Alkaline Fuel Cell Power updated investors on the development of its low-cost fuel cell technology, including a conceptual image of its recently announced 10-kW fuel cell generator, timing for deployment of six fuel cell units for pilot projects globally, and update of the company’s webpage and investor presentation.

“AFCP is looking forward to deploying its four additional CE-certified low-cost fuel cell generator prototype units in 2024 and 2025, on top of the two 4kW combined heat and power (CHP) prototypes that were already scheduled for the end of 2023,” said Frank Carnevale, Chief Executive Officer. “Since our technology does not require precious metals, costs are substantially lower relative to other fuel cells in the market and is driving excitement within AFCP about bringing our line of fuel cells to market more quickly.”

Accelerating AFCP’s revenue opportunity with expandable 10-kW fuel cell generator

As announced on August 10, 2022, AFCP is developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets, commencing with a 4-kW generator, followed by a 10-kW generator. The fuel cells are expected to be integrated into larger configurations of 10kW fuel cell stacks, which range in generator size from 10 kW up to 100 kW.

Updated timeline for CE-certified prototype units

The company is developing two prototype units for each configuration (4kW CHP, 4kW genset and 10kW genset) with the objective of ensuring a wider range of applications will be in the pilot phase to demonstrate the versatility and robust nature of the company’s alkaline fuel cell technology. All prototypes will already have complete CE-certification, a regulatory standard that verifies certain products are safe for sale and use in the European Economic Area, which will allow the Company to rapidly enter the market after its successful pilot implementation.

AFCP is expecting to build a total of six fully CE-certified prototype units in phases commencing with the following:

• 2 x 4 kW fuel cell CHP units in Q3, 2023,
• 2 x 4 kW fuel cell generators in Q2, 2024,
• 2 x 10 kW fuel cell generators in Q2, 2025.

These upcoming prototype catalysts are complemented by the Company’s PWWR Flow Stream business line, which features near-term revenue potential, including through the recently announced $2.2-MM combined heat and power (CHP) capital project for a condominium in mid-town Toronto, Canada expected to generate $16 MM in revenue over the life of the service agreement.

Advancing pilot project deployments

Building upon the success AFCP has realized to date with our active CHP operations and the ongoing development of our Micro-CHP units, the company has been actively identifying and nurturing agreements to deploy these fuel cell generator prototype units in pilot projects across Europe and North America. AFCP is engaged in ongoing discussions for pilots with municipalities, natural gas distribution companies, electric utilities, H₂ separator companies and generator integrators.

The company is also actively involved in several H₂ associations, such as Hydrogen Europe, Waters of Net, North American Hydrogen Council and Canadian Hydrogen and Fuel Cell Association, which are instrumental at profiling and promoting the broader industry to governments, capital providers and the general public.

AFCP expects to provide further announcements as developments unfold through Q3 and Q4 2022.