Cleantech


Alkaline Fuel Cell Power (NEO:PWWR, OTCQB:ALKFF) focuses on developing, producing and commercializing clean energy technology. The company has active revenue streams while simultaneously developing advanced hydrogen-based technology for future solutions. Alkaline Fuel Cell Power is led by a team of experts with experience in corporate administration, finance and utilities.

The company’s PWWR Flow Streams (“PWWR Flow”) solution is presently on the market and offers cost-effective combined heat and power (CHP) for multi-residential and commercial applications. Its natural gas-powered CHP systems are cost-efficient, and can reduce air emissions and maintain grid connection for peak usage times and backup power.

Alkaline Fuel Cell

Company Highlights


  • Alkaline Fuel Cell Power is a diversified investment platform focusing on developing and commercializing clean energy technology with active revenue alongside long-term innovation of hydrogen-powered fuel cells.
  • The Company operates through two global entities: PWWR Flow Streams (“PWWR Flow”), an AFCP brand, and Fuel Cell Power NV, a wholly owned subsidiary in Belgium.
  • PWWR Flow Streams is a developer, operator and owner of natural gas combined heat and power (“CHP”) systems for multi-residential and commercial customers, providing cost-effective baseload power and supplemental heating. This business line is actively generating revenue and has a pipeline of approximately $50 million in projects.
  • Fuel Cell Power NV represents the company’s long-term goal, which is the full development and commercialization of hydrogen-powered alkaline fuel cells geared toward the mass adoption of hydrogen power. These fuel cells are nearly silent, do not vibrate, have no combustion processes, and the only by-product is pure water.
  • Alkaline Fuel Cell Power’s diversified business lines encompass four revenue streams that provide active revenue now and opportunities for significant growth as its hydrogen-powered fuel cells are fully commercialized.
  • The company is led by an experienced team of managers with a history of successfully leading organizations to profitability.

This Alkaline Fuel Cell Power. profile is part of a paid investor education campaign.*

Click here to connect with Alkaline Fuel Cell Power (NEO:PWWR, OTCQB:ALKFF) to receive an Investor Presentation

PWWR:AQL
Alkaline Fuel Cell Power Logo

Alkaline Fuel Cell Power


Keep reading...Show less
Progressus Clean Technologies Executes Letter of Intent  with Alkaline Fuel Cell Power Corp for Industry-Leading Clean Hydrogen Joint Venture Pilot

Progressus Clean Technologies Executes Letter of Intent with Alkaline Fuel Cell Power Corp for Industry-Leading Clean Hydrogen Joint Venture Pilot

  • Pilot project to provide in-field proof of concept and operational data
  • Advancing a potential solution for global utility companies to blend hydrogen and natural gas
  • JV structured to support potential future growth and additional partnerships

Progressus Clean Technologies Inc. ("Progressus" or the "Company") is pleased to announce the execution of a letter of intent ("LOI") with Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP") executed on September 12, 2022, to complete a joint venture ("JV") pilot project that aims to provide a solution for natural gas utilities to directly power both residential and commercial businesses. Alkaline Fuel Cell Power Corp. is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. The JV is intended to provide proof of concept for each company's technologies and assess the ability to combine various Progressus technologies with AFCP fuel cells to serve residential and small building customers across North America.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
REPEAT - Alkaline Fuel Cell Power Corp. Executes Letter of Intent with Progressus Clean Technologies Inc. for Industry-Leading Clean Hydrogen Joint Venture Pilot

REPEAT - Alkaline Fuel Cell Power Corp. Executes Letter of Intent with Progressus Clean Technologies Inc. for Industry-Leading Clean Hydrogen Joint Venture Pilot

  • Pilot project to provide in-field proof of concept and operational data
  • Advancing a potential solution for global utility companies to blend hydrogen and natural gas
  • JV structured to support potential future growth and additional partnerships

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 the execution of a letter of intent (" LOI ") with Progressus Clean Technologies Inc. (" Progressus ") executed on September 12, 2022, to complete a joint venture (" JV ") pilot project that aims to provide a solution for natural gas utilities to directly power both residential and commercial businesses. Progressus is a venture-stage green technology company developing solutions for hydrogen generation and separation, which are complementary to AFCP's fuel cell technologies. The JV is intended to provide proof of concept for each company's technologies and assess the ability to combine various Progressus technologies with AFCP fuel cells to serve residential and small building customers across North America.

Channce Fuller, President and CEO of Progressus and Frank Carnevale, CEO of Alkaline Fuel Cell Power Corp. shake hands upon finalizing the LOI.

Figure 1- Channce Fuller, President and CEO of Progressus and Frank Carnevale, CEO of Alkaline Fuel Cell Power Corp. shake hands upon finalizing the LOI.

"Alkaline Fuel Cell Power is pleased to be working with the talented team at Progressus to combine our respective technologies and accelerate the ability for utility companies to utilize natural gas pipelines for the distribution of hydrogen for residential and commercial customers, more immediately," said Frank Carnevale, Chief Executive Officer of AFCP. "This JV pilot project is a key milestone in our goal of making zero emission fuel cells widely available, handing ‘power to the people' so that individuals can both save on energy costs while positively contributing to global emission reduction targets."

"The missions and combined vision of AFCP and Progressus are very complementary to one another. By leveraging the strengths of both organizations, we can more efficiently and effectively solve the growing need for innovative hydrogen solutions. The proposed JV pilot project with AFCP is an active step towards progressing hydrogen innovation and combining the suite of technologies that will ultimately be needed for global hydrogen solutions in the future." said Channce Fuller, Chief Executive Officer of Progressus.

Summary of the JV

To reduce the CO2 emissions around the world, gas distribution companies and municipalities are setting-up projects to inject hydrogen into the local gas distribution grid. This gas mixture generally aims to contain up to 20% hydrogen and its use is targeted for residential and commercial buildings.

AFCP and Progressus will work together to execute a JV pilot project utilizing technologies from each company to provide in-field proof-of-concept, generate operational data that can inform continued development and market opportunities, and establish a platform to support future potential growth and additional partnerships. The exact location of the JV pilot project remains under consideration but initially, North America will be the focus with secondary priority given to potential future pilots in Europe.

Progressus technologies enable the extraction of dilute hydrogen from gas streams, a critical component as utility companies globally increasingly strive to inject hydrogen into natural gas streams. Progressus represents a solution that can extract the hydrogen at high efficiencies, complementing AFCP's low-cost combined heat and power (" CHP ") alkaline fuel cell and generator development.

The JV pilot project is designed to use the Progressus hydrogen separation technology to efficiently extract hydrogen at high purities from the existing natural gas grid, and then convert the purified hydrogen using either AFCP's 4 kW Micro-CHP or 4 kW generator to produce electricity, and potentially heat. This project could be put to immediate use in a residential home or commercial building, providing truly zero-emission power. AFCP has already identified interest from natural gas and electric utilities and municipalities to pilot the concept.

By accelerating the distribution of hydrogen through natural gas transportation networks, particularly in North America, sales of AFCP's alkaline fuel cell CHP units and generator systems could be rapidly scaled. Combining AFCP's and Progressus' technologies offers an ideal potential solution to support the generation of low carbon energy that contributes to the world's clean energy transition.

AFCP's conceptual designs for the 4 kW Micro-CHP and 10 kW Fuel Cell Generator systems

Figure 2- AFCP's conceptual designs for the 4 kW Micro-CHP and 10 kW Fuel Cell Generator systems

Background to the JV

The energy sector currently contributes approximately three-quarters of global greenhouse gas emissions and is therefore simultaneously capable of averting the worst effects of climate change 1 . To reduce CO 2 emissions, gas distribution companies and municipalities are advancing projects that facilitate the injection of hydrogen into the local gas distribution grid as a cleaner energy source.

In the last two years alone, more than two dozen hydrogen injection projects have been announced in the U.S., with additional commitments outlined in early 2022 2 . With the passing of the Inflation Reduction Act (IRA), there is massive momentum building for additional investment in clean hydrogen solutions. Beyond the U.S., the largest global gas utilities (including SoCalGas, Enbridge, ATCO Gas, Snam SpA, Enagas S.A., and Open Grid Europe, to name a few) are all actively working on projects to inject hydrogen into their natural gas grids 3 .

The proposed pilot project would initially cover one extraction system linked to one 4 kW Micro-CHP or generator system, with expansion to a larger scale in future pilots designed to provide clean hydrogen and power for multiple residential users or commercial applications.

As the Company disclosed on August 26, 2002 , AFCP is expecting to have six prototype fuel cells to utilize within pilots, globally.

Outlook for Second Half of 2022

On June 20, 2002, the Company provided an outlook for the balance of 2022 and over the longer-term. As an example, the Company indicated that it will further accelerate and ramp up efforts to bring fuel cells to market, globally. The Company also indicated that it will look to secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.

With this announcement, AFCP is pleased to continue to meet its outlook objectives for the second half of 2022.

ABOUT PROGRESSUS CLEAN TECHNOLOGIES

Progress Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.

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 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.

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.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Alkaline Fuel Cell Power Corp. Executes Letter of Intent with Progressus Clean Technologies Inc. for Industry-Leading Clean Hydrogen Joint Venture Pilot

Alkaline Fuel Cell Power Corp. Executes Letter of Intent with Progressus Clean Technologies Inc. for Industry-Leading Clean Hydrogen Joint Venture Pilot

  • Pilot project to provide in-field proof of concept and operational data
  • Advancing a potential solution for global utility companies to blend hydrogen and natural gas
  • JV structured to support potential future growth and additional partnerships

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 the execution of a letter of intent (" LOI ") with Progressus Clean Technologies Inc. (" Progressus ") executed on September 12, 2022, to complete a joint venture (" JV ") pilot project that aims to provide a solution for natural gas utilities to directly power both residential and commercial businesses. Progressus is a venture-stage green technology company developing solutions for hydrogen generation and separation, which are complementary to AFCP's fuel cell technologies. The JV is intended to provide proof of concept for each company's technologies and assess the ability to combine various Progressus technologies with AFCP fuel cells to serve residential and small building customers across North America.

Channce Fuller, President and CEO of Progressus and Frank Carnevale, CEO of Alkaline Fuel Cell Power Corp. shake hands upon finalizing the LOI.

Figure 1- Channce Fuller, President and CEO of Progressus and Frank Carnevale, CEO of Alkaline Fuel Cell Power Corp. shake hands upon finalizing the LOI.

"Alkaline Fuel Cell Power is pleased to be working with the talented team at Progressus to combine our respective technologies and accelerate the ability for utility companies to utilize natural gas pipelines for the distribution of hydrogen for residential and commercial customers, more immediately," said Frank Carnevale, Chief Executive Officer of AFCP. "This JV pilot project is a key milestone in our goal of making zero emission fuel cells widely available, handing ‘power to the people' so that individuals can both save on energy costs while positively contributing to global emission reduction targets."

"The missions and combined vision of AFCP and Progressus are very complementary to one another. By leveraging the strengths of both organizations, we can more efficiently and effectively solve the growing need for innovative hydrogen solutions. The proposed JV pilot project with AFCP is an active step towards progressing hydrogen innovation and combining the suite of technologies that will ultimately be needed for global hydrogen solutions in the future." said Channce Fuller, Chief Executive Officer of Progressus.

Summary of the JV

To reduce the CO2 emissions around the world, gas distribution companies and municipalities are setting-up projects to inject hydrogen into the local gas distribution grid. This gas mixture generally aims to contain up to 20% hydrogen and its use is targeted for residential and commercial buildings.

AFCP and Progressus will work together to execute a JV pilot project utilizing technologies from each company to provide in-field proof-of-concept, generate operational data that can inform continued development and market opportunities, and establish a platform to support future potential growth and additional partnerships. The exact location of the JV pilot project remains under consideration but initially, North America will be the focus with secondary priority given to potential future pilots in Europe.

Progressus technologies enable the extraction of dilute hydrogen from gas streams, a critical component as utility companies globally increasingly strive to inject hydrogen into natural gas streams. Progressus represents a solution that can extract the hydrogen at high efficiencies, complementing AFCP's low-cost combined heat and power (" CHP ") alkaline fuel cell and generator development.

The JV pilot project is designed to use the Progressus hydrogen separation technology to efficiently extract hydrogen at high purities from the existing natural gas grid, and then convert the purified hydrogen using either AFCP's 4 kW Micro-CHP or 4 kW generator to produce electricity, and potentially heat. This project could be put to immediate use in a residential home or commercial building, providing truly zero-emission power. AFCP has already identified interest from natural gas and electric utilities and municipalities to pilot the concept.

By accelerating the distribution of hydrogen through natural gas transportation networks, particularly in North America, sales of AFCP's alkaline fuel cell CHP units and generator systems could be rapidly scaled. Combining AFCP's and Progressus' technologies offers an ideal potential solution to support the generation of low carbon energy that contributes to the world's clean energy transition.

AFCP's conceptual designs for the 4 kW Micro-CHP and 10 kW Fuel Cell Generator systems

Figure 2- AFCP's conceptual designs for the 4 kW Micro-CHP and 10 kW Fuel Cell Generator systems

Background to the JV

The energy sector currently contributes approximately three-quarters of global greenhouse gas emissions and is therefore simultaneously capable of averting the worst effects of climate change 1 . To reduce CO 2 emissions, gas distribution companies and municipalities are advancing projects that facilitate the injection of hydrogen into the local gas distribution grid as a cleaner energy source.

In the last two years alone, more than two dozen hydrogen injection projects have been announced in the U.S., with additional commitments outlined in early 2022 2 . With the passing of the Inflation Reduction Act (IRA), there is massive momentum building for additional investment in clean hydrogen solutions. Beyond the U.S., the largest global gas utilities (including SoCalGas, Enbridge, ATCO Gas, Snam SpA, Enagas S.A., and Open Grid Europe, to name a few) are all actively working on projects to inject hydrogen into their natural gas grids 3 .

The proposed pilot project would initially cover one extraction system linked to one 4 kW Micro-CHP or generator system, with expansion to a larger scale in future pilots designed to provide clean hydrogen and power for multiple residential users or commercial applications.

As the Company disclosed on August 26, 2002 , AFCP is expecting to have six prototype fuel cells to utilize within pilots, globally.

Outlook for Second Half of 2022

On June 20, 2002, the Company provided an outlook for the balance of 2022 and over the longer-term. As an example, the Company indicated that it will further accelerate and ramp up efforts to bring fuel cells to market, globally. The Company also indicated that it will look to secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.

With this announcement, AFCP is pleased to continue to meet its outlook objectives for the second half of 2022.

ABOUT PROGRESSUS CLEAN TECHNOLOGIES

Progress Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.

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 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.

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.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
REPEAT - AFCP's Belgium Subsidiary, Fuel Cell Power NV, Achieves ISO 9001:2015 Quality Management System Certification

REPEAT - AFCP's Belgium Subsidiary, Fuel Cell Power NV, Achieves ISO 9001:2015 Quality Management System Certification

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 Fuel Cell Power NV ("FCP NV"), the Company's wholly-owned Belgium subsidiary, has earned ISO 9001:2015 certification for its quality management system from BQA NV in accordance with international standards from the International Organization for Standardization (ISO). The application field for FCP NV's certification is the development of alkaline fuel cells.

Fuel Cell Power NV staff gathers in Belgium for the ISO 9001:2015 certification announcement

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
AFCP's Belgium Subsidiary, Fuel Cell Power NV, Achieves ISO 9001:2015 Quality Management System Certification

AFCP's Belgium Subsidiary, Fuel Cell Power NV, Achieves ISO 9001:2015 Quality Management System Certification

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 Fuel Cell Power NV ("FCP NV"), the Company's wholly-owned Belgium subsidiary, has earned ISO 9001:2015 certification for its quality management system from BQA NV in accordance with international standards from the International Organization for Standardization (ISO). The application field for FCP NV's certification is the development of alkaline fuel cells.

Fuel Cell Power NV staff gathers in Belgium for the ISO 9001:2015 certification announcement

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
6 US Biofuel Stocks (Updated 2022)

6 US Biofuel Stocks (Updated 2022)

The global biofuels market was valued at US$120.6 billion in 2020 and is anticipated to reach US$201.21 billion in 2030. Despite previous dips, the outlook for the biofuels industry and US biofuel stocks is positive.

The driving forces behind rising demand for biofuels include a growing need for alternatives to gasoline in road transportation, and government mandates to blend automotive fuels with biofuels.

In 2021, the US was the largest biofuels-producing country. Midway through the year, the country’s Department of Energy (DOE) announced close to US$34 million in funding for 11 research and development projects aimed at improving and producing biofuels, biopower and bioproducts. A year later, the DOE launched a US$59 million funding initiative to support the scale-up of integrated biorefineries and greenhouse gas reduction in ethanol production for renewable diesel, aviation, marine and rail fuels.

Keep reading...Show less

STEER EV Subscription Service Expands to Florida

Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce its electric vehicle subscription service (" STEER EV ") has added Florida, USA, as a new service area with an operational hub in Tampa. STEER EV's subscription service is available to the eligible residents of the state as of September, 2022. After successfully securing the financing necessary to facilitate further growth, STEER is actively expanding its geographical footprint throughout the second half of 2022 and growing its EV fleet to support the new regions in operation.

From its inception, the STEER EV platform has been focused on challenging the traditional car ownership model and accelerating the general public's switchover to environmentally friendly transportation through an automobile subscription service. Having transformed the platform into one of the leading providers of subscription-based EV services, the Company feels its turnkey month-to-month model which includes insurance, maintenance, vehicle swaps and concierge delivery presents an attractive alternative for customers seeking a time-efficient and hassle-free transportation solution.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Solar Energy Stocks: 6 Biggest US Companies in 2022

Solar Energy Stocks: 6 Biggest US Companies in 2022

As the Biden administration pushes to tackle climate change in America, the top US solar energy stocks offer opportunities for investors looking to enter the clean energy sector.

According to the latest report from the Solar Energy Industries Association (SEIA) and Wood Mackenzie, during H1 2022, solar accounted for 39 percent of new electricity-generating power, and the US market installed 4.6 gigawatts (GW) of solar capacity during that period. Residential solar installations totalled 1.35 GW of direct current, setting a fifth quarterly record.

Over the next few years, the firms forecast that the solar industry will continue to break annual installation records. From 2023 to 2027, they expect total solar deployment to increase by 62 GW of direct current

Keep reading...Show less

STEER Reports Record Revenues in Q2 2022

Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, today announced and filed its interim financial statements for the quarter ended June 30, 2022 (" Q2 2022 "). All financial results are reported in Canadian dollars, unless otherwise stated.

STEER logo (CNW Group/Facedrive Inc.)

STEER reported a quarterly revenue record of $15,048 ,939 in Q2 2022, up from $4,521,548 in Q2 2021, representing 232.83% year-over-year growth. Q2 2022 revenue also represents 40.19% quarter-over-quarter growth compared to Q1 2022 revenue of $10,734,515 . All revenue growth was organic. The Company also reported a record Gross Merchandize Value i of $ 21,661,109 in Q2 2022, up from $14,304 ,750 during Q2 2021, representing 51.43% year-over-year growth. Compared to $19,465 ,604 in Q1 2022, this also represents approximately 11.28% quarter-over-quarter growth.

Net loss was $7,776,605 compared to $7,559,851 in Q2 2021, representing 2.87% year-over-year increase. Compared to $8,182,039 in Q1 2022, STEER has achieved 4.96% quarter-over-quarter net loss decrease.

As a result, the Company's Management is confident that the streamlining measures undertaken thus far in 2022 including: (i) operational realignment (with a view to centralizing and consolidating resources and focusing on selling Subscription and On-demand offerings); and (ii) continued improvements in expense management, will continue to result in increased operational efficiency. As such, STEER is experiencing revenue growth at a faster pace than the corresponding increase in operational expenses. The Company is confident this trend will further strengthen in Q3 and Q4 Fiscal 2022.

Q2 2022 Interim Financial and Operational Highlights

Revenues

For the three
months ended
June 30, 2022

Δ (YoY)

For the three
months ended
June 30, 2021

Δ(QoQ)

For the three
months ended
March 31, 2022


($'000)


($'000)


($'000)

On-Demand Offerings

Q2 2022


Q2 2021


Q1 2022

B2B Marketplace

12,730.37

476.81 %

2,207.04

52.82 %

8,330.04

Suppr APP (Foods Delivery, Rideshare, Daas, Health )

1,523.53

-6.05 %

1,621.70

-7.46 %

1,646.37

Subtotal On-Demand Offerings

14,253.90

272.29 %

3,828.75

42.88 %

9,976.41

Subscription-Based Offerings






Vehicle subscription

699.28

5.62 %

662.10

5.51 %

662.78

EcoCRED

95.76

211.87 %

30.71

0.46 %

95.32

Subtotal Subscription-Based Offerings

795.04

14.76 %

692.80

4.87 %

758.10

Total Revenue

15,048.94

232.83 %

4,521.55

40.19 %

10,734.52

"In Q2 2022, STEER continued a strong growth trajectory set in Q1 2022. This past quarter, we more than tripled revenues as compared to Q2 2021 and continue to increase our operational efficiencies while focusing on growth and expansion. Therefore, the platform we have built continues to demonstrate that we can increase revenues significantly while managing costs, which is evident in our Q2 results.

Q2 has also been remarkable for STEER in the sense that the Company significantly expanded the geographical presence of its EV subscription platform, STEER EV. Having launched the service in Texas and British Columbia , Management for the Company feels that STEER is well-positioned to capitalize on the burgeoning demand in the personal vehicle subscription sector. Moreover, we continue to enhance our ESG reporting tool suite as well as extend our ESG mandate throughout all of the Company's business processes", said Suman Pushparajah , Chief Executive Officer of the Company.

Selected Financial Highlights

The following provides a summary of the Financial Results of the Company. For detailed information please refer to Facedrive's Q2 2022 Interim Financial Statements and its Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter-ended June 30, 2022 (the " Q2 2022 MD&A "), filed on SEDAR at www.SEDAR.com .

For the three months ended June 30


2022


2021

REVENUE

$

15,048,939

$

4,521,548

COSTS AND OPERATING EXPENSES





Cost of revenue


15,313,179


5,346,764

General and administration


1,850,006


1,679,591

Operational support


4,189,919


3,461,044

Research and development


685,425


465,113

Sales and marketing


525,349


938,504

Amortization


286,559


695,064

Depreciation


383,417


92,004

Total costs and operating expenses


23,233,854


12,678,084

OPERATING LOSS


(8,184,915)


(8,156,536)






OTHER INCOME (EXPENSES)





Government and other grants


631,653


909,373

Foreign exchange loss


(115)


(110,245)

Interest expenses


(284,021)


(193,782)

Interest income


61


9,260

Gain from sale of equipment


-


-

Gain or Loss on termination


47,684


(17,921)

Fair value loss on investment


-


-

LOSS BEFORE INCOME TAXES

$

(7,789,653)

$

(7,559,851)

Deferred income tax recovery

13,048


-

NET LOSS


(7,776,605)


(7,559,851)

Cumulative translation adjustment


(44,864)


(39,146)

NET LOSS AND COMPREHENSIVE LOSS

$

(7,731,741)

$

(7,598,997)

Loss per share – basic and diluted

$

(0.06)

$

(0.08)

Weighted average shares outstanding – basic and diluted


130,929,814


93,788,556








About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company's goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company's offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company's impact on carbon reductions and offsets.

For more about the Company, visit www.facedrive.com .
Suman Pushparajah , CEO
suman@facedrive.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the company's forward plans to scale up its electric vehicle subscription business. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2 , 2022),its interim MD&A for the period ended March 31, 2022 (filed on SEDAR on May 30, 2022 ), and its interim MD&A for the period ended June 30, 2022 (filed on SEDAR on August 29, 2022 ) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

_________________________
i " Gross Merchandise Value " (GMV) means the total value of all merchandise and services sold over a given period of time through the Company's ESG platform of product and services offerings.  Gross Merchandise Value is a metric most commonly used by e-commerce companies.  It is intended to measure the growth of the business or use of a platform to sell merchandise and services, some or all of which may be owned by others and is therefore not all revenue to the platform owner or provider (such as the Company). In the Company's case, GMV includes the value of the food, supplies and merchandise ordered and the gross fees charged by the Company to customers on account of rides and deliveries, a substantial portion of which the Company does not recognize as revenue. The most directly comparably or correlated GAAP financial measure in the context of our Company is revenue which, for Q2 2022 was $15,048,939 and $4,521,939 in Q2 2021. Note that GMV is a non-GAAP financial measure, meaning that it is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements and it might not be comparable to similar financial measures disclosed by other issuers.

SOURCE Facedrive Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/29/c2060.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

STEER EV Enters into Agreement with Enterprise Fleet Management to Order Electric Vehicles

1000+ Vehicles Valued Between $80 and $150 million

STEER Holdings Inc., a wholly-owned subsidiary of Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce that it has entered into an agreement (" Agreement ") with Enterprise Fleet Management (" Enterprise Fleet Management ") to lease over 1000 electric vehicles valued between $80 and $150 million (USD) for its EV subscription business, STEER EV. The Company sees this Agreement as a key element in facilitating STEER's growth, supporting its U.S. expansion, and furthering the platform's leadership position in the EV subscription market. The Company intends to both add cars to existing operational hubs as well as to expand into new U.S. markets that it has carefully selected.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
5 Renewable Energy Stocks on the TSX (Updated 2022)

5 Renewable Energy Stocks on the TSX (Updated 2022)

Renewable energy has become an increasingly important part of how clean energy is produced.

From hydroelectricity and natural gas to solar, geothermal and ocean energy, renewable energy is defined by Natural Resources Canada as “energy obtained from natural resources that can be naturally replenished or renewed within a human lifespan.” The organization states that hydroelectricity accounts for nearly 60 percent of Canada's energy supply. In fact, the country is the second largest producer of hydroelectricity worldwide.

A recent Canada Energy Regulator report shows that renewable energy is projected to account for 71.2 percent of the nation’s energy mix by 2023, up from 61.5 percent in 2010. While hydroelectricity remains important, wind and solar are expected to drive the most growth in Canada's renewable energy production in the coming years.

Keep reading...Show less

Latest Press Releases

Related News

×