Alkaline Fuel Cell Highlights First-Half 2022 Milestones & Forecasts for the 2nd Half of 2022

Source: 6/20/2022, Location: North America

Alkaline Fuel Cell Power Corp., a diversified investment platform focused on producing affordable, renewable, and dependable energy assets and cleantech, is delighted to share our first-half 2022 achievements as well as our outlook for the rest of the year and beyond.

“In addition to ongoing success in the development of our alkaline fuel cell technology, AFCP is prudently diversifying into assets offering more immediate revenue potential to support its eventual transition to sales of alkaline fuel cells,” commented Frank Carnevale, Chief Executive Officer. “I’m pleased to announce that AFCP is advancing its acquisitions, investments and scaling of our energy asset business activities over the second half of 2022.”

Highlights for the First Half of 2022

Through the first six months of 2022, the Company successfully announced and achieved the following milestones:
- Acquired AI Renewable’s CHP (combined heat and power) business, originally announced on March 4 and closed on April 22, gaining a pipeline of potential projects including an estimated $50 million of additional CHP systems that can be brought into commercial operation over the next 24-36 months, which has the potential to generate gross revenue up to ~$16.6 million, potential EBITDA up to ~$7.7 million and potential net income up to ~$1.6 million, should all potential CHP systems be brought into commercial operations;
- Listed the Company’s shares on the OTCQB March 28th under the ticker “ALKFF”;
- Appointed new CEO, Frank Carnevale, effective May 10th to drive our global growth in energy transformation;
- Achieved the first key milestone in the development of our hydrogen fuel cell, announced on May 19th, with the successful creation of a functioning, bench test, single stack and system operation at working temperature, which supports AFCP’s drive towards commercializing a 4kW Micro-CHP system;
- Rebranded AI Renewable’s CHP business to PWWR Flow Streams (“PWWR Flow”) and unveiled a complementary new corporate tag line, “PWWR to the People” on June 8th in keeping with the notion of providing power directly to customers on their sites, and aligned with our belief that the energy transition to a zero carbon economy must empower the masses to take control of their energy needs: PWWR to the People; and Appointed Carmine Marcello as Advisor on June 16, bringing expertise as the former President and CEO of Hydro One Inc., one of Canada’s largest electric transmission and distribution utilities with a market cap of over $20 billion and over $23 billion in assets.

Diversification and Strength in Focus for Second Half of 2022 and Beyond
For the balance of 2022 and over the longer-term, AFCP has identified numerous targets and goals we are striving to realize across multiple lines of our business. In addition to enhancing our stable revenue stream, we are focused on 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.

Outlined below are a few of our objectives:

Corporate Initiatives
- Enhance financial flexibility by exploring opportunities to leverage the use of flow-through shares to minimize AFCP’s equity requirements for ongoing development and advancement of CHP projects;
- Identify, nurture and execute on strategic acquisitions of additional attractive energy assets, earnings-positive service companies in the power and energy space, and/or synergistic clean technology assets or companies; and
- Source and secure working capital for acquisitions and growth capital, as may be required.

Ongoing Growth of PWWR Flow Streams
- Expand the Company’s asset installation base leveraging our ongoing revenue and earnings generated through PWWR Flow as we continue to develop the $50 million worth of PWWR Flow projects in our pipeline over the next two years.

Continue to Progress Commercialization of Fuel Cell Power NV
- Achieve next critical milestone on the path to achieving a fully functioning 4kW fuel cell system within a laboratory configuration;
- Further accelerate and ramp up efforts to bring fuel cells to market, globally;
- Develop and implement strategies to establish large-scale and cost-effective fuel cell manufacturing capabilities; and
- Secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.

Studies indicate that North America’s CHP industry is projected to reach over US$800 million, propelled by favorable regulatory policies toward net energy metering, combined with rising demand for captive power generation and growing consumer inclination toward sustainable energy.

Increasing concerns about GHG emissions coupled with improved efficiency, reliability and safety across cogeneration units are expected to further propel product adoption1. Globally, the CHP market is expected to grow from an estimated US$26.6 billion in 2021 to US$35.2 billion by 2026, at a CAGR of 5.8%.2 The combination of these macro factors represents a supportive environment for AFCP to continue deploying our PWWR Flow systems to customers across North America, which provides a stable revenue stream while we continue to develop our advanced hydrogen fuel cell technology and bring ‘PWWR to the People’.

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