REPEAT -- Alkaline Fuel Cell Power Advances $2.2 Million CHP Capital Project for Toronto Condo Featuring 25 Years of Expected Revenue Generation

TORONTO, Aug. 16, 2022 (GLOBE NEWSWIRE) -- 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 PWWR Flow, the combined heat and power (“CHP”) brand of the Company, is advancing a CHP project of approximately $2.2 million in capital for a condominium in mid-town Toronto, Canada (the “CHP Project”). The CHP Project is expected to generate more than $16 million in total revenue for PWWR Flow over a 25-year Energy Service Agreement (“ESA”) timeframe.

”Our PWWR Flow brand is positioned to deliver more immediate revenue and contribute to earnings for AFCP as a complement to our longer-term, hydrogen-powered alkaline fuel cells”, commented Frank Carnevale, CEO. “We are actively moving through our $50 million sales pipeline of CHP projects, and we have already begun discussions to grow beyond it.”

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9e37fddf-d43f-43ca ...

PWWR Flow Mid-town Toronto CHP Project

As outlined within the PWWR Flow acquisition closing press release dated April 22, 2022, the Company has officially notified the applicable Condo Corporation (“Condo Corp”) that PWWR Flow is moving ahead with development of the estimated $2.2 million CHP Project, targeting a July 2023 Commercial Operation Date. The ESA was signed with the Condo Corp on April 21, 2021. The CHP Project would produce electricity and heat on a 24/7 basis for the baseload of the condominium.  The electricity produced will be sold to the Condo Corp at up to 20 percent discount to the market price that the Condo Corp would otherwise pay to their local electricity distribution company, which brings them significant savings. The heat produced will be sold at the price equivalent to the condominium’s current heating cost. It is a high-efficiency CHP system with estimated annual efficiency of approximately 75 percent. 

AFCP is immediately commencing the connection impact assessment study, required to connect in Toronto Hydro service territory, as well as the final engineering design. The Company expects to order the CHP engine in Q4 of 2022, and the Company does not anticipate any supply chain issues with delivery.

Financial Update

As reported in the Company’s Q2 Financials on August 12, 2022, AFCP had approximately $3.1 million in cash at quarter end. To supplement this cash balance, the Company anticipates securing project debt on CHP systems, AI 2191 Yonge Ltd., and this latest project, by Q4 2022. In the interim, AFCP will continue to allocate its current cash toward further projects development.