Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) has announced the appointment of Carmine Marcello to the role of advisor to assist with the development of its growing asset base.
The company noted that Marcello previously served as CEO of Hydro One Inc, one of Canada’s largest transmission and distribution companies with a market cap of over $20 billion and over $23 billion in assets, from 2013 to 2015. He also served in numerous executive roles from 2003, including asset management and strategy and planning.
He currently advises governments, utilities and cleantech startups across the Middle East, North America and the Caribbean. In his role as advisor, AFCP said Marcello brings extensive asset development and management expertise to guide the company as it establishes the development and operations of energy assets.
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“As AFCP embarks on the growth of PWWR Flow’s development, ownership and operations of combined heat and power assets, we are thrilled to include the extensive capabilities of Mr Marcello to advise us on how we scale and optimize,” CEO Frank Carnevale said in a statement. “Carmine brings hands-on operational experience with business scale-ups, international micro-grid involvement, and the optimal level of mentorship required for us to succeed.”
Concurrently, the company confirmed the resignation of one of its early advisors, Gerard Sauer, effective June 13, 2022. The company said Sauer was instrumental in the development of its fuel cell since 2021.
AFCP also announced that it has granted 600,000 stock options to an arm’s length consultant, with each option exercisable for a period of five years at an exercise price of $0.15 per common share. The options vest in stages, starting from six months from the date the consultant accepts the position and the consulting agreement is executed by the company, up to 24 months.
Alkaline Fuel Cell Power is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. The company brings 'Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
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 stephen.gunnion@proactiveinvestors.com