Alkaline Fuel Cell Power Corp. Announces Letter of Intent with Festival Hydro to Pilot Jupiter 1.0 Fuel Cell with Supporting Cleantech

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 the Company has entered into a non-binding letter of intent (the " LOI ") with Festival Hydro Inc. (" Festival Hydro "). The LOI summarizes the intentions of the Company and Festival Hydro to enter into a Joint Venture (" JV ") to demonstrate PWWR's Jupiter 1.0 fuel cell prototype and supporting ammonia cracking and AI (artificial intelligence) electrical panel cleantech (the " Pilot ").

Festival Hydro

"PWWR is thrilled to announce this agreement with Festival Hydro to pilot our Jupiter 1.0 fuel cell prototype," stated Frank Carnevale, Chief Executive Officer of PWWR. "Over the past few months, PWWR has signed agreements with cleantech partners that may enhance the success of bringing our fuel cells to market quicker than anticipated, and locating these technologies with a forward-looking utility is a great opportunity to demonstrate and build the business case of utilizing hydrogen fuel cells within electric grids to support the decarbonization of the grid. PWWR sees the downstream deployment of small hydrogen fuel cells as critical to meeting utility needs and delivering affordability, renewable and reliable power to end-customers."

"We are excited to partner with PWWR to pilot the Jupiter 1.0 fuel cell prototype in the Festival Hydro distribution system, in Stratford, Ontario," said Jeff Graham, President and CEO of Festival Hydro . "This partnership represents a significant step forward in our efforts to promote clean energy and sustainable development, while providing our customers with reliable and affordable electricity. This innovative technology aims to provide clean and reliable power alternatives, supporting distributed energy resources for grid innovation while promoting the 'Power of Local Hydro'. With this collaboration, Festival Hydro is taking a proactive approach to exploring new technologies and sustainable solutions. This initiative aligns with Festival Hydro's commitment to providing safe, reliable, and affordable electricity to its customers while supporting the transition to a cleaner energy future."

Joint Venture Details

PWWR is seeking to pilot its Jupiter 1.0 or 4 kW fuel cell generator in a Festival Hydro site to develop the business case on the use of an alkaline fuel cell to provide either or both back-up and peaking power capacity downstream in the Festival Hydro network. PWWR and Festival Hydro have identified a site owned by Festival Hydro.

Festival Hydro is interested in building and assessing a business case in the use of fuel cell technology and ammonia or hydrogen storage as a potential cost-effective non-wires alternative to delivering additional electrical capacity downstream of a sub-station to customer-meter.

Both parties will work to identify and secure smart grid funding opportunities to support the JV and Pilot.

Both parties will negotiate the terms of the JV, Pilot including sourcing capital for the budget over the next 120 days.

Decarbonizing the Electric Grid

Decarbonizing the electricity grid locally, in Canada and globally using hydrogen fuel cells presents significant value in terms of economic, environmental, and social benefits. This technology can play a crucial role in reducing carbon emissions, improving energy efficiency, and supporting the transition to a low-carbon economy. Reducing carbon emissions created by the electricity grid using with this innovative technology presents a significant opportunity to mitigate the impacts of climate change. Using renewable sources to produce hydrogen for use in fuel cells for local generation of electricity can promote job growth, reduce the need for long transmission corridors and their energy losses to service remote areas, improve the quality of life for communities, and support sustainable development.

Cleantech

On November 22, 2022, PWWR announced an LOI with AmmPower to utilize their ammonia cracking technology in a pilot site.

PWWR and AMMPower

Figure 1- PWWR and AmmPower

On March 15, 2023, PWWR announced an LOI with Koben to integrate their AI electric breaker panel with the Jupiter 1.0, and assess additional opportunities for collaboration.

PWWR and Koben Genius Electric Breaker Panel

Figure 2- PWWR and Koben Genius Electric Breaker Panel

PWWR intends to utilize both ammonia, ammonia cracking and AI electric breaker panel cleantech within this JV and Pilot with Festival Hydro, pending negotiations.

2023 Priorities

As per the March 6, 2023 announcement of list of 2023 priorities , PWWR is intending to use this Pilot towards demonstrating the enhanced value to customers and potential partners and distributors, thus aimed to deliver nearer term sales quicker than previously anticipated.

PWWR has access to approximately $5 million in debt financing (the " Financing "), and intends to support costs in strategic fuel cell pilots.

Additional pilots are being discussed with other parties.

As announced on April 4, 2023 , PWWR is currently working towards securing its Fuel Cell assets (the " Fuel Cell Assets ") held by Fuel Cell Power NV (" FCP NV ") and utilize such assets in connection with various pilot projects in 2023 and 2024 (the " Pilot Projects ").

About Festival Hydro Inc.

Festival Hydro Inc. was incorporated in 2000 and is a wholly owned subsidiary of the City of Stratford, Canada. The principal activity of Festival Hydro is to distribute electricity to the residents and businesses in the City of Stratford and the towns of Brussels, Dashwood, Hensall, Seaforth, St. Marys, and Zurich, under a license issued by the Ontario Energy Board (" OEB "). Festival Hydro is regulated by the Ontario Energy Board.

A culture of innovation has been the driver for strategic business and community growth by offering better ways to manage power, enhance effective use of infrastructure and capital assets, and create increased process efficiencies through automation. We strive to consistently prove that local utilities can play a key role in facilitating impactful initiatives while ensuring business fiduciary expectations, customer satisfaction, and managing downside risk while providing upside potential. Festival Hydro has played a key role in investment attraction and has been sought out as a thought leader willing to participate in projects leading the future of energy management. We believe in incorporating the use of technology and leveraging strategic partnerships as enablers to reach our goals and promote continuous business improvement.

ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)

PWWR 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.

PWWR 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
+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 in this news release may include, but are not limited to, the JV and the terms associated therewith, the expected benefits arising from the JV and the Pilot for both PWWR and Festival Hydro, statements with respect to the Company's technology, the Financing and intended use of proceeds from the Financing, the expected use of the Fuel Cell Assets in the Pilots, expectations relating to the Fuel Cell Assets and ability for the Company to secure the Fuel Cell Assets in a timely manner, if at all, 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.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/36a4e6f8-dc39-4ea6-889b-845ffaedb2ec

https://www.globenewswire.com/NewsRoom/AttachmentNg/4547bc39-2b16-4b8d-a316-8307b8d27204

https://www.globenewswire.com/NewsRoom/AttachmentNg/84239fae-8d5a-49fb-9e14-0e919e488187

News Provided by GlobeNewswire via QuoteMedia

Alkaline Fuel Cell Power NEO:PWWR Emerging Tech Investing

PWWR:AQL

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 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. ( 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. (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. ( 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

PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Principal Technologies Inc. (the " Company ") (TSXV: PTEC) (FSE: J07), is pleased to announce the closing of the first tranche (" Tranche 1 ") of its previously announced non-brokered private placement (the " Offering ") with one investor, MRPT Invest UG (" MRPT "), a company owned and controlled by Markus Mair . The Company issued a total of 4,000,000 units at $0.25 per unit for gross proceeds of $1,000,000 . Each unit (a " Unit ") will consist of one common share (a ' Share ") of the Company and one common share purchase warrant (a " Warrant "). Each Warrant entitles the holder to purchase one additional Share of the Company at $0.30 for a period of two (2) years from the date of closing. The Warrants are subject to a blocker term that prohibits exercise of the Warrants to the extent the holder would as a result of any exercise exceed 19.99% of then issued Shares.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Sona's Therapy Shows Significant Preclinical Efficacy in Second Cancer

Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona") is pleased to announce that its targeted hyperthermia therapy ("THT") demonstrated positive results in a second preclinical cancer model. Findings just presented at the 2024 STING & TLR Targeted Therapies Summit for immunotherapies in San Diego, California, show that Sona's THT achieved responses in a preclinical melanoma model equal to that which was recently reported from its triple negative breast cancer study. THT effectively treated melanoma tumors in all animals when administered on its own. Further, when THT was combined with doses of interleukin-2 ("IL-2"), a standard immunotherapy, a synergistic effect was shown whereby greater treatment response, measured by tumor volume reduction, was achieved in comparison to either approach alone.