... for Homes and Small Buildings, and Management Update

TORONTO, Jan. 19, 2023 (GLOBE NEWSWIRE) -- 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 its wholly owned Belgium subsidiary, Fuel Cell Power NV (“ FCP NV ”), has launched the prototype of its micro-combined heat and power (“ CHP ”) fuel cell, named Jupiter 1.0 .

“Alkaline Fuel Cell Power is proud to present the prototype of our fuel cell system for homes and small buildings - Jupiter 1.0,” stated Frank Carnevale, Chief Executive Officer of PWWR. “The Jupiter 1.0 prototype will be piloted with select strategic partners to demonstrate the advantages of delivering green hydrogen to homes and small buildings, globally. We thank staff for their dedication and effort to complete this important milestone on time.”

Jupiter 1.0

The planet Jupiter is made up of roughly 90% hydrogen, and similarly, this PWWR fuel cell converts hydrogen to heat and electricity at approximately 90% efficiency. Jupiter 1.0 is built to supply power during peak demand periods and serves as a back-up when required for homes and small buildings.

Jupiter 1.0 has successfully demonstrated its capabilities by powering several appliances and providing hot water within the Company’s Belgian facility. At capacity, Jupiter 1.0 is expected to deliver approximately 7kW for the first hour of use, with a 4kW electrical output afterward representing approximately 3.2 kWh equivalent in heating output. The use of internal batteries enables Jupiter 1.0 to deliver higher peak power when called upon in the first hour of use. Over the coming months, additional enhancements will be made to the system prior to submission for CE-certification (a regulatory standard that verifies certain products are safe for sale and use in the European Economic Area) and prior to pilot projects.

PWWR has been working to optimize innovation for hydrogen-powered fuel cells that operate in an alkaline environment, which offer meaningful cost benefits. Such technology, and therefore Jupiter 1.0, requires fewer components compared to conventional fuel cells and also eliminates the need for expensive, precious metals such as platinum which have traditionally been required in the electrodes. PWWR’s systems will therefore be more cost-effective to build and offer a competitive advantage over existing fuel cells. Jupiter 1.0 is currently stationed in the FCP NV plant in Belgium.

Pilot Projects

As announced on September 20, 2022 and November 22, 2022 , PWWR is in the process of negotiating two pilot projects which will demonstrate the mutual technologies and business cases with the use of hydrogen extraction from natural gas pipelines, and the use of ammonia converted to hydrogen as a back-up power solution for remote sites. PWWR, in coordination with its partners, continues to narrow down sites for these pilots, and will provide ongoing updates as developments are confirmed.

Management Update

With the launch of Jupiter 1.0, PWWR moves into a more strategic focus on the completion of prototypes for CE-certification and deployment in pilot projects. Jo Verstappen, Managing Director of FCP NV has resigned in his role. The Company offers its gratitude and appreciation for his guidance to launch the prototype. Frank Carnevale, Chief Executive Officer of Alkaline Fuel Cell Power Corp, has assumed management of FCP NV, and is actively reviewing and developing the commercialization strategies and tactics to bring Jupiter 1.0 and fuel cell generator to markets, globally.

ABOUT ALKALINE FUEL CELL POWER CORP.

The Company 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.

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

The Company 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
Alkaline Fuel Cell Power Corp
+1 (647) 531- 8264
[email protected]
www.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, expectations and intended use of CHP system, Juniper 1.0; efficiencies of the CHP system; the ability to successfully bring the CHP system to market; future pilot projects of the Company and future strategic initiatives and plans of the Company and FCP NV.

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.

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