Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) (AFCP) said it has entered into a non-binding letter of intent (LOI) with Koben Systems Inc to enter into a joint venture (JV) for the integration of the GENIUS Energy Hub with PWWR’s fuel cell.
Koben Systems is a licensed distributor of GENIUS, the only hybrid solid-state energy enterprise breaker panel while PWWR Flow Streams is an AFCP brand in Canada.
“The integration of this GENIUS Energy Hub breaker panel would enable PWWR fuel cell systems to automatically shift any/all power resources based on time, price, and availability, thus allow PWWR fuel cell systems to function as the quarterback for all on-site power sources,” Frank Carnevale, chief executive officer of AFCP, said in a statement.
READ: Alkaline Fuel Cell Power targeting ‘EBITDA-positive platform’ in next 4-6 quarters
“This decade kicked off the adoption of clean energy and the need to electrify everything to accelerate emission reduction within our built environment. We are pleased to align with Alkaline Fuel Cell Corp. to advance our vision to bring innovation to the energy and the prop-tech industry,” added Vic Burconak, chief executive officer of Koben. “We see this collaboration between Alkaline Fuel Cell Power and GENIUS Energy Hub as a mission-critical step in making energy consumers aware of their energy use and providing user-specific control with AI.”
Joint Venture
Under the joint venture, AFCP and Koben will seek to integrate GENIUS Energy Hub with Jupiter 1.0 or 4 kW fuel cell generator at a customer’s site to provide power for back-up, peaking and/or circumstances where there are Demand Energy Resources.
There are several items required to execute the JV, including:
- Identify a mutually agreeable pilot project site;
- Integrate the GENIUS Energy Hug with Jupiter 1.0 and/or a 4 kW fuel cell generator at the customer's site, thus providing proof-of-concept in a business case;
- Assess the business case to determine configuration options; and
- Assess potential strategic relationships beyond the pilot.
PWWR has identified several potential pilot project sites while Koben and AFCP expect to negotiate and execute the joint venture within 90 days from the LOI execution date, unless extended by the parties.
AFCP intends to use this pilot towards demonstrating the enhanced value to customers and potential partners and distributors. It has access to $5 million in debt financing and intends to support costs in strategic fuel cell pilots.
Koben is a licensed distributor of GENIUS, one of the most advanced energy enterprise system hybrid solid-state breaker panels. GENIUS automatically shifts any attached energy resource based on time, price, and availability. Its bidirectional feature means the property can function independently, or with the community grid. The GENIUS Energy Hub is one of the most advanced breaker panel technologies, optimizing energy usage in the built environment known as prop-tech.
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. The company operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams, an AFCP brand in Canada.
Contact the author at jon.hopkins@proactiveinvestors.com