Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) (AFCP) has updated investors on the development of its low-cost fuel cell technology, including providing a conceptual image of its recently-announced 10 kilowatt (kW) fuel cell generator.
"AFCP is looking forward to deploying its four additional CE-certified low-cost fuel cell generator prototype units in 2024 and 2025, on top of the two 4kW combined heat and power (CHP) prototypes that were already scheduled for the end of 2023," AFCP CEO Frank Carnevale said in a statement.
"Since our technology does not require precious metals, costs are substantially lower relative to other fuel cells in the market, and is driving excitement within AFCP about bringing our line of fuel cells to market more quickly," he added.
READ: Alkaline Fuel Cell Power advances C$2.2 million combined heat and power (CHP) project for condo in Toronto
As announced on August 10, 2022, AFCP is developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets, commencing with a 4kW generator, followed by a 10kW generator. The fuel cells are expected to be integrated into larger configurations of 10kW fuel cell stacks, which range in generator size from 10kW up to 100kW.
10kW fuel cell generator conceptual image
Updated timeline for prototype units
The company is developing two prototype units for each of the 4kW CHP, 4kW genset and 10kW genset configurations, with the objective of ensuring a wider range of applications will be in the pilot phase to demonstrate the versatility and robust nature of the company's alkaline fuel cell technology.
All prototypes will already have complete CE-certification, a regulatory standard that verifies certain products are safe for sale and use in the European Economic Area (EEA), which will allow the company to rapidly enter the market after its successful pilot implementation.
AFCP is expecting to build a total of six fully CE-certified prototype units in the following phases:
- two x 4kW fuel cell CHP units in Q3 2023;
- two x 4kW fuel cell generators in Q2 2024; and
- two x 10kW fuel cell generators in Q2 2025
These upcoming prototype catalysts are complemented by the company's PWWR Flow Stream business line, which features near-term revenue potential, including through the recently-announced $2.2 million CHP capital project for a condominium in mid-town Toronto, Canada that is expected to generate $16 million in revenue over the life of the service agreement.
Pilot project deployments
The company has been actively identifying and nurturing agreements to deploy the fuel cell generator prototype units in pilot projects across Europe and North America.
To that end, the company is engaged in ongoing discussions for pilots with municipalities, natural gas distribution companies, electric utilities, hydrogen separator companies, and generator integrators.
The company is also actively involved in several hydrogen associations, such as Hydrogen Europe, Waters of Net, North American Hydrogen Council, and Canadian Hydrogen and Fuel Cell Association, which are instrumental at profiling and promoting the broader industry to governments, capital providers and the general public.
AFCP said it is on track to have two 4kW fuel cell CHP units ready by the end of the year, which are expected to receive the CE-certification six months later. In addition to this certification, AFCP will also continue to work on advancing its pilot programs and increasing the speed with which its fuel cells will be broadly available for sale to individuals seeking a low-cost alternative for heat and power that is accessible behind the meter.
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. It 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