Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) (PWWR) has said it is aiming to “speed up” its path to higher revenues and earnings as part of its priorities for 2023, and that it is targeting an “EBITDA-positive platform” in the next year to year and a half.
“With the recent launch of Jupiter 1.0 fuel cell prototype, PWWR has the opportunity to greatly reduce our burn and match fuel cell business spend to strategic pilot projects. Coupled with investments in CHP business line - PWWR Flow Streams- PWWR is focused on creating an EBITDA-positive platform within next 4-6 quarters,” said Frank Carnevale, PWWR CEO in a statement.
“Timing will be based on speed and size of accretive acquisitions and deployment of capital for PWWR Flow projects. We believe that there is greater shareholder value in building out a de-risked alternate asset class platform with a leading-edge proven fuel cell technology to create the future-friendly value for shareholders,” he added.
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The company announced the following priorities for the current year:
- Speed up path to greater revenue and earnings
- Reduce fuel cell cash burn and match to strategic projects
- Use fuel cell pilots to generate nearer-term sales opportunities
- Source funding pathway to reducing cost of growth capital
An updated PWWR investor presentation can be found here.
PWWR is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. It brings ‘Power to the People’ today, combining a stable revenue stream with a future-forward vision to commercialize its 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, a 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.
Contact the author at jon.hopkins@proactiveinvestors.com