AmmPower Corp. Announces Letter of Intent for Joint Venture with Alkaline Fuel Cell Power Corp. for Fuel Cell Generator Pilot Using Green Ammonia

Toronto, ON – AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to announce that on November 3^rd, 2022, the Company executed a non-binding letter of intent (the “LOI”) with Alkaline Fuel Cell Power Corp. (“PWWR”), a company developing affordable, renewable, and reliable energy assets and cleantech. The LOI summarizes the intentions of the Company and PWWR entering into a joint venture (the ”JV”) for the development of a pilot project testing PWWR’s off-grid fuel cell generator and AmmPower’s ammonia cracking technology (the “Pilot”).

“Given North America is years away from being able to deliver free-flowing hydrogen to customers, PWWR is doing everything we can to demonstrate more immediate alternatives designed to accelerate the sale of fuel cells to business and home owners,” commented Frank Carnevale, CEO of PWWR. “This is why I am so excited to partner with AmmPower as we aim to successfully demonstrate that green ammonia is an energy carrier that can bring clean ’Power to the People’ today. The AmmPower technology is converting green ammonia back into hydrogen and when combined with PWWR’s robust alkaline fuel cell technology, represents a great potential solution to deliver affordable, renewable and reliable electricity to customers who deserve better options than what exists today.”

AmmPower’s CEO, Dr. Gary Benninger, states, “AmmPower is pleased to enter in a Joint Venture with PWWR to take advantage of the numerous opportunities in the alternative energy space. The AmmPower team has leading cracking technology that complements PWWR fuel cell innovations, and we look forward to working with the PWWR team on solving the world’s energy needs.”

Joint Venture Details

AmmPower is focused on developing technology to convert green ammonia into green hydrogen, a process called ammonia “cracking”. With this cracking technology, hydrogen can be safely stored and transported around the world as ammonia, and upon arrival at its destination, be converted back into hydrogen for a cleaner and more efficient end-use. PWWR is developing low-cost hydrogen fuel cell systems for global markets, which can convert hydrogen into electricity with zero CO₂ emissions.

The goal of the JV is to showcase the market opportunities and ultimate value potential of advancing such ammonia-to-power technology for off-grid and back-up electricity across North America. Specifically, the Pilot is designed to demonstrate the ability to convert green ammonia to hydrogen using AmmPower’s ammonia cracking technology and then convert that hydrogen into clean energy using PWWR’s 4kW fuel cell generator system. The ammonia-to-power unit will be a completely carbon-free process for electricity generation.

Both PWWR and AmmPower will work together over the coming months to identify suitable sites and partners for the execution of the JV. PWWR has already identified and begun discussions with a number of targets to demonstrate the combined technology’s ability to deliver affordable, renewable and reliable power in support of their operations and requirements.

The obligations of the parties will be subject to customary conditions after satisfactory completion of due diligence, including the board of directors of each party approving the proposed transaction and the parties’ execution of a definitive agreement.

Advantages of Ammonia

PWWR’s Alkaline Fuel Cell technology offers a more cost-effective solution, especially when the available hydrogen is not at ultra pure PEM (proton-exchange membrane) fuel cell grade specification. Due to this introduction of robust alkaline technology, the typical purification steps used by industry peers to upgrade the hydrogen are no longer required.

This alkaline fuel cell can be operated with hydrogen that contains up to 3000 parts per million (“ppm”) of ammonia, thus reducing the costs for hydrogen purification after the conversion.

One cubic metre (“m³”) of liquid ammonia contains 119 kg of hydrogen. In comparison, compressed hydrogen at 300 bar(g) of pressure has 22kg/m³ and liquid hydrogen at -253°C has 71kg/m³.  To put this into perspective, one small 1 m³ tank of ammonia at 10 bar(g) of pressure and at ambient temperature contains five and a half times more hydrogen than 20 cylinders of compressed hydrogen at 300 bar(g) of pressure.

Accelerating Fuel Cell Market Growth

The emphasis on availability of green hydrogen is a necessary catalyst to kick-start the value chain underpinning a true hydrogen economy. AmmPower’s green ammonia technology can accelerate the availability of hydrogen, enabling production at locations where renewable infrastructure is already available can transporting to locations where hydrogen is required to serve as a green, zero-emission fuel.

As previously announced in PWWR’s June 20, 2022 press release, the Company is making continued progress on meeting its second half 2022 targets, including to:

• Further accelerate and ramp up efforts to bring fuel cells to market, globally; and

• Secure additional strategic partnerships for the piloting and deployment of fuel cells in North America.

On Behalf of the Board of Directors

Gary Benninger, Ph.D.

Chief Executive Officer

About AmmPower

AmmPower is a clean energy company focused on the production of green ammonia. The Company is based in Toronto, Ontario, with a research and manufacturing facility in Southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon free shipping fuel, and the ‘cracking’, or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. AmmPower currently holds several LOIs with ports in Brazil, the United States, and is currently completing its IAMM™ prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan Property located in Klotz Lake area in Northwestern Ontario.

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Forward-Looking Statements

This news release includes forward-looking statements that are subject to risks and uncertainties, ‎‎‎‎including with respect to the planned use of proceeds and repayment of the Loan. The Company ‎‎provides forward-looking statements for the purpose of conveying ‎‎information about current ‎‎expectations and plans relating to the future and readers are cautioned that ‎‎such statements may not be ‎‎appropriate for other purposes. By its nature, this information is subject to ‎‎inherent risks and ‎‎uncertainties that may be general or specific and which give rise to the possibility that ‎‎expectations, ‎‎forecasts, predictions, projections, or conclusions will not prove to be accurate, that ‎‎assumptions may not ‎‎be correct, and that objectives, strategic goals and priorities will not be achieved. ‎‎These risks and ‎‎uncertainties include but are not limited those identified and reported in the Company’s ‎‎public filings ‎‎under the Company’s SEDAR profile at www.sedar.com. Although the Company has ‎‎attempted to identify ‎‎important factors that could cause actual actions, events, or results to differ ‎‎materially from those ‎‎described in forward-looking information, there may be other factors that cause ‎‎actions, events or ‎‎results not to be as anticipated, estimated or intended. There can be no assurance that ‎‎such information ‎‎will prove to be accurate as actual results and future events could differ materially from ‎‎those ‎‎anticipated in such statements. The Company disclaims any intention or obligation to update or ‎‎revise any ‎‎forward-looking information, whether as a result of new information, future events or ‎‎otherwise unless ‎‎required by law.

The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.