Cleantech Power Corp. Provides Updates on Frankfurt Stock Exchange Symbol and GENIUS Energy Hub Letter of Intent

By: Cleantech Power Corp. via GlobeNewswire

May 08, 2023 at 16:05 PM EDT

TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Cleantech Power Corp. (NEO: PWWR) (OTCQB:PWWRF) (Frankfurt: E43, WKN: A3EEHV), previously named Alkaline Fuel Cell Power Corp., (“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable power and cleantech, is pleased to announce that the Company now trades on the Frankfurt Stock Exchange in Germany under the symbol “E43” and the securities identification number (in German: “Wertpapierkennnummer“ or WKN) “A3EEHV“. Additionally, PWWR is pleased to announced that it has progressed with its previously announced Letter of Intent by acquiring the Genius AI electric breaker panel (“GENIUS Energy Hub”).

“Our pathway to fuel cell commercialization success includes the integration of supporting cleantech”, stated Frank Carnevale, CEO of PWWR. “I look forward to assessing the additional potential of integrating the GENIUS Energy Hub into our future fuel cell products.”

"GENIUS has proven to be a game-changer in the energy industry," said Vic Burconak, CEO. "By integrating with Fuel Cell technology, we are providing a more efficient and effective way to generate power, while also enhancing the safety and reliability of the system. Our customers can expect to enjoy the benefits of a clean and reliable power source, with the added convenience and peace of mind provided by GENIUS."

PWWR has procured the GENIUS Energy Hub for use in the Festival Hydro fuel cell pilot announced on April 20, 2023. PWWR has purchased the GENIUS Energy Hub for approx. $5,000, to ensure immediate access to a unit in a dwindling inventory. GENIUS Energy Hub is expected to integrate with the PWWR Jupiter 1.0 fuel cell prototype to monitor and control the Jupiter 1.0's power output with greater precision, allowing for maximum efficiency, and reducing the risk of overloading the system. GENIUS Energy Hub may be used in other pilot site or PWWR business if opportunity presents itself priory to the Festival Hydro pilot.

image of GENIUS Energy Hub and Jupiter 1.0 fuel cell prototype

ABOUT GENIUS ENERGY HUB

GENIUS Energy Hub is a hybrid solid state technology equipped with advanced sensors and software that will provide real-time data on the Jupiter 1.0's performance and power output. This information can be accessed remotely via a user-friendly interface, allowing for easy monitoring and adjustment of the fuel cell's operation.

GENIUS Energy Hub is designed to be compatible with a wide range of Fuel Cell systems, making it a versatile solution for a variety of applications, including residential and commercial buildings, industrial facilities, and mobile power generation.

2023 Priorities
As per the March 6, 2023 announcement of list of 2023 priorities, PWWR is intending to use the Festival Hydro Pilot towards demonstrating the enhanced value to customers and potential partners and distributors, thus aimed to deliver nearer term fuel cell sales quicker than previously anticipated.

The integration with the GENIUS Energy Hub enables more control of multiple power inputs, thus enabling a more rapid path towards customer adoption opportunities when fuel cells are made available for sale.

PWWR has access to approximately $5 million in debt financing (the “Financing”), and intends to support costs in strategic fuel cell pilots.

Additional fuel cell pilots are being discussed with other parties.

As announced on April 4, 2023, PWWR is currently working towards securing its Fuel Cell assets (the “Fuel Cell Assets”) held at Fuel Cell Power NV (“FCP NV”) in Belgium, and utilize such assets in connection with various pilot projects in 2023 and 2024 (the “Pilot Projects”).

ABOUT CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power and cleantech. We bring ‘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.

PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.

Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter, Facebook, LinkedIn, Instagram, TikTok and YouTube. Common shares are listed for trading on the NEO under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “PWWRF” and on the Frankfurt Exchange under symbol “E43” and “WKN A3EEHV”.

For further information, please contact:

Frank Carnevale
Chief Executive Officer
+1 (647) 531-8264
fcarnevale@cleantechpower.ca

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements in this news release may include, but are not limited to, the GENIUS Energy Hub and expected benefits, uses and integrations with assets of the Company, statements relating to Festival Hydro, statements relating to the Financing, Statements related to the Fuel Cell Assets and potential Pilot Projects, and statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b38e4b5b-1118-41ed-9339-9f6b0ce21bd3