PowerTap Hydrogen Fueling Corp., a provider of on-site hydrogen fueling stations, has entered into a non-binding letter of intent with Cleantech Power Corp. to explore collaborative energy project development.
Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low-carbon-intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use best commercial efforts to negotiate a definitive agreement within 180 days, setting out the terms and conditions of the collaboration.
Under the LOI, the companies intend to assess project opportunities on a case-by-case basis, with the possibility of entering into a collaboration through the formation of a special purpose entity, or pursuing other non-exclusive arrangements outlined in a definitive agreement. The collaboration seeks to enhance both companies’ value propositions with customers by combining PowerTap’s hydrogen fueling technology with Cleantech Power’s fuel cells and power development projects.
“The collaboration between Cleantech Power Corp. and PowerTap Hydrogen Fueling Corp. represents a significant step towards accelerating the development of clean hydrogen infrastructure in North America,” says Frank Carnevale, CEO of Cleantech Power.
“We are excited about the opportunity to integrate Cleantech Power Corp.’s assets into our product stack,” adds Salim Rahemtulla, CEO of PowerTap Hydrogen Fueling Corp. “This collaboration will enable us to deliver affordable renewable energy in the form of hydrogen and power at our various projects, furthering our commitment to sustainable energy solutions.”