Alkaline Fuel Cell Power Corp (AFCP) has signed a 25-year Energy Service Agreement with Condo Corp under which its combined heat and power asset brand PWWR Flow will set up a CHP system for a condominium in mid-town Toronto, Canada.
The $2.2 million CHP project is expected to generate over $16 million in total revenue for PWWR Flow over the tenure of the agreement. AFCP has started the impact assessment study for connecting to the Toronto Hydro service territory and a final engineering design development process.
The firm is expected to order the CHP engine in the fourth quarter of this year.
The CHP system will produce electricity and heat for the baseload of the condominium. The electricity generated will be sold to Condo Corp at 20% less than the market price, which Condo Corp would pay to the local electricity distribution company. This will result in significant savings. The heat produced will be sold at a price equivalent to the current heating cost.
”Our PWR Flow brand is positioned to deliver more immediate revenue and contribute to earnings for AFCP as a complement to our longer-term, hydrogen-powered alkaline fuel cells”, commented Frank Carnevale, CEO. “We are actively moving through our $50 million sales pipeline of CHP projects, and we have already begun discussions to grow beyond it.”
The system will bring an estimated annual efficiency of about 75%.
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