Alkaline Fuel Cell Power Announces Development of Fuel Cells for Off-Grid and Back-Up Generator Markets

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 the Company is supplementing the ongoing development of our 4 kW Combined Heat and Power (" CHP ") fuel cell by developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets.

"A   number   of   global   pressures   are   driving rapid growth   and   accelerating the   revenue   potential   of   the   generator   market   at a pace that exceeds   the mass home market, and AFCP is ideally positioned to use our cost-effective alkaline technology to meet this growing demand," commented Frank Carnevale, Chief Executive Officer of AFCP. "By leveraging our existing staff and resources in Belgium and Czech Republic, we anticipate being able to generate revenue earlier by selling our fuel cells into the burgeoning generator market."

Off-Grid   and   Back-up   Generator   Systems
In 2021, the global portable generator market had a value estimated at US$4.6 billion with that figure expected to grow to US$6.7 billion by 2027, representing a CAGR of 6.5% over the period ¹ . AFCP is developing fuel cells of varying power output capacities to satisfy these off-grid and back-up generator markets, including fuel cell configurations with an expected stacked range between 40kW and 100kW generator systems. These configurations build on AFCP's current design for the 4kW CHP system, incorporating different membrane technology into larger fuel cells suitable for servicing the generator market.

Discussions with integrators are ongoing and AFCP will collaborate with them to gain access to assembly, sales, marketing, and maintenance capabilities for customers, with the goal of targeting systems that have a power capacity of between 40kW and 100kW with our alkaline fuel cell, including the following:

• Cell towers / weather stations
• Highways / rail monitoring
• Rescue & military
• Residential
• Datacentre / hospital / industrial
  

Global players currently operating within the above segments provide diesel generators which feature a significant carbon footprint compared to the zero-emission alternative offered by AFCP's fuel cells.

Key   Advantages   of   AFCP's   Alkaline   Technology
Alkaline fuel cell technology offers a number of meaningful advantages compared to other fuel cell types, including:

• lower cost, as no precious metals are required, which enables affordable mass production;
• operable with less pure "industrial" hydrogen that may contain up to 10 parts per million of carbon monoxide; a capability not shared by other fuel cell technologies;
• functional at very low temperatures (-35°C); and
• a less complex balance of plant.

Emerging   Trends in the Off-Grid Generator Segment
The construction sector is a large market and accounts for 36% of global energy use and 38% of energy-related CO ₂ emissions. This sector has a large demand for off-grid power generation that is currently being met by diesel power generators and aligns with the heavy transportation sector given both sectors use diesel fuel as the main energy carrier ² .

As a result, there will be significant challenges adhering to future CO ₂ and pollution regulations. For example, in April of 2022, the UK changed its legislation to restrict the use of tax free diesel in generators, which renders hydrogen powered generators as an interesting alternative both ecologically and economically. Across Europe and the UK, the power generation market shows annual sales of nearly 1 billion EUR, while globally that figure is estimated at 20 billion EUR. The market segment being targeted by AFCP represents 65% of this figure and the Company expects that demand for zero emission power generators will grow rapidly driven by the increasing emission restrictions ³ .

The growth potential of this new market is not limited to the sale of new generators; it also includes the replacement of installed generators that no longer meet stricter emission regulations. The anticipated installed base of old diesel generators is forecast between 15 and 20 billion EUR in Europe and the UK and 400 billion EUR world-wide ⁴ .

Diversification   Lends   Strength   for   Second   Half   of   2022   and   Beyond
On June 20, 2022, the Company released an outlook for the second half of 2022, and AFCP's expansion into the back-up and off-grid generator markets is consistent with our drive to further accelerate and ramp up efforts to bring fuel cells to market globally. The Company's inclusion of fuel cells for the generator market enables AFCP to generate revenue in the near term while the distribution system for hydrogen to be delivered to homes continues to advance, supporting our long-term goal of providing micro-CHP Alkaline Fuel Cell Power systems to the market. Off-grid and back-up fuel cell generators can operate using tanks of hydrogen that are stored on site, thus eliminating the need for hydrogen to be distributed directly to local sites.

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.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

¹ Research and Markets : Portable Generator Market, Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
² BBC Article on Zero-Emission Construction Sites , June 22, 2021
³ Internal AFCP Market research
⁴ European non-road mobile machinery directive

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/59d57782-be00-4119-92c1-de4c7e33da08