Alkaline Fuel Cell Power Corp. Announces the Closing of New Credit Facilities and Update on the Previously Announced Private Placement

TORONTO, Feb. 02, 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 it has entered into a credit agreement (the “Credit Agreement”) with Juno Financial Group Corporation (“Juno”) for a fixed rate loan to the Company for a gross amount of approximately CAD $800,000 (the “Loan”). The entire Loan amount will be provided to the Company immediately and is expected to be used for general corporate purposes.

“We are pleased to be working with Juno with their cleantech experience, and we saw the loan as a more immediate opportunity to fund our current needs, thus postponing our private placement,” stated Frank Carnevale, Chief Executive Officer.”

The Loan is repayable in full on February 1, 2028 (the “Maturity Date”) and the Loan’s principal amount carries an interest rate of 9.51% per annum, calculated daily, compounded monthly and payable monthly in arrears up to and including the Maturity Date. Juno and the Company have agreed on an amortization schedule for repayment of the Loan based on a term of 60 months.

As continuing collateral security for the obligations of the Company under the Credit Agreement, the Company is required to collateralize certain assets of the Company. These include the CHP assets held by the Company.

The Company also announces that it did not proceed with the closing of the private placement previously announced on December 16, 2022.

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 PWWR 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.