Hydrogen Central

Alkaline Fuel Cell Power Corp Completes Loan Restructuring

Alkaline Fuel Cell Power restructuring

Alkaline Fuel Cell Power Corp completes loan restructuring.

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, announces that it has successfully negotiated a restructuring of a promissory note (the “Promissory Note”) for a principal amount of CAD$1,000,000 bearing an annual interest rate at 6.5% (the “Interest”) due January 2, 2034 (the “Loan Restructuring”).

The Promissory Note relates to the Company’s acquisition of the combined heat a power generation business of AI Renewable 2018-I Limited Partnership, AI Renewable 2020 I-Limited Partnership and 2191 Yonge Ltd., pursuant to a definitive agreement announced by the Company on March 4, 2022.

Frank Carnevale, CEO, said:

With this news, PWWR will continue to utilize available cash towards developing additional PWWR Flow projects, the build out of additional fuel cell units with pilots and working capital.

“In a reaction to global markets, PWWR continues towards reducing ongoing burn and growing investments in revenue-generating assets.”

In connection with the Loan Restructuring, the Company and AI Renewable GP 2020 Ltd. (the “Creditor”) entered an agreement (the “Restructuring Agreement”) whereby Company has agreed to pay a lump sum of CAD$350,000 to the Creditor (the “Initial Payment”) and the Creditor has agreed to extend the maturity date of the Promissory Note until January 1, 2024.

Pursuant to the Restructuring Agreement the Company has agreed to, among other things: (i) pay the Initial Payment; (ii) pay the Creditor CAD$10,000 on the first day of each month during calendar year 2023, retroactive to January 1, 2023.

Such amount will be applied toward the remaining outstanding principal debt of the Promissory Note; (iii) issue to the Creditor that number of restricted share units, equal to the Interest payable during 2023 on the amount outstanding under the Promissory Note following the Initial Payment; and (iv) pay to the Creditor 20% of future equity raises of the Company, subject to certain limitations, to be applied against the outstanding principal amount due under the Promissory Note.

ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)

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.

AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams (“PWWR Flow”), an PWWR 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 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”.

READ the latest news shaping the hydrogen market at Hydrogen Central

Alkaline Fuel Cell Power Corp. Completes Loan Restructuring, TORONTO, February 21, 2023 

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