Alkaline Fuel Cell Power Corp has announced the appointment of Frank Carnevale as its CEO to drive the company’s global growth in the energy transformation sector.
Carnevale, who has previously served on the Energy Council of Canada executive board and recently as the chief growth officer and chief operating officer of a TSXV-listed company delivering PropTech and cleantech to institutional, commercial, industrial and multi-residential customers, will take office on May 10, 2022.
Interim CEO Matthew Fish will remain a director of the company.
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In a statement the company said, as CEO, Carnevale would build on AFCP’s hydrogen fuel cell power technology and recently acquired pipeline of cogeneration assets, with a focus on developing and executing the strategic roadmap to acquire and/or develop additional net zero emission energy assets, strategic growth opportunities and investor awareness.
Carnevale said he was thrilled to continue his work in driving energy transformation with such an integrated platform in AFCP.
“AFCP is on the front lines of developing the net zero carbon economy for customers, globally,” he said.
"We are linking AFCP hydrogen fuel cell technology with the development of alternate asset class energy projects, in the transition to delivering lower cost net zero emission energy. It's a win for consumers and a win for investors."
The company said it has granted 2,000,000 stock options to Carnevale and 600,000 stock options to a consultant, which are exercisable for a period of five years at an exercise price of $0.12 per share.
The stock options vest on the 6th, 12th, 18th and 24th month from the grant date in 25% tranches.
Regarding the departure of former CEO Jef Spaepen, AFCP said it had exercised its right to purchase all 18,000,000 common shares previously issued to Spaepen for the repurchase price of $100.
Subject to Neo Exchange filings and approval, the repurchased shares will be cancelled.
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