VANCOUVER, British Columbia, March 04, 2022 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company"), a company engaged in the development and production of alkaline fuel cell heat and power systems for residential, industrial and commercial markets worldwide, is pleased to announce that it has entered into definitive agreements to acquire (the "Transaction") 100% of the Combined Heat and Power (CHP) generation business (the "AI Business") of AI Renewable 2018-I Limited Partnership, AI Renewable 2020-I Limited Partnership and 2191 Yonge Ltd. (collectively, “AI”). AI uses a clean and renewable single fuel source energy technology that generates both electricity and heat. The stable and efficient energy production results in cost savings to the customer and a reduction in greenhouse gas emissions. Subject to certain closing conditions, the Company expects to close the Transaction within 30 days from the date hereof.

Upon closing of the Acquisition, the AI Business will provide the Company with immediate recurring, long term gross operating income from a current active account. The AI Business currently has a pipeline of projects, that once secured, will provide additional sources of gross operating income. Securing the pipeline of projects remain subject to mutual agreement with the potential accounts.