Alkaline Fuel Cell Power Corp. Announces Significant Milestone Achievement, Launch Event for Alkaline Fuel Cell System Prototype on January 11, 2023 and Management Update

TORONTO, Nov. 29, 2022 (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 Belgium subsidiary, Fuel Cell Power NV (“FCP NV”), has achieved a significant milestone in the development of its alkaline fuel cell system, will be hosting a launch event on 11th January, 2023 in Geel, Belgium, and has transitioned the Company’s Chief Operating Officer to Managing Director of FCP NV to complete the development and commercialization of its fuel cells.

“Alkaline Fuel Cell Power is proud to announce the unveiling of the prototype of our much-anticipated alkaline fuel cell system,” commented Frank Carnevale, Chief Executive Officer of PWWR. “We are now transitioning to the commercialization phase, and recent pilot announcements demonstrate our abilities to speed up growth in markets for our fuel cells. I’m also excited that Mr. Jo Verstappen, my COO, has transitioned to Managing Director of our fuel cell business to deliver our fuel cells, globally.”

On November 17, 2022, the Company shared a Save the Date notice with a number of key stakeholders in Europe and North America, including investors and industry thought leaders, to attend the upcoming event. During the launch event, PWWR will unveil the fuel cell name, highlight the full functionality of the prototype system and provide a demonstration of its capabilities as a safe, renewable and reliable solution for power generation for both residential and commercial buildings. The discussion will also address how the system has utility for off-grid and peak power applications.

Figure 1- PWWR’s Save the Date sent out to investors and industry peers on November 17, 2022

Innovation of the Alkaline Fuel Cell System

A fuel cell is a clean electrical power conversion/generation system, akin to small power stations that provide electricity and an equivalent amount of heat for various purposes. PWWR has been working to optimize innovation for hydrogen-powered fuel cells that operate in an alkaline environment. As a result, this technology 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. These systems will therefore be more cost-effective to build and offers a competitive advantage over existing systems.

PWWR’s planned commercialized units include the micro-combined heat and power (“micro-CHP”) assets, and the off-grid and back-up power generators (“fuel cell generators”) systems. PWWR’s prototype launch of this 4kW alkaline fuel cell unit marks an important milestone for the continued success of the Company and brings PWWR closer to offering its cleantech solutions to a global market.

Management Update

The Company also announces that as FCP NV focuses more on commercialization, and effective November 1, 2022, Mr. Jo Verstappen has transitioned from the role of Chief Operating Officer of PWWR to the Managing Director of its Belgium-based subsidiary, FCP NV, full-time. With his experience in production methodology, operations management, and business development for new products, Mr. Verstappen can remain focused on driving FCP NV’s success with the development and commercialization of its fuel cell generator and micro-CHP systems. Given the ongoing expansion of PWWR’s assets and divisions, having Mr. Verstappen as Managing Director of FCP NV provides an optimal structure and positions the Company with a meaningful presence in the European hydrogen market. Additional announcements are imminent.

Achieving Second Half 2022 Target and Goals

As per PWWR’s June 20, 2002 announcement, the Company set out a number of second half and beyond targets and goals, and PWWR is pleased to achieve another milestone in the development of fuel cells with the unveiling of the micro-CHP fuel cell system prototype on January 11, 2023, in Belgium.

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, the topics for discussion at the upcoming event, , the technology and innovations relating to the Alkaline Fuel Cell System, the commercialization of micro-CHP and fuel cell generators, including PWWR’s prototype launch of this 4kW alkaline fuel cell unit, expected results relating to PWWR’s technology and proposed products.

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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