TORONTO, Aug. 12, 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 today that the Company has filed its financial and operating results for the three and six month periods ended June 30, 2022. Select financial and operational information is outlined below and should be read in concert with AFCP’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the second quarter and first half 2022, available on SEDAR at www.sedar.com and on AFCP’s website at www.fuelcellpower.com.
”AFCP is diversifying its investments into more immediate revenue generating investments such as its CHP assets, and improving its ability to bring its fuel cells to market, quicker,” commented Frank Carnevale, Chief Executive Officer. “Investors want a more de-risked investment platform, and we’re on our way to delivering.”
Q2 2022 Financial Highlights
AFCP realized significant progress and advancements during the second quarter of 2022, including the following highlights:
- ~5% increase in Total Assets of over first two quarters of 2022 from $8.968 million to $9.413 million;
- Achieved a 71% reduction in year-over-year quarterly operating expenses compared to Q2 2021, positioning AFCP to benefit from a much lower monthly cash burn rate;
- Recorded a significantly lower net loss of $1.4 million in Q2 2022 compared to a net loss of $5.0 million during the same period in 2021, primarily due to a decrease in stock-based compensation with partial offsets attributable to increased activities during 2022;
- Initial preliminary revenue generation of $46.5 thousand from the partial quarter from the PWRR Flow business and the corresponding ~$1 million in equipment value from operating entity; and
- Exited the quarter with working capital of $2.2 million and cash on hand of $3.1 million compared to working capital of $6.1 million and cash on hand of $5.9 million at December 31, 2021.
As reported on June 20, 2022, the Company provided an outlook for the for balance of 2022 and over the longer-term. The Company will continue to update on the success over the coming months. Outlined below are a few of the objectives:
- Enhance financial flexibility by exploring opportunities to leverage the use of flow-through shares to minimize AFCP’s equity requirements for ongoing development and advancement of CHP projects;
- Identify, nurture and execute on strategic acquisitions of additional attractive energy assets, earnings-positive service companies in the power and energy space, and/or synergistic clean technology assets or companies; and
- Source and secure working capital for acquisitions and growth capital, as may be required.
Ongoing Growth of PWWR Flow Streams
- Expand the Company’s asset installation base leveraging our ongoing revenue and earnings generated through PWWR Flow as we continue to develop the $50 million worth of PWWR Flow projects in our pipeline over the next two years.
Continue to Progress Commercialization of Fuel Cell Power NV
- Achieve next critical milestone on the path to achieving a fully functioning 4kW fuel cell system within a laboratory configuration;
- Further accelerate and ramp up efforts to bring fuel cells to market, globally;
- Develop and implement strategies to establish large-scale and cost-effective fuel cell manufacturing capabilities; and
- Secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.
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.
- Fuel Cell Power NV is focused on the development, production and commercialization of micro-combined heat and power (“micro-CHP”) systems based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
- 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.
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:
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:
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.
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