TORONTO, Oct. 24, 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 the Canadian Hydrogen and Fuel Cell Association (“CHFCA”), a national industry association focused on advancing the use of clean hydrogen and fuel cell technologies, has elected AFCP’s CEO, Frank Carnevale, to its Board of Directors, effective October 13, 2022. AFCP joined the CHFCA as a Small Business Member in August of 2022.

Comprised of industry, academia, research agencies and other stakeholders, CHFCA’s goal is to champion the Canadian hydrogen and fuel cell sector as one of many solutions designed to help tackle the world’s most critical energy challenges. In addition, CHFCA focuses on arming businesses, investors, media, the general public and other stakeholders with fulsome knowledge about the opportunity and potential for hydrogen and fuel cells to play a key role in the energy transition. The position and mandate of CHFCA are well aligned with AFCP’s own mission to bring ‘PWWR to the People’ through our combined heat and power (“CHP”) technology that offers reduced emissions with improved energy efficiency, while also simultaneously developing hydrogen-powered micro-combined heat and power (“micro-CHP”) systems along with off-grid and back-up power generators featuring zero CO2 emissions to help meet global net-zero targets.

The CHFCA’s Board of Directors plays an active role in providing its management with valued oversight as well as overseeing its financial and governance policies. In addition to his experience serving as AFCP’s CEO, Mr. Carnevale brings extensive experience with managing investments in cleantech and PropTech platforms, including originating over $2.5 billion in transactions in energy and utilities sectors. Taking on this position with the nationally recognized and widely respected CHFCA serves to further elevate AFCP’s position as a thought leader within the hydrogen and fuel cell sector.

“I am very excited to have the opportunity to contribute to the CHFCA’s esteemed Board of Directors, and be a positive driver of change in the energy space,” says Frank Carnevale, Chief Executive Officer of Alkaline Fuel Cell Power Corp. “I intend to use this opportunity to assist educating key stakeholders on the benefits of hydrogen and the use of stationary fuel cells for residential and small building applications. The energy transition is a necessary evolution to achieve the international target of net-zero by 2050, and ensuring that small energy customers have the best opportunities to have affordable, renewable and reliable power, is a critical component of success for customers and AFCP.”

About the Canadian Hydrogen and Fuel Cell Association (CHFCA)
The Canadian Hydrogen and Fuel Cell Association (CHFCA) is a national association that supports industry, academia, government agencies, financial organizations and other stakeholders focused on hydrogen and fuel cell technologies and products. As the collective voice of Canada’s world-leading hydrogen and fuel cell sector, the CHFCA’s mission is to strengthen Canadian leadership, raise awareness of the benefits of the technology, and accelerate the adoption of its members’ products and services in Canada and abroad. The CHFCA currently has more than 170 members across Canada and regional branches in British Columbia, Quebec and Ontario. You can also follow CHFCA on Twitter at @PoweringNow or visit www.chfca.ca for more information.

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 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
+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.

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