REPEAT - Alkaline Fuel Cell Power Announces 2023 Priorities

REPEAT - Alkaline Fuel Cell Power Announces 2023 Priorities

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, announces 2023 Priorities.

"With the recent launch of Jupiter 1.0 fuel cell prototype, PWWR has the opportunity to greatly reduce our burn and match fuel cell business spend to strategic pilot projects. Coupled with investments in CHP business line- PWWR Flow Streams- PWWR is focused on creating an EBITDA-positive platform within next 4-6 quarters," stated Frank Carnevale, CEO. "Timing will be based on speed and size of accretive acquisitions and deployment of capital for PWWR Flow projects. We believe that there is greater shareholder value in building out a de-risked alternate asset class platform with a leading-edge proven fuel cell technology to create the future-friendly value for shareholders."

2023 Priorities

PWWR is generating decisions based on the following 2023 priorities:

List of 2023 priorities

Figure 1- List of 2023 priorities

  • Speed up path to greater revenue and earnings
  • Reduce Fuel Cell cash burn and match to strategic projects
  • Use Fuel Cell Pilots to generate nearer term sales opportunities
  • Source funding pathway to reducing cost of growth capital

Updated Investor Presentation

An updated PWWR investor presentation can be found here.

Updated Investor Presentation - March 2023

Figure 2- Updated Investor Presentation - March 2023

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

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 Company's 2023 properties as outlined herein, statements with respect to the Company's technology, intellectual property, business plan, financial projections, 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/dda7ecb6-c6e0-4ef7-8978-3fe4940d71bd

https://www.globenewswire.com/NewsRoom/AttachmentNg/48c22640-4f6d-4a97-8d51-7be01b73f192


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