Alkaline Fuel Cell Power Corp said it had successfully negotiated a restructuring of a promissory note for a principal amount of C$1 million.
The loan bears an annual interest rate at 6.5% due January 2, 2034.
The promissory note relates to AFCP’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 in March 2022.
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“With this news, (AFCP) 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,” said Frank Carnevale, AFCP CEO.
“In a reaction to global markets, (AFCP) continues towards reducing ongoing burn and growing investments in revenue-generating assets.”
Full details of the restructuring agreement can be found here.
Toronto-based AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech.
Contact Angela at angela@proactiveinvestors.com
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