TORONTO, June 08, 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 announce the launch of PWWR Flow Streams (“PWWR Flow”) a brand of its combined heat and power (“CHP”) division, whose assets target the delivery of improved energy efficiency of more than 20% with lower costs to customers whether in multi-residential or commercial applications. PWWR Flow has contracted to deploy its existing CHP assets in Toronto, Canada, and is advancing a robust pipeline of future potential contracts having a value of over $50 million.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6af58af9-9efd-466b-a866-69eab54a8f1f
”PWWR Flow offers a tremendous value proposition to multi-residential and commercial customers, and our new corporate tag line of ‘PWWR to the People’, encapsulates our unique approach to providing efficient and cost-effective energy sources,” commented Frank Carnevale, Chief Executive Officer. “AFCP is developing energy assets on the back of the spark spread and associated increased power costs to customers, and more importantly, diversifying our revenues while de-risking our platform at the same time.”
On April 22nd, 2022, the Company acquired the CHP assets and project pipeline, which served to expand the AFCP portfolio and diversify its offerings. Today, the CHP Division is known as PWWR Flow, the concept behind which is based on:
- Direct “Power” to customers;
- Utilization of the Company’s NEO exchange ticker symbol, “PWWR”;
- “Flow” representing the ability to leverage Canadian Flow Through CRCE credits for projects; and
- “Streams” for the cash flow streams to be generated by the assets from stable long term power purchase contracts with customers.
PWWR to the People
In addition, the Company is pleased to unveil a complementary new corporate tag line, “PWWR to the People”, which is in keeping with the notion of providing power directly to customers on their sites, and aligned with the Company’s 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.
Refreshed Investor Material
The Company’s website and investor presentation have been updated to reflect the PWWR Flow brand and new corporate tag line.
Corporate Update
Finally, the Company announces that, pursuant to a consulting agreement dated May 27, 2022 (the “Consulting Agreement”), it has granted 600,000 stock options to an arm’s length consultant (the “Consultant”) (“Stock Option”). Each Stock Option is exercisable for a period of five (5) years at an exercise price of $0.15 per common share of the Company. The Stock Options vest as follows:
| 100,000 6 months from the date the Consultant accepts the position and the Consulting Agreement is executed by the Company |
| 100,000 12 months from the date the Consultant accepts the position and the Consulting Agreement is executed by the Company |
| 200,000 18 months from the date the Consultant accepts the position and the Consulting Agreement is executed by the Company |
| 200,000 24 months from the date the Consultant accepts the position and the Consulting Agreement is executed by the Company |
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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