Alkaline Fuel Cell Power Enters Into an Exclusive Sales and Marketing Agreement for Middle East
TORONTO, Feb. 16, 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 it has entered into an exclusive sales and marketing agreement with Viridian Hydrogen UAE (“Viridian”) to aid in the development and deployment of PWWR’s next generation hydrogen-powered fuel cells.
“PWWR is tremendously excited to gain access to the MENA region with such a well-respected partner with a proven track record in providing hydrogen opportunities in the Middle East,” stated Frank Carnevale, Chief Executive Officer of PWWR. “We are looking forward to launching the Jupiter 1.0 hydrogen-powered fuel cell in the UAE. As those pilots and strategic opportunities are being developed, PWWR will continue to utilize strategic partners to assist in the acceleration of the production and sales of PWWR’s Jupiter 1.0 and generator fuel cells, globally.”
“We are excited to welcome PWWR into the Viridian family of companies we represent. We are all well aware of the transformative power of hydrogen. Utilizing PWWR’s newly developed prototype of the micro-combined heat and power systems, and pending off -grid, back-up power generators, will be of tremendous value to our various connections across the region,” according to Mr. Saad Khan, Partner of Viridian Hydrogen UAE.
Building off the Company’s launch of the prototype of the Jupiter 1.0 hydrogen-powered fuel cell, Viridian will be able to work with a variety of companies and governmental agencies in the MENA (Middle East and North Africa) region to maximize the potential of one of the most cost-effective hydrogen-fuel cells developed. The key stakeholders in Viridian have extensive experience in renewable energy production in the Middle East that when coupled with their deep history in the region, will result in a great partnership for PWWR to enter into sales agreements, joint ventures and manufacturing agreements in order to monetize PWWR’s Jupiter 1.0 and future hydrogen-powered fuel cells.
PWWR will be joining the Viridian Hydrogen Advisory Council (“VHAC”) to capitalize on the variety of hydrogen focused projects that are being explored in partnership with numerous governments and Fortune500 companies as a result of Viridian’s participation in Expo2020 in Dubai.
The UAE is positioning itself on becoming a global leader in hydrogen production, distribution and utilization. With the help of both private and public partnerships the collaboration between PWWR and Viridian will aid in the UAE’s goal of becoming a hub for renewable development and production for the MENA region.
PWWR & Viridian are honored to continue to help build on the UAE’s Founding Father the late Sheikh Zayed Bin Sultan Al Nahyan’s visionary leadership to establish the pillars of success for the Arab Emirates.
ABOUT VIRIDIAN HYDROGEN, UAE
Viridian Hydrogen UAE has been retained to become the exclusive provider of integrated renewable solutions with a focus on the development of hydrogen in the United Arab Emirates and the greater MENA region.
Through a diverse network of local partners and advisors Viridian has positioned itself as the trusted resource for governments and multinational corporations wishing to implement their renewable strategies in the region.
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 PWWR 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:
Chief Executive Officer
+1 (647) 531-8264
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, which are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Alkaline Fuel Cell Power Corp. Some assumptions include, without limitation, the assumptions provided in this news release, the assumption that the results of the current gross operating income generating CHP unit will be duplicated for the potential projects in the pipeline; statements regarding the successful integration of the AI business into the Company’s business in a timely manner; management’s ability to secure potential projects in the pipeline; management’s ability to successfully develop the projects in the pipeline to generate operating income; management’s ability to transition the combined heat and power technology to a clean zero-emission hydrogen powered energy solution; the global addressable market for zero-emission hydrogen powered energy production units; the effectiveness and timelines to deploy management’s business strategy; the renewable energies sector and the Company’s future plans. 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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