AmmPower Corp. Announces Letter of Intent for Joint Venture with Alkaline Fuel Cell Power Corp. for Fuel Cell Generator Pilot Using Green Ammonia

TORONTO, ON / ACCESSWIRE / November 22, 2022 / (CSE:AMMP, OTCQB:AMMPF, FSE:601A) / AmmPower Corp. (the "Company" or "AmmPower") is pleased to announce that on November 3^rd, 2022, the Company executed a non-binding letter of intent (the "LOI") with Alkaline Fuel Cell Power Corp. ("PWWR"), a company developing affordable, renewable, and reliable energy assets and cleantech. The LOI summarizes the intentions of the Company and PWWR entering into a joint venture (the "JV") for the development of a pilot project testing PWWR's off-grid fuel cell generator and AmmPower's ammonia cracking technology (the "Pilot").

"Given North America is years away from being able to deliver free-flowing hydrogen to customers, PWWR is doing everything we can to demonstrate more immediate alternatives designed to accelerate the sale of fuel cells to business and home owners," commented Frank Carnevale, CEO of PWWR. "This is why I am so excited to partner with AmmPower as we aim to successfully demonstrate that green ammonia is an energy carrier that can bring clean 'Power to the People' today. The AmmPower technology is converting green ammonia back into hydrogen and when combined with PWWR's robust alkaline fuel cell technology, represents a great potential solution to deliver affordable, renewable and reliable electricity to customers who deserve better options than what exists today."

AmmPower's CEO, Dr. Gary Benninger, states, "AmmPower is pleased to enter in a Joint Venture with PWWR to take advantage of the numerous opportunities in the alternative energy space. The AmmPower team has leading cracking technology that complements PWWR fuel cell innovations, and we look forward to working with the PWWR team on solving the world's energy needs."

Joint Venture Details

AmmPower is focused on developing technology to convert green ammonia into green hydrogen, a process called ammonia "cracking". With this cracking technology, hydrogen can be safely stored and transported around the world as ammonia, and upon arrival at its destination, be converted back into hydrogen for a cleaner and more efficient end-use. PWWR is developing low-cost hydrogen fuel cell systems for global markets, which can convert hydrogen into electricity with zero CO₂ emissions.