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

• University of Chemistry and Technology, Prague is a natural centre for high-quality instruction and research in the areas of technical chemistry, chemical and biochemical technologies, materials and chemical engineering
  
• Collaboration with Prague University provides access to leading-edge instrumentation and third-party engineering expertise needed for AFCP to confirm electrode function without the use of precious metals
• AFCP positioned to support Europe’s targeted net-zero carbon emissions by 2050 with hydrogen powered fuel cell system planned for release in 2024
  

VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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.

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Forward-Looking Information

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