REPEAT -- Alkaline Fuel Cell Power Corp. Announces Convertible Note Financing

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 a convertible note (the " Convertible Note ") financing in an aggregate amount of up to C$1 million (the " Financing ").

"As per our 2023 Priorities, securing additional access to cash is paramount to our success. This additional $1m convertible note financing coupled with our access to our $4m in convertible debt note financing announced on November 18, 2022, builds our capacity to support upcoming CHP projects, acquisitions, fuel cell business and working capital," stated Frank Carnevale, Chief Executive Officer. "We continue to be focused to achieve EBITDA-process over the coming 4-6 quarters."

The Convertible Note will allow the Company to access up to C$1,000,000 on an aggregate basis and can be drawn on at the request of the Company. The Convertible Note will mature 36 months (the " Maturity Date ") following the closing of the Financing (the " Closing "). Outstanding amounts under the Convertible Note will be convertible at the option of the holders (the " Holders ") into common shares in the capital of the Company (the " Common Shares "), subject to the policies of the Neo Exchange Inc. (the " NEO ") at a conversion price equal to the closing price of the Common Shares on the NEO the day prior to the date of conversion, as adjusted pursuant to the terms of the Convertible Note, at any time prior to the Maturity Date, subject to the terms of the Convertible Note. The Convertible Note bears an interest of 10% per annum which will be applied to all outstanding amounts drawn under the Convertible Note. In consideration for entering into the Financing, the Company will also issue 2,000,000 Common Share to the Holder.

It is expected that any funds drawn under the Convertible Note, will be used for general corporate and administrative purposes.

All securities issued in connection with the Financing (collectively, the " Securities ") are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws, during which time the securities may not be traded. All Securities will be or are expected to be issued pursuant to Section 2.3 ( Accredited Investor ) of National Instrument 45-106 – Prospectus Exemptions .

Convertible Debt Financing

On November 18, 2022 , PWWR announced the closing of a convertible note financing in an aggregate amount C$4,000,000. PWWR has yet to utilize any of the amount.

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 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 Fuel Cell Power NV has launched the Jupiter 1.0 prototype, and working through pilots in 2023.
• 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 Convertible Note and securities issuable thereunder, the Financing and timelines associated therewith, 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.