Listen to this articleBelow is our recent interview with Frank Carnevale, Chief Executive Officer at Alkaline Fuel Cell Power Corp.:
Q: Could you provide our readers with a brief introduction to your company?
A: Alkaline Fuel Cell Power Corp (“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. 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”.
We operate 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 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.
AFCP is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.
Q: Any highlights on your recent announcement?
A: AFCP has had a number of announcements recently, and they are primarily focused on bringing our fuel cells to market quicker. We have announced that we’ve broadened our business line to include fuel cell generators. We’re developing a 4 kW generator, with the goal of completing a 10 kW generator unit for off-grid and back-up generation markets, globally. Specifically, we just came out with updated milestone timelines as to when our 6 prototype units would be ready for pilot projects. 2 x 4 kW CHP fuel cell prototypes will be ready and certified by mid-2023; 2 x 4 kW generator fuel cell prototypes will be ready and certified by 2024; and our 2 x 10 kW generator fuel cells will be ready and certified in 2025. Finally, we are so proud to have our Belgium fuel cell company receive the ISO 9001:2015 certification for Quality Management Systems in the development of our fuel cells. This provides tremendous confidence to investors and industry that we’re building to scale.
An important fact that investors may not be aware is that in Q2, AFCP was generating revenue from our Toronto operating CHP system. That’s the first time we have had revenue, and we wanted to demonstrate that we’re executing our plan to balance the business.
Recommended: Meet eIMPACT – The Leading Data Visualization Solution For Economic And Labor Market Information
Q: Can you give us more insights into your offering?
A: While we continue to report on success and timing of bringing our alkaline fuel cells to market, we are confident that our units will be quite competitive to other fuel cell alternatives, and we expect more announcements on those over coming months. In addition to the success of our fuel cell business, we’re building up PWWR Flow, our developer, owner/operator model, for CHP assets in Canada. We recently announced that we’re moving forward on a $2.2 million CHP project in mid-town Toronto. The project would bring in expected revenue of ~$16 million over its 25-year agreement, expecting to commission project in mid-2023.
We’re continuing to balance more immediate revenue streams with the longer-term success of our fuel cells in this energy transition market.
Q: What can we expect from your company in next 6 months? What are your plans?
A: On June 20, 2002, AFCP announced outlook for rest of year and beyond.
There are a number of corporate initiatives, such as enhancing our financing capabilities with the use of flow-through shares on our CHP projects, as well as securing additional working capital for growth, as required. We are also actively identifying and nurturing strategic acquisition opportunities.
Our plan for PWWR Flow line of business is quite simple. We’re continuing to close projects and deploy capital to develop our $50 million sales pipeline of CHP projects over the net two years or so.
With respect to our fuel cell business, I believe we’re well on way towards achieving milestones for the 4 kW CHP prototypes, and the decision to develop off-grid and back-up generators is about achieving quicker ramped up sales in those markets. We have more exciting news to come over the coming weeks and months.
Recommended: Orases Builds Custom Software To Help Businesses And Organizations Reach Their Vision
Q: What is the best thing about your company that people might not know about?
A: The best thing about our company that people may not know is that while we’ve been building our energy transition platforms, AFCP still has relatively low investor awareness. I expect that to change this year. Because of this lack of investor awareness, I believe AFCP is undervalued vs its peers.
