize its HydroPlas reactor, the first integrated technology thermal solution to create white hydrogen from plastic waste, as well as other carbon-based waste, and will deploy on two sites in North America starting in the first half of 2021, with delivery expected on both by the first half of 2022, and a third site in the United Kingdom will be announced in first quarter of 2023 with subsequent U.S. and U.K. deployments to follow. FusionOne technology allows for the production of hydrogen at a low cost with tipping fees received on the multiple, abundantly available waste streams used to generate electricity and hydrogen. This investment in FusionOne aligns with the company's investment policy. In connection with Clean Power's strategic investment, Raghu Kilambi will be appointed as a strategic adviser to FusionOne.

FusionOne has built a pilot plant, which has been both internally and externally validated on a number of carbon-based waste feedstocks with a specific focus on plastic polymers. However, as an early-stage company, FusionOne does not have a history of operating the proposed plant on a commercial scale and, therefore, has a limited history upon which the efficiency of its technology may be assessed at such scale. The FusionOne system is a new technology in the nascent hydrogen fuel industry, and therefore the success of the application of the FusionOne technology on a commercial level will depend on, among other factors, the general pace of development of the hydrogen fuelling industry, the evolving regulatory environment and the availability of further financing. The success of FusionOne is also dependent on the USPTO granting patents to the technologies that are currently at the application stage.

The company is also announcing that it has retained Media Nation Corp., an arm's-length party to the company, based in Toronto, Ont., to provide marketing services focused on a worldwide basis. Media Nation is a digital on-line solution and advertising firm. Under the agreement, which commences on the date hereof, the service provider is to provide content creation, distribution and advertising services in the agreed-upon jurisdictions. The company agrees to pay the service provider up to $250,000 over a three-month period.

All content created by the service provider on behalf of the company and its investments will be reviewed and vetted in accordance with the company's enhanced review procedures before distribution.

About FusionOne Energy Corp.

FusionOne is a privately owned end-to-end technology and operations company, specializing in renewable electricity, white hydrogen production and thermal processing technologies. Deployment of its commercial system will result in thousands of tons of waste being diverted to a clean and profitable energy stream. FusionOne's team brings decades of experience in emerging technologies and research and development of the most advanced solutions to the energy sector.

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 on the health and renewable energy industries. In particular, the investment mandate is focused on high-return investment opportunities, and the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in its investments. A copy of Clean Power's amended and restated investment policy may be found under the company's profile at SEDAR.

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