AMMPOWER CORP - AMMPF STOCK NEWS

AmmPower Corp. announces that its Co-Founder and Chief Technologist, Dr. Zhenyu Zhang, has been named in the Forbes 30 Under 30: Energy List for 2023. This recognition highlights young leaders in low-carbon innovation. Dr. Zhang is pivotal in developing IAMM™, a decentralized ammonia production unit utilizing renewable energy. AmmPower focuses on green ammonia production for various applications, supported by significant funding from the DOE. The company is also advancing technologies to produce green hydrogen and ammonia, enhancing its position in the clean energy sector.

AmmPower Corp. announced a non-binding letter of intent with Alkaline Fuel Cell Power Corp. to establish a joint venture for a pilot project utilizing green ammonia and fuel cell technology. The pilot aims to convert green ammonia to hydrogen for clean energy generation, targeting off-grid and backup electricity solutions in North America.

This collaboration leverages AmmPower's ammonia cracking technology and PWWR's fuel cell systems, promising to deliver affordable and renewable energy while addressing the hydrogen economy's challenges.

AmmPower Corp has successfully closed the second tranche of its non-brokered private placement, issuing 772,174 units at $0.23 per unit for gross proceeds of $177,600. Combined with the first tranche, total proceeds reached $1,274,639.97. Each unit consists of one common share and a warrant, exercisable at $0.31 until October 24, 2024. The company also secured a CAD$100,000 loan from a related party, bearing 5% interest, repayable on March 14, 2023. Proceeds from the offering will be used for general working capital.

AmmPower Corp. has successfully closed the first tranche of a non-brokered private placement, issuing 4,769,739 units at $0.23 per unit, totaling $1,097,039.97. Each unit consists of one common share and one warrant, exercisable at $0.31 until September 26, 2024. The company has incurred finders fees of $62,751.19 and issued 255,440 finder warrants. Proceeds will be used for general working capital. The securities will be subject to a four-month hold period and are unregistered under the 1933 Act.

AmmPower Corp. announced a non-brokered private placement aimed at raising up to CAD$2,500,000. Each unit is priced at $0.23, consisting of one common share and one purchase warrant, allowing the purchase of additional shares at C$0.31 for 24 months. Proceeds will support general working capital. All securities will be subject to a four-month hold period. The offering awaits regulatory approval. AmmPower focuses on producing green ammonia and holds various letters of intent in Brazil and the U.S. for its green ammonia initiatives. The company also has lithium exploration properties.

AmmPower Corp. has announced negotiations for the sale of its first IAMM™ unit, aiming for delivery in early 2023. This development marks a significant milestone towards commercialization in the green ammonia market. The company successfully completed its pilot prototype capable of producing 50 kg of ammonia daily, receiving interest across various sectors globally, not just agriculture. Recent legislative changes, including the U.S. Inflation Reduction Act, have improved the financial outlook, with potential tax credits enhancing the unit's economic viability.

AmmPower Corp. has completed a pre-feasibility study for a green ammonia facility at Porto Central, Brazil, with the capacity of 4,000 metric tons per day. The facility aims to utilize off-shore wind as its primary energy source, enhancing stable costs. It will distribute domestic fertilizers and transport hydrogen via ammonia globally. The project includes an integrated system of renewable energy sources and proprietary technologies to reduce production costs. The company's overall strategy involves leveraging partnerships and technology for efficient green ammonia production.

AmmPower Corp. announces that the Inflation Reduction Act of 2022, signed into law on August 16, 2022, contains provisions favorable for its ammonia production systems (IAMM™ units). The Act offers tax credits for clean hydrogen production, which can mitigate operational costs for green ammonia production. Key qualifications for these credits include the operational status of clean hydrogen facilities built before January 1, 2033. With traditional ammonia production contributing nearly 2% of CO2 emissions, AmmPower aims to accelerate the transition to green ammonia.

AmmPower Corp. has successfully demonstrated its ammonia cracking technology, achieving nearly 100% conversion and producing hydrogen with less than 0.1 ppm ammonia concentration. This hydrogen was utilized in a proton exchange membrane fuel cell, generating up to 100W of electricity, showcased by powering an LED light. The company aims to scale up demonstrations due to increasing market demand for low-cost green hydrogen and electricity.