Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) (PWWR) said it has entered, through a non-binding letter of intent, a prospective joint venture to pilot its Jupiter 1.0 fuel cell prototype, supporting ammonia cracking and artificial intelligence electrical panel clean technology.
The letter of intent with Festival Hydro Inc envisions a pilot of the fuel cell prototype at a Festival Hydro site, seeking to build a business case for using alkaline fuel cells as back-up and/or peaking power capacity downstream in Festival Hydro’s network, the company said.
A site has already been identified, PWWR noted, adding that Festival Hydro is also looking at the potential for ammonia and hydrogen storage as cost-effective alternatives for additional electrical capacity downstream.
The companies will work together to secure financing and, over the next 120 days, will negotiate the terms of the joint venture pilot.
PWWR said it expects to use ammonia, ammonia cracking and artificial intelligence electric breaker panel cleantech in the collaboration with Festival Hydro.
"Over the past few months, PWWR has signed agreements with cleantech partners that may enhance the success of bringing our fuel cells to market quicker than anticipated, and locating these technologies with a forward-looking utility is a great opportunity to demonstrate and build the business case of utilizing hydrogen fuel cells within electric grids to support the decarbonization of the grid. PWWR sees the downstream deployment of small hydrogen fuel cells as critical to meeting utility needs and delivering affordability, renewable and reliable power to end-customers,” Frank Carnevale, CEO of Alkaline Fuel, said in a statement.
Jeff Graham, president and CEO of Festival Hydro added: “With this collaboration, Festival Hydro is taking a pro-active approach to exploring new technologies and sustainable solutions. This initiative aligns with Festival Hydro's commitment to providing safe, reliable and affordable electricity to its customers while supporting the transition to a cleaner energy future."
Alkaline Fuel Cell Power is a diversified investment platform developing affordable, renewable and reliable energy assets and cleantech.
Contact the author at jon.hopkins@proactiveinvestors.com