Alkaline Fuel Cell Power Corp. Announces Collaboration with Prague-based University of Chemistry and Technology to Further Support Advancement of Next Generation Fuel Cell System
30 November 2021 - 01:00PM
Alkaline Fuel Cell Power Corp. (NEO: PWWR)
(Frankfurt: 77R, WKN: A3CTYF) ("
AFCP" or the
"
Company"), an organization commercializing
next-generation alkaline fuel cell heat and power systems for
residential, industrial and commercial markets worldwide, today
announces that it has entered into a formal collaboration agreement
with the University of Chemistry and Technology, Prague
(“
UCT Prague”), one of five Czech universities
which ranks within the top 4% of the world’s best universities
(2017)1. This strategic collaboration is an important milestone on
AFCP’s path to the future commercialization and distribution of its
innovative Generation 3.0 (Gen 3.0) fuel cell system that will
operate without generating GHG emissions.
UCT Prague Strategic
Collaboration
AFCP has secured a formal collaboration
agreement with UCT Prague whereby AFCP is able to utilize the
university’s state-of-the-art facilities in the Company’s ongoing
efforts to verify the functionality of electrodes comprised of
non-precious materials within its Gen 3.0 systems. As one of the
country’s largest educational and research institutions in the area
of chemical technologies, UCT Prague’s laboratories are equipped
with high-level spectral analysis capabilities as well as other
specialized equipment that AFCP would be unable to access without
such a relationship.
“Securing this collaboration with UCT Prague is
a critical milestone on the path to commercialization of our next
generation alkaline fuel cell system. It affords AFCP access to
unparalleled equipment, laboratory capabilities and technological
expertise that would be cost-prohibitive for us to procure as a
stand-alone entity,” said Jef Spaepen, CEO of AFCP. “The objective
with this collaboration is to reduce manufacturing costs in order
to reach a broad market. The University will provide us with the
equipment and expertise needed to obtain critical success in this
venture.”
Fuel cells offer a proven solution for
generating both heat and electricity, but traditionally have
required expensive precious metals such as platinum to comprise the
key components of the electrode, which becomes cost prohibitive for
mass production. AFCP’s Gen 3.0 technology is designed to overcome
this limitation and support broad adoption by both residential and
commercial customers globally. Put simply, a fuel cell consists of
two electrodes - a negative electrode (also called an anode) and a
positive electrode (also called a cathode) - which both encase an
electrolyte. When a fuel such as hydrogen is fed to the anode, and
air is fed to the cathode, a reaction occurs and electrons pass
through an external circuit that creates a flow of electricity. The
protons migrate through the electrolyte to the cathode, where they
combine with oxygen and the electrons, producing clean water and
heat.
Release of Hydrogen Europe’s “Clean
Hydrogen Monitor 2021” Report
Hydrogen Europe is an industry organization that
brings together diverse players including large companies and
small-to-medium enterprises, all of whom support the delivery of
hydrogen and fuel cell technologies. It supports the adoption of
very ambitious climate targets for 2030 and the objective of total
carbon neutrality by 2050. With the annual release of Hydrogen
Europe’s Clean Hydrogen Monitor, this year’s updated report
represents a baseline for both investment and political decisions.
In order for Europe to realize its future targets for the mass
scale production of hydrogen and the implementation of hydrogen
technologies as a sustainable GHG solution, the need for clean
hydrogen to become cost-competitive with conventional fuels is
paramount. AFCP is positioning itself to assist the EU in meeting
their ambitious climate targets as the Company’s Gen 3.0
hydrogen-powered alkaline fuel cell technology is targeted for
commercialization in 2024. There are few other alternative
prospects at this advanced stage of development that may deliver so
efficiently on this scale to displace a significant portion of
GHGs.
“The past year has seen ever-increasing momentum
for the hydrogen industry in Europe. From being viewed as an
innovative niche technology, hydrogen has become a key pillar in
the European Union’s (EU) energy and climate policy and is
recognised as a key enabler in the EU’s efforts to transition to a
climate-neutral society by 2050,” commented Jon André Løkke,
President of Hydrogen Europe in the Clean Hydrogen Monitor’s 2021
report. “We cannot achieve climate neutrality without hydrogen. As
an energy vector, hydrogen can unlock the full potential of
renewables, providing a means to flexibly transfer energy across
sectors, time, and place. Furthermore, with hydrogen, we can store
excess electricity generated from renewable power, thus providing
grid balancing or seasonal storage whilst making the overall energy
system of the future more efficient.”
About Alkaline Fuel Cell Power
Corp.
The Company is focused on the development and
production of micro-combined heat and power (“micro-CHP”) systems
based on alkaline fuel cell technology. A fuel cell is a clean
electrical power conversion/generation system, akin to small power
stations that provide electricity and an equivalent amount of heat
for various purposes. Based on hydrogen powered alkaline fuel cell
technology, our technology offers an energy source that generates
zero CO2 emissions with pure water as the only by-product, making
it ideally suited for residential and small- to medium-sized power
markets. We believe Fuel Cell Power is well positioned to become a
positive contributor to the global demand for clean energy,
particularly in Europe where demand outpaces supply, and current
technology remains inadequate to meet market needs. Further
information is available on our website at
https://www.fuelcellpower.com/ and on our SEDAR profile at
www.sedar.com. We encourage investors and other interested
stakeholders to follow us on LinkedIn, Twitter, Facebook and
Instagram. Our common shares are listed for trading on the NEO
Exchange (“NEO”) under the symbol “PWWR” and on the Frankfurt
Exchange under symbol 77R and WKN A3CTYF.
For further information, please
contact:
Gerard Sauer |
Cindy Gray |
Eugene Beukman |
Chairman of the Advisory Board |
Investor Relations |
Director |
+3214574648 |
+1 (403) 705-5076 |
+1 (604) 687-2038 |
info@fuelcellpower.com |
info@5qir.com |
info@fuelcellpower.com |
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