TORONTO, Aug. 16, 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 that PWWR Flow, the combined heat and power (“CHP”) brand of the Company, is advancing a CHP project of approximately $2.2 million in capital for a condominium in mid-town Toronto, Canada (the “CHP Project”). The CHP Project is expected to generate more than $16 million in total revenue for PWWR Flow over a 25-year Energy Service Agreement (“ESA”) timeframe.
”Our PWWR Flow brand is positioned to deliver more immediate revenue and contribute to earnings for AFCP as a complement to our longer-term, hydrogen-powered alkaline fuel cells”, commented Frank Carnevale, CEO. “We are actively moving through our $50 million sales pipeline of CHP projects, and we have already begun discussions to grow beyond it.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9e37fddf-d43f-43ca-97a4-0387efe92307
PWWR Flow Mid-town Toronto CHP Project
As outlined within the PWWR Flow acquisition closing press release dated April 22, 2022, the Company has officially notified the applicable Condo Corporation (“Condo Corp”) that PWWR Flow is moving ahead with development of the estimated $2.2 million CHP Project, targeting a July 2023 Commercial Operation Date. The ESA was signed with the Condo Corp on April 21, 2021. The CHP Project would produce electricity and heat on a 24/7 basis for the baseload of the condominium. The electricity produced will be sold to the Condo Corp at up to 20 percent discount to the market price that the Condo Corp would otherwise pay to their local electricity distribution company, which brings them significant savings. The heat produced will be sold at the price equivalent to the condominium’s current heating cost. It is a high-efficiency CHP system with estimated annual efficiency of approximately 75 percent.
AFCP is immediately commencing the connection impact assessment study, required to connect in Toronto Hydro service territory, as well as the final engineering design. The Company expects to order the CHP engine in Q4 of 2022, and the Company does not anticipate any supply chain issues with delivery.
As reported in the Company’s Q2 Financials on August 12, 2022, AFCP had approximately $3.1 million in cash at quarter end. To supplement this cash balance, the Company anticipates securing project debt on CHP systems, AI 2191 Yonge Ltd., and this latest project, by Q4 2022. In the interim, AFCP will continue to allocate its current cash toward further projects development.
Balance of 2022 Outlook
As detailed within our June 20, 2002 press release, the Company has provided an outlook for the balance of 2022, a key component of which includes continuing to progress growth of the PWWR Flow Streams business. AFCP intends to expand the Company’s asset installation base by leveraging the 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 few years.
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:
Chief Executive Officer
+1 (647) 531-8264
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.
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