TORONTO, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (“AFCP” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to update investors on the development of its low-cost fuel cell technology, including a conceptual image of its recently announced 10 kW fuel cell generator, timing for deployment of six fuel cell units for pilot projects globally, and update of the Company’s webpage and investor presentation. www.fuelcellpower.com
"AFCP is looking forward to deploying its four additional CE-certified low-cost fuel cell generator prototype units in 2024 and 2025, on top of the two 4kW combined heat and power ("CHP") prototypes that were already scheduled for the end of 2023," commented Frank Carnevale, Chief Executive Officer. "Since our technology does not require precious metals, costs are substantially lower relative to other fuel cells in the market, and is driving excitement within AFCP about bringing our line of fuel cells to market more quickly."
Accelerating AFCP’s Revenue Opportunity with Expandable 10 kW Fuel Cell Generator
As announced on August 10, 2022, AFCP is developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets, commencing with a 4kW generator, followed by a 10kW generator. The fuel cells are expected to be integrated into larger configurations of 10kW fuel cell stacks, which range in generator size from 10kW up to 100kW.
Figure 1 – 10kW fuel cell generator conceptual image https://www.globenewswire.com/NewsRoom/AttachmentNg/32f0e46e-11e7-44b2-a74a-db87da9af5b8
Updated Timeline for CE-Certified Prototype Units
The Company is developing two prototype units for each configuration (4kW CHP, 4kW genset and 10kW genset) with the objective of ensuring a wider range of applications will be in the pilot phase to demonstrate the versatility and robust nature of the Company’s alkaline fuel cell technology. All prototypes will already have complete CE-certification, a regulatory standard that verifies certain products are safe for sale and use in the European Economic Area (EEA), which will allow the Company to rapidly enter the market after its successful pilot implementation.
AFCP is expecting to build a total of six fully CE-certified prototype units in phases commencing with the following:
2 x 4 kW fuel cell CHP units in Q3, 2023;
2 x 4 kW fuel cell generators in Q2, 2024; and
2 x 10 kW fuel cell generators in Q2, 2025.
These upcoming prototype catalysts are complemented by the Company’s PWWR Flow Stream business line, which features near-term revenue potential, including through the recently announced $2.2 million combined heat and power (“CHP”) capital project for a condominium in mid-town Toronto, Canada expected to generate $16 million in revenue over the life of the service agreement.
Building upon the success AFCP has realized to date with our active CHP operations and the ongoing development of our Micro-CHP units, the Company has been actively identifying and nurturing agreements to deploy these fuel cell generator prototype units in pilot projects across Europe and North America. AFCP is engaged in ongoing discussions for pilots with municipalities, natural gas distribution companies, electric utilities, hydrogen separator companies, and generator integrators.
The Company is also actively involved in several hydrogen associations, such as Hydrogen Europe, Waters of Net, North American Hydrogen Council, and Canadian Hydrogen and Fuel Cell Association, which are instrumental at profiling and promoting the broader industry to governments, capital providers and the general public.
AFCP expects to provide further announcements as developments unfold through Q3 and Q4 2022.
Outlook to Sales and Revenue
With this update, AFCP is pleased to build on its news release dated June 20, 2022, in which the Company provided an outlook for the balance of 2022 and over the longer-term. As outlined above, AFCP is on track to have two 4kW fuel cell CHP units ready by the end of the year which are expected to receive the CE-Certification in the six months following. In addition to this certification, AFCP will also continue working on advancing its pilot programs and increasing the speed with which its fuel cells will be broadly available for sale to individuals seeking a low-cost alternative for heat and power that is accessible behind the meter.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People’ today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams (“PWWR Flow”), an AFCP brand in Canada.
Fuel Cell Power NV is focused on the development, production and commercialization of micro- combined heat and power (“micro-CHP”) systems and off-grid and back-up power generators based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
PWWR Flow is focused on the development, ownership and operations of combined heat and power (“CHP”) assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.
AFCP is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at https://www.fuelcellpower.com/, and the Company encourages investors and other interested stakeholders to follow it on:
LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO Exchange (“NEO”) under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “ALKFF” and on the Frankfurt Exchange under symbol “77R” and “WKN A3CTYF”.
For further information, please contact: Frank Carnevale Chief Executive Officer +1 (647) 531-8264 fcarnevale@fuelcellpower.com
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements may include, but are not limited to, statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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