Alkaline Fuel Cell Power Corp. Executes Letter of Intent with Progressus Clean Technologies Inc. for Industry-Leading Clean Hydrogen Joint Venture Pilot
TORONTO, Sept. 20, 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 execution of a letter of intent (“LOI”) with Progressus Clean Technologies Inc. (“Progressus”) executed on September 12, 2022, to complete a joint venture (“JV”) pilot project that aims to provide a solution for natural gas utilities to directly power both residential and commercial businesses. Progressus is a venture-stage green technology company developing solutions for hydrogen generation and separation, which are complementary to AFCP’s fuel cell technologies. The JV is intended to provide proof of concept for each company’s technologies and assess the ability to combine various Progressus technologies with AFCP fuel cells to serve residential and small building customers across North America.
Figure 1- Channce Fuller, President and CEO of Progressus and Frank Carnevale, CEO of Alkaline Fuel Cell Power Corp. shake hands upon finalizing the LOI.
“Alkaline Fuel Cell Power is pleased to be working with the talented team at Progressus to combine our respective technologies and accelerate the ability for utility companies to utilize natural gas pipelines for the distribution of hydrogen for residential and commercial customers, more immediately,” said Frank Carnevale, Chief Executive Officer of AFCP. “This JV pilot project is a key milestone in our goal of making zero emission fuel cells widely available, handing ‘power to the people’ so that individuals can both save on energy costs while positively contributing to global emission reduction targets.”
“The missions and combined vision of AFCP and Progressus are very complementary to one another. By leveraging the strengths of both organizations, we can more efficiently and effectively solve the growing need for innovative hydrogen solutions. The proposed JV pilot project with AFCP is an active step towards progressing hydrogen innovation and combining the suite of technologies that will ultimately be needed for global hydrogen solutions in the future.” said Channce Fuller, Chief Executive Officer of Progressus.
Summary of the JV
To reduce the CO2 emissions around the world, gas distribution companies and municipalities are setting-up projects to inject hydrogen into the local gas distribution grid. This gas mixture generally aims to contain up to 20% hydrogen and its use is targeted for residential and commercial buildings.
AFCP and Progressus will work together to execute a JV pilot project utilizing technologies from each company to provide in-field proof-of-concept, generate operational data that can inform continued development and market opportunities, and establish a platform to support future potential growth and additional partnerships. The exact location of the JV pilot project remains under consideration but initially, North America will be the focus with secondary priority given to potential future pilots in Europe.
Progressus technologies enable the extraction of dilute hydrogen from gas streams, a critical component as utility companies globally increasingly strive to inject hydrogen into natural gas streams. Progressus represents a solution that can extract the hydrogen at high efficiencies, complementing AFCP’s low-cost combined heat and power (“CHP”) alkaline fuel cell and generator development.
The JV pilot project is designed to use the Progressus hydrogen separation technology to efficiently extract hydrogen at high purities from the existing natural gas grid, and then convert the purified hydrogen using either AFCP’s 4 kW Micro-CHP or 4 kW generator to produce electricity, and potentially heat. This project could be put to immediate use in a residential home or commercial building, providing truly zero-emission power. AFCP has already identified interest from natural gas and electric utilities and municipalities to pilot the concept.
By accelerating the distribution of hydrogen through natural gas transportation networks, particularly in North America, sales of AFCP’s alkaline fuel cell CHP units and generator systems could be rapidly scaled. Combining AFCP’s and Progressus’ technologies offers an ideal potential solution to support the generation of low carbon energy that contributes to the world’s clean energy transition.
Figure 2- AFCP’s conceptual designs for the 4 kW Micro-CHP and 10 kW Fuel Cell Generator systems
Background to the JV
The energy sectr currently contributes approximately three-quarters of global greenhouse gas emissions and is therefore simultaneously capable of averting the worst effects of climate change1. To reduce CO2 emissions, gas distribution companies and municipalities are advancing projects that facilitate the injection of hydrogen into the local gas distribution grid as a cleaner energy source.
In the last two years alone, more than two dozen hydrogen injection projects have been announced in the U.S., with additional commitments outlined in early 20222. With the passing of the Inflation Reduction Act (IRA), there is massive momentum building for additional investment in clean hydrogen solutions. Beyond the U.S., the largest global gas utilities (including SoCalGas, Enbridge, ATCO Gas, Snam SpA, Enagas S.A., and Open Grid Europe, to name a few) are all actively working on projects to inject hydrogen into their natural gas grids3.
The proposed pilot project would initially cover one extraction system linked to one 4 kW Micro-CHP or generator system, with expansion to a larger scale in future pilots designed to provide clean hydrogen and power for multiple residential users or commercial applications.
As the Company disclosed on August 26, 2002, AFCP is expecting to have six prototype fuel cells to utilize within pilots, globally.
Outlook for Second Half of 2022
On June 20, 2002, the Company provided an outlook for the balance of 2022 and over the longer-term. As an example, the Company indicated that it will further accelerate and ramp up efforts to bring fuel cells to market, globally. The Company also indicated that it will look to secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.
With this announcement, AFCP is pleased to continue to meet its outlook objectives for the second half of 2022.
ABOUT PROGRESSUS CLEAN TECHNOLOGIES
Progress Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.
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.
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 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:
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 may include, but are not limited to, 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.