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

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 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.

_____________________________1 https://study.vscht.cz/about

 

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