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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Washington, D.C. 20549</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FORM 8-K</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CURRENT REPORT</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Date of Report (Date of earliest event reported): <B>&nbsp;September 11, 2006 [June 19, 2007]</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CLEAN POWER TECHNOLOGIES INC.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact name of registrant as specified in its charter)</P>
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<TABLE cellspacing=0><TR><TD valign=top width=192><P style="margin:0pt; line-height:7.2pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Nevada</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State or other jurisdiction</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>of incorporation)</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=150><P style="margin:0pt; line-height:7.2pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>000-51716</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Commission</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>File Number)</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=186><P style="margin:0pt; line-height:7.2pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>98-0413062</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(IRS Employer</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Identifica&shy;tion No.)</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>436-35<SUP>th</SUP> Avenue N.W., Calgary, Alberta, Canada T2K 0C1</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(403) 277-2944</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Registrant&#146;s telephone number, including area code</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Not applicable</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(Former name or former address, if changed since last report)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):<BR>
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<P style="margin:0pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#168;<FONT FACE="Courier"> </FONT><FONT FACE="Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>
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<P style="margin:0pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#168;<FONT FACE="Courier"> </FONT><FONT FACE="Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
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<P style="margin:0pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#168;<FONT FACE="Courier"> </FONT><FONT FACE="Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
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<P style="margin:0pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings; font-size:11pt">&#168;<FONT FACE="Courier"> </FONT><FONT FACE="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P style="page-break-before:always; margin:0pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt; border-bottom:0.5pt solid #000000" align=justify><B>Item 1.01. &nbsp;&nbsp;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On June 13, 2007, Clean Power Technologies Inc. (&#147;Clean Power&#148; or the &#147;Company&#148;) issued a total of 4,000,000 shares of restricted Common Stock to Doosan Babcock Energy Ltd. (&#147;Doosan&#148;) pursuant to the terms and conditions of a subscription agreement, received May 21, 2007 (the &#147;Subscription Agreement&#148;). The Subscription Agreement was executed pursuant to the terms and conditions of that Collaboration Agreement entered into between the parties on October 11, 2006.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to the Collaboration Agreement, Doosan and the Company agreed to collaborate to develop steam accumulator technology for use in the Company&#146;s hybrid technologies over a period of thirty-six months. &nbsp;Doosan is to provide all that is necessary or as reasonably requested by the Company, including scientists, engineers, experts and other personnel, facilities, equipment and materials. &nbsp;Doosan will fund up to $400,000 towards the development costs of the accumulator technology and the Company agreed to issue to Doosan a total of 4,000,000 shares at a deemed price of $0.10 per share within five business days of Doosan delivering to the Company a subscription agreement. </P>
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<P style="margin:0pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt; border-bottom:0.5pt solid #000000"><B>Item 3.02 &nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">See Item 1.01 above.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>These securities were sold without registration under the Securities Act of 1933, in reliance on Section 4(2) of the 1933 Act and the provisions of Regulation S. &nbsp;There were no underwriting discounts or commissions paid in connection with the sale of these securities.</P>
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<P style="margin:0pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt; border-bottom:0.5pt solid #000000"><B>Item 9.01 &nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>(d) Exhibits</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Copies of the following documents are included as exhibits to this current report pursuant to Item 601 of Regulation&nbsp;S-B:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=120><P style="margin-top:5.5pt; margin-bottom:2.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit<BR>
Number</B></P>
</TD><TD valign=top width=330><P style="margin-top:5.5pt; margin-bottom:2.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Description</B></P>
</TD><TD valign=top width=186>&nbsp;</TD></TR>
<TR><TD valign=top width=120><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10.1</P>
</TD><TD valign=top width=330><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Collaboration Agreement between Mitsui Babcock Energy Limited and Clean Power Technologies Inc. dated October 11, 2006.</P>
</TD><TD valign=top width=186><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Filed with the SEC on October 18, 2006.</P>
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<TR><TD valign=top width=120><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10.2</P>
</TD><TD valign=top width=330><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Executed Private Placement Subscription Agreement.</P>
</TD><TD valign=top width=186><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Filed herewith.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>2</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
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<TABLE cellspacing=0><TR><TD valign=top width=343.2>&nbsp;</TD><TD valign=top width=294><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>CLEAN POWER TECHNOLOGIES INC.</B></P>
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<TR><TD valign=top width=343.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">June 19, 2007</P>
</TD><TD valign=top width=294><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By: <U>/s/ Abdul Mitha</U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abdul Mitha </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</P>
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<TR><TD valign=top width=343.2>&nbsp;</TD><TD valign=top width=294>&nbsp;</TD></TR>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 11, 2006 [June 19, 2007]
CLEAN POWER TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction
of incorporation)
000-51716
(Commission
File Number)
98-0413062
(IRS Employer
Identifica­tion No.)
436-35
th
Avenue N.W., Calgary, Alberta, Canada T2K 0C1
(Address of principal executive offices)               (Zip Code)
(403) 277-2944
Registrant's telephone number, including area code
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.   ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 13, 2007, Clean Power Technologies Inc. ("Clean Power" or the "Company") issued a total of 4,000,000 shares of restricted Common Stock to Doosan Babcock Energy Ltd. ("Doosan") pursuant to the terms and conditions of a subscription agreement, received May 21, 2007 (the "Subscription Agreement"). The Subscription Agreement was executed pursuant to the terms and conditions of that Collaboration Agreement entered into between the parties on October 11, 2006.
Pursuant to the Collaboration Agreement, Doosan and the Company agreed to collaborate to develop steam accumulator technology for use in the Company's hybrid technologies over a period of thirty-six months.  Doosan is to provide all that is necessary or as reasonably requested by the Company, including scientists, engineers, experts and other personnel, facilities, equipment and materials.  Doosan will fund up to $400,000 towards the development costs of the accumulator technology and the Company agreed to issue to Doosan a total of 4,000,000 shares at a deemed price of $0.10 per share within five business days of Doosan delivering to the Company a subscription agreement.
Item 3.02   UNREGISTERED SALES OF EQUITY SECURITIES
See Item 1.01 above.
These securities were sold without registration under the Securities Act of 1933, in reliance on Section 4(2) of the 1933 Act and the provisions of Regulation S.  There were no underwriting discounts or commissions paid in connection with the sale of these securities.
Item 9.01   FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Copies of the following documents are included as exhibits to this current report pursuant to Item 601 of Regulation S-B:
Exhibit
Number
Description
10.1
Collaboration Agreement between Mitsui Babcock Energy Limited and Clean Power Technologies Inc. dated October 11, 2006.
Filed with the SEC on October 18, 2006.
10.2
Executed Private Placement Subscription Agreement.
Filed herewith.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CLEAN POWER TECHNOLOGIES INC.
June 19, 2007
By:
/s/ Abdul Mitha
Abdul Mitha
Chief Executive Officer
3