Alkaline Fuel Cell Power Corp. Announces Letter of Intent for Joint Venture with AmmPower Corp. for Fuel Cell Generator Pilot Using Green Ammonia

Alkaline Fuel Cell Power Corp. Announces Letter of Intent for Joint Venture with AmmPower Corp. for Fuel Cell Generator Pilot Using Green Ammonia

Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce that on November 3 rd 2022, the Company executed a non-binding letter of intent (the " LOI ") with AmmPower Corp. (" AmmPower "), a company developing technology to convert green ammonia into green hydrogen. The LOI summarizes the intentions of the Company and AmmPower entering into a joint venture (the " JV ") for the development of a pilot project testing PWWR's off-grid fuel cell generator and AmmPower's ammonia cracking technology (the " Pilot ").

"Given North America is years away from being able to deliver free-flowing hydrogen to customers, PWWR is doing everything we can to demonstrate more immediate alternatives designed to accelerate the sale of fuel cells to business and home owners," commented Frank Carnevale, CEO of Alkaline Fuel Cell Power. "This is why I am so excited to partner with AmmPower as we aim to successfully demonstrate that green ammonia is an energy carrier that can bring clean 'Power to the People' today. The AmmPower technology is converting green ammonia back into hydrogen and when combined with PWWR's robust alkaline fuel cell technology, represents a great potential solution to deliver affordable, renewable and reliable electricity to customers who deserve better options than what exists today."

AmmPower's CEO, Dr. Gary Benninger, states, "AmmPower is pleased to enter in a Joint Venture with PWWR to take advantage of the numerous opportunities in the alternative energy space. The AmmPower team has leading cracking technology that complements PWWR fuel cell innovations, and we look forward to working with the PWWR team on solving the world's energy needs."

Joint Venture Details

AmmPower is focused on developing technology to convert green ammonia into green hydrogen, a process called ammonia "cracking". With this cracking technology, hydrogen can be safely stored and transported around the world as ammonia, and upon arrival at its destination, be converted back into hydrogen for a cleaner and more efficient end-use. PWWR is developing low-cost hydrogen fuel cell systems for global markets, which can convert hydrogen into electricity with zero CO 2 emissions.

The goal of the JV is to showcase the market opportunities and ultimate value potential of advancing such ammonia-to-power technology for off-grid and back-up electricity across North America. Specifically, the Pilot is designed to demonstrate the ability to convert green ammonia to hydrogen using AmmPower's ammonia cracking technology and then convert that hydrogen into clean energy using PWWR's 4kW fuel cell generator system. The ammonia-to-power unit will be a completely carbon-free process for electricity generation.

Both PWWR and AmmPower will work together over the coming months to identify suitable sites and partners for the execution of the JV. PWWR has already identified and begun discussions with a number of targets to demonstrate the combined technology's ability to deliver affordable, renewable and reliable power in support of their operations and requirements.

The obligations of the parties will be subject to customary conditions after satisfactory completion of due diligence, including the board of directors of each party approving the proposed transaction and the parties' execution of a definitive agreement.

AMMPOWER + PWWR OFF-GRID/BACKUP POWER GENERATOR

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34c65ea9-98b6-42db-9b31-3c49ba948070

Advantages of Ammonia

PWWR's Alkaline Fuel Cell technology offers a more cost-effective solution, especially when the available hydrogen is not at ultra pure PEM (proton-exchange membrane) fuel cell grade specification. Due to this introduction of robust alkaline technology, the typical purification steps used by industry peers to upgrade the hydrogen are no longer required.

This alkaline fuel cell can be operated with hydrogen that contains up to 3000 parts per million ("ppm") of ammonia, thus reducing the costs for hydrogen purification after the conversion.

One cubic metre ("m3") of liquid ammonia contains 119 kg of hydrogen. In comparison, compressed hydrogen at 300 bar(g) of pressure has 22kg/m3 and liquid hydrogen at -253°C has 71kg/m3. To put this into perspective, one small 1 m3 tank of ammonia at 10 bar(g) of pressure and at ambient temperature contains five and a half times more hydrogen than 20 cylinders of compressed hydrogen at 300 bar(g) of pressure.

Accelerating Fuel Cell Market Growth

The emphasis on availability of green hydrogen is a necessary catalyst to kick-start the value chain underpinning a true hydrogen economy. AmmPower's green ammonia technology can accelerate the availability of hydrogen, enabling production at locations where renewable infrastructure is already available can transporting to locations where hydrogen is required to serve as a green, zero-emission fuel.

As previously announced in PWWR's June 20, 2022 press release , the Company is making continued progress on meeting its second half 2022 targets, including to:

  • Further accelerate and ramp up efforts to bring fuel cells to market, globally; and
  • Secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.

About AmmPower

AmmPower is a clean energy company focused on the production of green ammonia. The company is based in Toronto, Ontario, with a research and manufacturing facility in Southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon free shipping fuel, and the ‘cracking', or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. AmmPower currently holds several LOIs with ports in Brazil and the United States, and is completing its IAMM™ prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan Property located in Klotz Lake area in Northwestern Ontario.

ABOUT   ALKALINE   FUEL   CELL   POWER   CORP.

The Company 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.

The Company operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), a Company brand in Canada.

  • Fuel   Cell   Power   NV is focused on the development, production and commercialization of micro-combined heat and power ("micro-CHP") systems and off-grid and back-up power generators 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.

The Company 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 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
Alkaline Fuel Cell Power Corp.
+1   (647)   531-   8264
fcarnevale@fuelcellpower.com
www.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 in this news release may include, but are not limited to, entering into a definitive agreement regarding the JV, the development of the Pilot, the delivery of electricity to customers, the conversion of green ammonia to hydrogen using AmmPower's ammonia cracking technology, the conversion of hydrogen into clean energy using PWWR's 4kW fuel cell generator system and the availability of hydrogen.

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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

PWWR:AQL
The Conversation (0)
Cleantech Power Corp. Enters Into Letter of Intent for Collaborative Energy Project Development

Cleantech Power Corp. Enters Into Letter of Intent for Collaborative Energy Project Development

Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: E43, WKN: A3EEHV) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into has entered into a non-binding Letter of Intent (" LOI ") with PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND), a leading provider of on-site hydrogen fueling stations, to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use their best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration (a " Potential Transaction "). The Company does not anticipate issuing any securities in connection with a Potential Transaction unless the FTFCTO (as defined below) has been lifted by the British Columbia Securities Commission (the " BCSC ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
PowerTap Hydrogen Fueling Corp. and Cleantech Power Corp. Enter Into Letter of Intent for Collaborative Energy Project Development

PowerTap Hydrogen Fueling Corp. and Cleantech Power Corp. Enter Into Letter of Intent for Collaborative Energy Project Development

PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND) ("PowerTap" or the "Company" or "MOVE") PowerTap Hydrogen Fueling Corp., a wholly owned subsidiary of the Company, a leading provider of on-site hydrogen fueling stations, has entered into a non-binding Letter of Intent (" LOI ") with Cleantech Power Corp. (NEO: PWWR) (" PWWR ") to explore a collaborative energy project development. Both companies aim to leverage their respective expertise in the cleantech industry to advance the adoption of low carbon intensity clean hydrogen and renewable energy solutions. Under the terms of the LOI, both parties will use best commercial efforts to negotiate a definitive agreement within one hundred eighty (180) days, setting out the terms and conditions of the collaboration.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cleantech Power Corp. Enters Into Non-Binding Letter of Intent to Acquire Combined Heat and Power Assets

Cleantech Power Corp. Enters Into Non-Binding Letter of Intent to Acquire Combined Heat and Power Assets

Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: E43, WKN: A3EEHV) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company has entered into a non-binding letter of intent (the " Letter of Intent ") with an arm's length third party to acquire, directly and indirectly, certain operating combined heat and power and other assets (the " CHP Assets ") located in North America (the " Potential Transaction ").

Pursuant to the Letter of Intent, the Company may acquire the CHP Assets by making two payments. The first payment relates to CHP Assets which are past commercial operation and will consist of a payment of approx. $7.5 million (the " COD Payment "). The COD Payment will be made on close of the Potential Transaction. The second payment relates to CHP Assets which are currently not past their commercial operation date and will consist of a payment of approx. $5 million (the " Non-COD Payment " and, collectively with the COD Payment, the " Aggregate Payment Amount "). The Non-COD Payment will be made in the sole-discretion of the Company. The Company believes that if consummated, the transactions contemplated in the Letter of Intent have the potential to provide the Company with approximately $1.5 million annual cash flow. Certain of the projects associated with the CHP Assets are subject to contract terms between 15 to 20 years.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cleantech Power Corp. Provides Updates on Frankfurt Stock Exchange Symbol and GENIUS Energy Hub Letter of Intent

Cleantech Power Corp. Provides Updates on Frankfurt Stock Exchange Symbol and GENIUS Energy Hub Letter of Intent

Cleantech Power Corp. (NEO: PWWR) (OTCQB:PWWRF) (Frankfurt: E43, WKN: A3EEHV), previously named Alkaline Fuel Cell Power Corp., (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company now trades on the Frankfurt Stock Exchange in Germany under the symbol " E43 " and the securities identification number (in German: "Wertpapierkennnummer" or WKN) " A3EEHV ". Additionally, PWWR is pleased to announced that it has progressed with its previously announced Letter of Intent by acquiring the Genius AI electric breaker panel (" GENIUS Energy Hub ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cleantech Power Corp. Announces Warrant Amendments

Cleantech Power Corp. Announces Warrant Amendments

Cleantech Power Corp. ( NEO: PWWR ) ( OTCQB: PWWRF ) ( Frankfurt: 77R, WKN: A3CTYF ) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech, is pleased to announce that the Company has applied to the NEO Exchange (the " Exchange "), to amend the terms of 44,163,554 common share purchase warrants (the " Warrants ") issued pursuant to the non-brokered private placements of units which closed on April 1, 2021, April 7, 2021 and May 7, 2021 (" Warrant Amendments ").

The Warrants are currently due to expire on May 7, 2023 and the Company has applied to the Exchange to extend the expiry date of the Warrants to August 7, 2023. The exercise price of the Warrants will remain at $0.20. The Company does not view the Warrant Amendments as material and therefore, disinterested shareholder approval is not required pursuant to the policies of the Exchange, and the Exchange has accepted the extension. The Warrant Amendments were passed unanimously by the board of directors of the Company.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
XReality Group

Quarterly Activities Report and Appendix 4C - 30 Sept 24

xReality Group Limited (ASX:XRG) (xReality) is pleased to provide the following Quarterly Activities Report and Appendix 4C for the quarter ending 30th September 2024 together with an Operational Update.

Keep reading...Show less
Sona Nanotech Issued Patent and Appoints New Board Member

Sona Nanotech Issued Patent and Appoints New Board Member

Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company", "Sona") is pleased to announce the issuance of U.S. Patent No. 12117447 by the U.S. Patent and Trademark Office to the Company, entitled, "Metal Nanoparticles and Methods of Making Same". This patent covers the Company's proprietary process for manufacturing gold nanorods without the use of the toxic substance, cetyltrimethylammonium bromide ("CTAB"), which typically carries significant cytotoxic and genotoxic risks.

The Company is also pleased to announce the appointment of Mr. Wayne Myles, KC, FIIC, to its board of directors. An active investor and entrepreneur, Mr. Myles has served as lead counsel and strategic business advisor on more than 100 domestic and international acquisitions and sales, financings, government and regulatory affairs and licensing mandates. He has significant and diverse experience as a director of public and private companies. He also has been recognized with numerous professional achievements, distinctions and awards, including being named as one of "Canada's Top 25 Most Influential Lawyers' by Canadian Lawyer Magazine."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Four laptops around a device with a quantum symbol inside.

How to Invest in Quantum Computing Companies (Updated 2024)

Quantum computing is an emerging technology that has the potential to revolutionize many industries.

According to a late 2021 Statista forecast, the quantum computing market's total revenue is projected to reach US$8.6 billion by 2027. To put that into perspective, the industry was worth only US$412 million in 2020.

With that in mind, it's clear the field of quantum computing is nascent and exciting. Here the Investing News Network takes a look at what it is, its potential impact on several industries and how investors can get exposure to quantum computing through stocks, startups and exchange-traded funds.

Keep reading...Show less
XReality Group

Additional Funding Secured to Support Order Outlook

xReality Group Limited (“XRG” or the “Company”) is pleased to announce an additional $500,000 debt facility has been secured. The purpose of the additional drawdown is to increase inventory, accelerate the delivery of current projects and meet future orders.

Keep reading...Show less
Mockup of a person with a brain chip like the one Neuralink is creating.

Can You Invest in Elon Musk’s Neuralink? (Updated 2024)

Elon Musk's Neuralink has captured the public’s attention and imagination with its futuristic vision of connecting the human brain to computers.

A July 2024 report by IDTechEx projects that the overall brain computer interface market could reach a market value of over US$1.6 billion by 2045.

"We anticipate that the market for non-invasive solutions will grow before the commercialization of invasive solutions from players such as Neuralink," stated the research firm's Senior Technology Analyst Dr. Tess Skyrme. "However, the long-term opportunity within the assistive technology market is more likely to be captured by the likes of Elon Musk."

As Neuralink continues to make strides, investors are wondering how to get a piece of the action by investing in the neurotechnology venture.

Because it is privately held, Neuralink stock isn't accessible to the average person — but that doesn't mean its impossible to get exposure to this future-looking medical research company. Read on to learn how to participate in the growth of this exciting business.

Keep reading...Show less
E-Power Samples 37% Cg in New Discovery Area and 30% Cg at Advanced Target

E-Power Samples 37% Cg in New Discovery Area and 30% Cg at Advanced Target

E-Power Resources Inc. (CSE: EPR) ("E-Power" or the "Company") is pleased to report additional results from the 2024 exploration program on the Company's flagship Tetepisca flake graphite property located in the North Shore region of Québec.

Highlights include:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×