TORONTO, Oct. 11, 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 the launch of a new corporate video series designed to help raise both consumer and investor awareness about the Company’s hydrogen fuel cells, which are expected to be highly cost-competitive relative to existing power alternatives in North America and Europe.
Numerous factors underscore the need for hydrogen fuel cells as an alternative for consumers, including energy costs that continue to rise with no end in sight; a lack of consumer advocacy around affordable energy supply; and the fact that hydrogen represents a critical component in meeting carbon neutral commitments. AFCP is actively advancing solutions to these issues, including piloting the delivery of hydrogen through natural gas pipelines for customers and building out near-term revenue opportunities that supplement progress on AFCP’s fuel cell business for tomorrow.
“Within the current environment which sees consumers facing dramatic increases in energy costs, AFCP is launching an awareness program that highlights how cost-effective our fuel cells are expected to be compared to the current alternative, driven by expectations that green hydrogen costs could be as low as $1 per kg by 2031,” stated Frank Carnevale, Chief Executive Officer of Alkaline Fuel Cell Power Corp. “To showcase the advantages of AFCP’s fuel cell technology, we’re using short videos as part of our business communications plan to increase the scale of our audience by nearly 9.5x. We are truly delivering ‘Power to the People’ by looking out for consumers and enabling them to manage spending in their daily lives and in the delivery of cost-competitive power.”
Affordable Green Hydrogen Supports Carbon Neutrality
Green hydrogen production technologies are seeing a renewed wave of interest propelling advancements in hydrogen production away from fossil fuel sources. Green hydrogen is produced through electrolysis, a process that splits water into hydrogen and oxygen. As industry continues to develop lower cost and higher capacity electrolyzers, the cost to produce clean hydrogen can achieve $1 per kg by 2031i according to US Department of Energy. Further supporting green hydrogen development are forecasts by organizations such as Global Markets Insight Inc. that indicate the green hydrogen market could reach a valuation of USD 119 billion by 2030.ii
Low-Cost Power from Alkaline Fuel Cell Technology
In March 2022 in the United States, the average cost of natural gas delivered to residential customers was USD ~$0.046 per kWhiii. Almost half of the calculation is for the supplyiv. Assuming that green hydrogen production achieves USD $1 per kg by 2031, the equivalent cost of hydrogen would be USD ~$0.06 per kWh (1kg of hydrogen has an energy equivalency of ~33kWh). While the economics for hydrogen are in-line with the current costs to compress and deliver natural gas to customers, since hydrogen is not a fossil fuel source, it is significantly cleaner. With no carbon emissions, green hydrogen is on pace to be more cost-effective than its natural gas and grid alternatives for back-up and to meet peak power demands.
On September 20, 2022, the Company announced a pilot project with an entity developing a hydrogen separator technology, designed to demonstrate the potential of each company’s respective technologies to deliver hydrogen through natural gas pipelines. The Company will continue to advance multiple solutions aimed at delivering hydrogen to customers more quickly and efficiently. Over the coming quarters, AFCP will provide further insights into the expected pricing of its fuel cell units and the levelized operating costs.
Significant Escalation in Electricity Pricing
Today, Toronto Hydro residential rate payers pay up to, and sometimes over, $0.20 per kWh all-in, for a range of power requirements throughout the day. With anticipated electricity price increases, customers could be paying over $0.30 per kWh by 2030. In a report submitted to the City of Toronto’s executive committee, Toronto Hydro has stated it will cost up to $10 billion to build the expanded electricity distribution network needed to get to net zero emissions by 2050. According to the report, meeting that capital investment could result in annual rate increases of eight to nine per cent for Toronto Hydro’s residential customers, from 2025 to 2029. Between 2030 to 2034, rates could increase by five to six per cent a year, on average.v
Such challenges are not limited to North America. Electricity rates in Europe are dramatically increasing from their previous highs realized in 2020, as shown in figure 1 below, due to limited availability of natural gas caused by the war in Ukraine and Europe’s goals related to the energy transition.
Figure 1- Electricity prices in Europe 2020 from highest to lowest
The power from AFCP’s fuel cell units is being designed to meet the demand for back-up and peaking power requirements. This source of power would be affordable, renewable and reliable compared to existing options.
Corporate Video Series
See how AFCP is truly bringing ‘Power to the People’ #PWWRtothePeople with the first three videos in its ongoing series:
1. Going Way Up
2. Affordable, Renewable, Reliable
3. Meeting Carbon Neutral Commitments
The corporate videos may be found on the Company website and YouTube channels. The Company will roll out a comprehensive social media campaign over the coming weeks and months to increase investor awareness, as AFCP gets closer to the demonstration of its 4 kW Fuel Cell combined heat and power (“CHP”) units.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
AFCP 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.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams (“PWWR Flow”), an AFCP 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.
AFCP 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 us on: LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO Exchange (“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
+1 (647) 531-8264
fcarnevale@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 Warrant Amendments and timelines associated therewith, the Option Amendments and timelines associated therewith, the Special Meeting, statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.
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.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Photos accompanying this announcement are available at
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i ANALYSIS | US unveils draft national clean hydrogen strategy and roadmap — with three key priorities | Recharge (rechargenews.com)
ii Green Hydrogen Market to value USD 119 Billion by 2030: Global Market Insights Inc. (yahoo.com)
iii Natural gas prices around the world, March 2022 | GlobalPetrolPrices.com
iv What Makes Up the Price of Gas | Business Juice Energy
v Hydro rate hikes, widespread toll roads, free transit part of Toronto’s ‘aggressive’ plan for fighting climate change | The Star
