RCS - AmmPower Corp. - AmmPower Corp./Alkaline Fuel Cell Power Corp. Deal
22/11/2022 13:45
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RNS Number : 2407H AmmPower Corp. 22 November 2022
AmmPower Corp. Announces Letter of Intent for Joint Venture with Alkaline Fuel
Cell Power Corp. for Fuel Cell Generator Pilot Using Green Ammonia
TORONTO, ON / ACCESSWIRE / November 22, 2022 / (CSE:AMMP
(https://pr.report/KhiqCWmQ) , OTCQB:AMMPF (https://pr.report/yvWGB0t5) ,
FSE:601A) (https://pr.report/fK2DO7S3) / AmmPower Corp. (the "Company" or
"AmmPower") is pleased to announce that on November 3(rd), 2022, the Company
executed a non-binding letter of intent (the "LOI") with Alkaline Fuel Cell
Power Corp. ("PWWR"), a company developing affordable, renewable, and reliable
energy assets and cleantech. The LOI summarizes the intentions of the Company
and PWWR entering into a joint venture (the "JV") for the development of a
pilot project testing PWWR's off-grid fuel cell generator and AmmPower's
ammonia cracking technology (the "Pilot").
"Given North America is years away from being able to deliver free-flowing
hydrogen to customers, PWWR is doing everything we can to demonstrate more
immediate alternatives designed to accelerate the sale of fuel cells to
business and home owners," commented Frank Carnevale, CEO of PWWR. "This is
why I am so excited to partner with AmmPower as we aim to successfully
demonstrate that green ammonia is an energy carrier that can bring clean
'Power to the People' today. The AmmPower technology is converting green
ammonia back into hydrogen and when combined with PWWR's robust alkaline fuel
cell technology, represents a great potential solution to deliver affordable,
renewable and reliable electricity to customers who deserve better options
than what exists today."
AmmPower's CEO, Dr. Gary Benninger, states, "AmmPower is pleased to enter in a
Joint Venture with PWWR to take advantage of the numerous opportunities in the
alternative energy space. The AmmPower team has leading cracking technology
that complements PWWR fuel cell innovations, and we look forward to working
with the PWWR team on solving the world's energy needs."
Joint Venture Details
AmmPower is focused on developing technology to convert green ammonia into
green hydrogen, a process called ammonia "cracking". With this cracking
technology, hydrogen can be safely stored and transported around the world as
ammonia, and upon arrival at its destination, be converted back into hydrogen
for a cleaner and more efficient end-use. PWWR is developing low-cost hydrogen
fuel cell systems for global markets, which can convert hydrogen into
electricity with zero CO(2) emissions.
The goal of the JV is to showcase the market opportunities and ultimate value
potential of advancing such ammonia-to-power technology for off-grid and
back-up electricity across North America. Specifically, the Pilot is designed
to demonstrate the ability to convert green ammonia to hydrogen using
AmmPower's ammonia cracking technology and then convert that hydrogen into
clean energy using PWWR's 4kW fuel cell generator system. The ammonia-to-power
unit will be a completely carbon-free process for electricity generation.
Both PWWR and AmmPower will work together over the coming months to identify
suitable sites and partners for the execution of the JV. PWWR has already
identified and begun discussions with a number of targets to demonstrate the
combined technology's ability to deliver affordable, renewable and reliable
power in support of their operations and requirements.
The obligations of the parties will be subject to customary conditions after
satisfactory completion of due diligence, including the board of directors of
each party approving the proposed transaction and the parties' execution of a
definitive agreement.
Advantages of Ammonia
PWWR's Alkaline Fuel Cell technology offers a more cost-effective solution,
especially when the available hydrogen is not at ultra pure PEM
(proton-exchange membrane) fuel cell grade specification. Due to this
introduction of robust alkaline technology, the typical purification steps
used by industry peers to upgrade the hydrogen are no longer required.
This alkaline fuel cell can be operated with hydrogen that contains up to 3000
parts per million ("ppm") of ammonia, thus reducing the costs for hydrogen
purification after the conversion.
One cubic metre ("m(3)") of liquid ammonia contains 119 kg of hydrogen. In
comparison, compressed hydrogen at 300 bar(g) of pressure has 22kg/m(3) and
liquid hydrogen at -253°C has 71kg/m(3). To put this into perspective, one
small 1 m(3) tank of ammonia at 10 bar(g) of pressure and at ambient
temperature contains five and a half times more hydrogen than 20 cylinders of
compressed hydrogen at 300 bar(g) of pressure.
Accelerating Fuel Cell Market Growth
The emphasis on availability of green hydrogen is a necessary catalyst to
kick-start the value chain underpinning a true hydrogen economy. AmmPower's
green ammonia technology can accelerate the availability of hydrogen, enabling
production at locations where renewable infrastructure is already available
can transporting to locations where hydrogen is required to serve as a green,
zero-emission fuel.
As previously announced in PWWR's June 20, 2022 press release, the Company is
making continued progress on meeting its second half 2022 targets, including
to:
· Further accelerate and ramp up efforts to bring fuel cells to
market, globally; and
· Secure additional strategic partnerships for the piloting and
deployment of fuel cells in North America.
On Behalf of the Board of Directors
Gary Benninger
Chief Executive Officer
About AmmPower
AmmPower is a clean energy company focused on the production of green ammonia.
The Company is based in Toronto, Ontario, with a research and manufacturing
facility in Southeast Michigan. The Company is active in all facets of green
ammonia production, including the production of green fertilizers, carbon free
shipping fuel, and the 'cracking', or moving of green hydrogen as ammonia. The
Company is working on the development of proprietary technologies to produce
green ammonia and green hydrogen at scale, including the investigation of
unique catalytic reactions to bring down costs and to take advantage of carbon
credits in the renewable energy space. AmmPower currently holds several LOIs
with ports in Brazil, the United States, and is currently completing its
IAMM™ prototype to create green ammonia for the agricultural industry. The
Company also holds a lithium exploration property in the James Bay/Eeyou
Istche region of Quebec and an option on the Titan Property located in Klotz
Lake area in Northwestern Ontario.
For More Information please visit www.ammpower.com
(https://pr.report/dntOeXgE) , or contact AmmPower Investor Relations at
invest@ammpower.com (mailto:invest@ammpower.com)
About Alkaline Fuel Cell Power
PWWR is a diversified investment platform developing affordable, renewable,
and reliable energy assets and cleantech. PWWR brings '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.
PWWR operates through two global entities: Fuel Cell Power NV, a wholly owned
subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), a company brand in
Canada.
· Fuel Cell Power NV is focused on the development, production and
commercialization of micro- combined heat and power ("micro-CHP") systems and
off-grid and back-up power generators 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.
PWWR 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 PWWR's website at
https://www.fuelcellpower.com/, (https://pr.report/D9roVUlj) and the Company
encourages investors and other interested stakeholders to follow it on:
LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed
for trading on the 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".
Forward-Looking Statements
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 in this news release may include, but are not
limited to, entering into a definitive agreement regarding the JV, the
development of the Pilot, the delivery of electricity to customers, the
conversion of green ammonia to hydrogen using AmmPower's ammonia cracking
technology, the conversion of hydrogen into clean energy using PWWR's 4kW fuel
cell generator system and the availability of hydrogen.
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.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or
disapproved the contents of this press release.
SOURCE: AmmPower Corp.
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