TORONTO, June 20, 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 highlight our first half 2022 milestones and provide our outlook for the second half of the year and beyond.
“In addition to ongoing success in the development of our alkaline fuel cell technology, AFCP is prudently diversifying into assets offering more immediate revenue potential to support its eventual transition to sales of alkaline fuel cells,” commented Frank Carnevale, Chief Executive Officer. “I’m pleased to announce that AFCP is advancing its acquisitions, investments and scaling of our energy asset business activities over the second half of 2022.”
Highlights for the First Half of 2022
Through the first six months of 2022, the Company successfully announced and achieved the following milestones:
- Acquired AI Renewable’s CHP (combined heat and power) business, originally announced on March 4 and closed on April 22, gaining a pipeline of potential projects including an estimated $50 million of additional CHP systems that can be brought into commercial operation over the next 24-36 months, which has the potential to generate gross revenue up to ~$16.6 million, potential EBITDA up to ~$7.7 million and potential net income up to ~$1.6 million, should all potential CHP systems be brought into commercial operations;
- Listed the Company’s shares on the OTCQB March 28th under the ticker “ALKFF”;
- Appointed new CEO, Frank Carnevale, effective May 10th to drive our global growth in energy transformation;
- Achieved the first key milestone in the development of our hydrogen fuel cell, announced on May 19th, with the successful creation of a functioning, bench test, single stack and system operation at working temperature, which supports AFCP’s drive towards commercializing a 4kW Micro-CHP system;
- Rebranded AI Renewable’s CHP business to PWWR Flow Streams (“PWWR Flow”) and unveiled a complementary new corporate tag line, “PWWR to the People” on June 8th in keeping with the notion of providing power directly to customers on their sites, and aligned with our belief that the energy transition to a zero carbon economy must empower the masses to take control of their energy needs: PWWR to the People; and
- Appointed Carmine Marcello as Advisor on June 16, bringing expertise as the former President and CEO of Hydro One Inc., one of Canada’s largest electric transmission and distribution utilities with a market cap of over $20 billion and over $23 billion in assets.
Diversification and Strength in Focus for Second Half of 2022 and Beyond
For the balance of 2022 and over the longer-term, AFCP has identified numerous targets and goals we are striving to realize across multiple lines of our business. In addition to enhancing our stable revenue stream, we are focused on 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. Outlined below are a few of our objectives:
Corporate Initiatives
- Enhance financial flexibility by exploring opportunities to leverage the use of flow-through shares to minimize AFCP’s equity requirements for ongoing development and advancement of CHP projects;
- Identify, nurture and execute on strategic acquisitions of additional attractive energy assets, earnings-positive service companies in the power and energy space, and/or synergistic clean technology assets or companies; and
- Source and secure working capital for acquisitions and growth capital, as may be required.
Ongoing Growth of PWWR Flow Streams
- Expand the Company’s asset installation base leveraging our ongoing revenue and earnings generated through PWWR Flow as we continue to develop the $50 million worth of PWWR Flow projects in our pipeline over the next two years.
Continue to Progress Commercialization of Fuel Cell Power NV
- Achieve next critical milestone on the path to achieving a fully functioning 4kW fuel cell system within a laboratory configuration;
- Further accelerate and ramp up efforts to bring fuel cells to market, globally;
- Develop and implement strategies to establish large-scale and cost-effective fuel cell manufacturing capabilities; and
- Secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.
Studies indicate that North America’s CHP industry is projected to reach over US$800 million, propelled by favorable regulatory policies toward net energy metering, combined with rising demand for captive power generation and growing consumer inclination toward sustainable energy. Increasing concerns about GHG emissions coupled with improved efficiency, reliability and safety across cogeneration units are expected to further propel product adoption1. Globally, the CHP market is expected to grow from an estimated US$26.6 billion in 2021 to US$35.2 billion by 2026, at a CAGR of 5.8%.2 The combination of these macro factors represents a supportive environment for AFCP to continue deploying our PWWR Flow systems to customers across North America, which provides a stable revenue stream while we continue to develop our advanced hydrogen fuel cell technology and bring ‘PWWR to the People’.
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 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
Forward-Looking Information
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.
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1 Global Market Insights – North American CHP Market
2 Markets and Markets – Global CHP Market
