TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF)(“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce a convertible note (the “Convertible Note”) financing in an aggregate amount of up to C$1 million (the “Financing”).

“As per our 2023 Priorities, securing additional access to cash is paramount to our success. This additional $1m convertible note financing coupled with our access to our $4m in convertible debt note financing announced on November 18, 2022, builds our capacity to support upcoming CHP projects, acquisitions, fuel cell business and working capital,”stated Frank Carnevale, Chief Executive Officer. “We continue to be focused to achieve EBITDA-process over the coming 4-6 quarters.”

The Convertible Note will allow the Company to access up to C$1,000,000 on an aggregate basis and can be drawn on at the request of the Company. The Convertible Note will mature 36 months (the “Maturity Date”) following the closing of the Financing (the “Closing”). Outstanding amounts under the Convertible Note will be convertible at the option of the holders (the “Holders”) into common shares in the capital of the Company (the “Common Shares”), subject to the policies of the Neo Exchange Inc. (the “NEO”) at a conversion price equal to the closing price of the Common Shares on the NEO the day prior to the date of conversion, as adjusted pursuant to the terms of the Convertible Note, at any time prior to the Maturity Date, subject to the terms of the Convertible Note. The Convertible Note bears an interest of 10% per annum which will be applied to all outstanding amounts drawn under the Convertible Note. In consideration for entering into the Financing, the Company will also issue 2,000,000 Common Share to the Holder.

All securities issued in connection with the Financing (collectively, the "Securities”) are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws, during which time the securities may not be traded. All Securities will be or are expected to be issued pursuant to Section 2.3 (Accredited Investor) of National Instrument 45-106 – Prospectus Exemptions.

Convertible Debt Financing

On November 18, 2022, PWWR announced the closing of a convertible note financing in an aggregate amount C$4,000,000. PWWR has yet to utilize any of the amount.

ABOUTALKALINEFUELCELLPOWERCORP.(NEO:PWWR)

PWWR 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.

PWWR 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.

• FuelCellPowerNV 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 Fuel Cell Power NV has launched the Jupiter 1.0 prototype, and working through pilots in 2023.

• 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 the Company website at https://www.fuelcellpower.com/, 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”.