TORONTO, Aug. 16, 2022 (GLOBE NEWSWIRE) — Alkaline Fuel Cell Power Corp. (NEO: PWWR) (ALKFF, financial) (Frankfurt: 77R, WKN: A3CTYF) (“AFCP” or the “Company”)a diversified investment platform developing affordable, renewable and reliable clean energy and technology assets, is pleased to announce that PWWR Flow, the company’s combined heat and power (“CHP”) brand , is advancing an approximately $2.2 million capital CHP project for a condominium in downtown Toronto, Canada (the “Cogeneration project”). The CHP project is expected to generate more than $16 million in total revenue for PWWR Flow over a 25-year energy service contract (« ESA“) Time range.
“Our PWWR Flow brand is positioned to generate more immediate revenue and contribute to AFCP profits to complement our longer term alkaline hydrogen fuel cells.commented Frank Carnevale, CEO. “We are actively moving forward in our $50 million sales pipeline of CHP projects, and have already begun discussions to move beyond that.”
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PWWR Flow project in downtown Toronto
As shown in the PWWR stream acquisition closing press release dated April 22, 2022, the Company has formally notified the relevant condominium company (“Condominium company”) that PWWR Flow is moving forward with the development of the estimated $2.2 million CHP project, targeting a commercial operation date of July 2023. The ESA was signed with Condo Corp on April 21, 2021. The CHP project would produce electricity and heat 24 hours a day, 7 days a week for the base load of the condominium. The electricity produced will be sold to the Condo Corp at a discount of up to 20% from the market price that the Condo Corp would otherwise pay to its local utility company, allowing it to realize significant savings. The heat produced will be sold at the price equivalent to the current heating cost of the condominium. It is a high-efficiency cogeneration system with an estimated annual efficiency of around 75%.
AFCP immediately begins the connection impact assessment study required to connect to Toronto Hydro’s service territory, as well as the final engineering design. The company expects to order the CHP engine in the fourth quarter of 2022, and the company does not anticipate any supply chain issues with delivery.
As stated in the company’s report Q2 financials as of August 12, 2022, AFCP had approximately $3.1 million in cash at the end of the quarter. To supplement this cash balance, the company plans to secure debt from the cogeneration systems project, AI 2191 Yonge Ltd., and this latest project, by the fourth quarter of 2022. In the meantime, the AFCP will continue to allocate its current cash to the development of new projects.
2022 outlook report
As indicated in our press release dated June 20, 2002, the Company provided a outlook for the remainder of 2022, a key component of which includes continued growth of the PWWR Flow Streams business. AFCP intends to expand the company’s install base of assets by leveraging the continued revenue and profits generated from PWWR Flow as we continue to develop the $50 PWWR Flow projects. millions of dollars in our pipeline over the next few years.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
The AFCP is a diversified investment platform developing affordable, renewable and reliable energy assets and clean technologies. We are bringing “Power to the People” today, combining a stable revenue stream with a forward-looking vision to commercialize our advanced hydrogen fuel cell technology to meet the massive needs of the global market and ultimately account, generate attractive 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 SA focuses on the development, production and marketing 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 achieves significant milestones to deliver an alkaline fuel cell to market in 2024.
- PWWR stream focuses on the development, ownership and operation of combined heat and power (“CHP”) assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs for customers in multi-residential and commercial applications. PWWR Flow has contracted existing cogeneration assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.
The AFCP is well positioned to deliver “power to the people” in the global energy transition while providing a platform for diversified cleantech growth for investors.
Further information is available on the Company’s 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. The Common Shares are listed on the NEO Exchange (“NEO”) under the symbol “PWWR», the OTC Venture Exchange « OTCQB » under the symbol «ALKFF» and on the Frankfurt Stock Exchange under the symbol «77R” and “WKN A3CTYF”.
For more information, please contact:
Chief executive officer
+1 (647) 531-8264
This press 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 some cases, forward-looking statements can be identified by the use of words such as “anticipates”, “expects” or “does not expect”, “is expected”, “estimates”, “expects” , “intends”, “anticipates”, “believes” or variations of these words and phrases or statements that certain actions, events or results “could”, “could”, “could”, “could”, ” occur” or “accomplish”. Forward-looking statements may include, but are not limited to, statements regarding the Company’s technology, intellectual property, business plan, objectives and strategy.
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