TORONTO, March 15, 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 the Company has entered into a non-binding letter of intent (the “LOI”) with Koben Systems Inc. (“Koben”), a licensed distributor of GENIUS, the only hybrid solid state energy enterprise breaker panel. The LOI summarizes the intentions of the Company and Koben to enter into a Joint Venture (“JV”) for the integration of the GENIUS Energy Hub with PWWR’s fuel cell (the “Pilot”).
“The integration of this GENIUS Energy Hub breaker panel would enable PWWR fuel cell systems to automatically shift any/all power resources based on time, price, and availability, thus allow PWWR fuel cell systems to function as the quarterback for all on-site power sources,” stated Frank Carnevale, Chief Executive Officer of PWWR. “This pilot is about improving the value proposition to customers in delivering Power to the People, and the use of AI would add another win for consumers.”
“This decade kicked off the adoption of clean energy and the need to electrify everything to accelerate emission reduction within our built environment. We are pleased to align with Alkaline Fuel Cell Corp. to advance our vision to bring innovation to the energy and the prop-tech industry,” stated Vic Burconak, Chief Executive Officer of Koben. “We see this collaboration between Alkaline Fuel Cell Power Corp. and GENIUS Energy Hub as a mission critical step in making energy consumers aware of their energy use and providing user specific control with AI.”
Figure 1 - image of GENIUS Energy Hub
Figure 2 - image of PWWR Jupiter 1.0 prototype, 4 kW CHP
Joint Venture Details
PWWR and Koben will seek to integrate GENIUS Energy Hub with Jupiter 1.0 or 4 kW fuel cell generator at a customer’s site to provide power for back-up, peaking and/or Demand Energy Resources (“DER”) circumstances. The scope of work will be defined in the definitive agreement relating to the JV. There are several items required to execute the JV, including:
- Identify a mutually agreeable pilot project site;
- Integrate the GENIUS Energy Hug with Jupiter 1.0 and/or a 4 kW fuel cell generator at the customer's site, thus providing proof-of-concept in a business case;
- Assess the business case to determine configuration options; and
- Assess potential strategic relationships beyond the pilot.
PWWR has identified several potential pilot project sites. Koben and PWWR expect to negotiate and execute the JV within 90 days from execution date of LOI, unless extended by the parties.
2023 Priorities
As per the Mach 6, 2023 announcement of list of 2023 priorities, PWWR is intending to use this Pilot towards demonstrating the enhanced value to customers and potential partners and distributors, thus aimed to deliver nearer term sales quicker.
PWWR has access to $5 million in debt financing (the “Financing”), and intends to support costs in strategic fuel cell Pilots.
About Koben Systems Inc.
Koben is a licensed distributor of GENIUS, one of the most advanced energy enterprise system hybrid solid state breaker panels. Its hybrid solid state electrical panel is designed to replace the ubiquitous 100-year-old mechanical breaker box. GENIUS automatically shifts any attached energy resource based on time, price, and availability. Its bidirectional feature means the property can function independently, or with the community grid. GENIUS can be networked across all properties and communities, cities, and countries, conforming to any regulatory format anywhere in the world.
GENIUS Energy Hub is hybrid solid state technology that enables agnostic integration of multiple energy resources at the same time. GENIUS offers various configurations for integration from on-grid net metering, off-grid, whole home back-up, back-up for single phase loads or any combination thereof. Today’s mechanical system integrations have many components resulting in excessive costs for materials and installation. Integrating with GENIUS reduces multiple components to allow for seamless and simple orchestration of energy resources that can be controlled from a unified platform called GENIUS Q.
GENIUS Energy Hub is one of the most advanced breaker panel technologies that optimizes energy usage in the built environment known as prop-tech. GENIUS removes the barrier to decarbonization of properties – reducing carbon emissions in Koben’s quest to improve our Carbon constrained world.
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 AFCP brand in Canada.
- Fuel Cell Power NV is focused on the development, production and commercialization of Jupiter 1.0, 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 has launched the Jupiter 1.0 prototype, and working through pilots in 2023.
- 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.
PWWR 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 JV and the terms associated therewith, the JV and timelines associated therewith, the expected benefits arising from the JV and the Pilot for both PWWR and Koben, statements with respect to the Company’s and Koben’s the Genius technology, the Financing and intended use of proceeds from the Financing, 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.
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