AFPW AlumiFuel Power Corporation (CE)

CUSIP No. 022201-10-7 Page 2
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1.Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Perkins Capital Management, Inc.
41-1521690
____________________________________________________________________
2.Check the Appropriate Box if a Member of a Group (See Instructions)

(a) / /

(b) / /
____________________________________________________________________
3.SEC Use Only


____________________________________________________________________
4.Citizenship or Place of Organization

A Minnesota Corporation
____________________________________________________________________

Number of 5.Sole Voting Power

Shares Bene- 9,494,663
 ____________________________________________________

ficially owned 6.Shared Voting Power

by Each 0
 ____________________________________________________
 7.Sole Dispositive Power
Reporting
 38,220,410
 ____________________________________________________
Person With: 8.Shared Dispositive Power

 0
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9.Aggregate Amount Beneficially Owned by Each Reporting Person

38,220,410
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10.Check if the Aggregate Amount in Row 9 Excludes Certain Shares
(See Instructions)
____________________________________________________________________
11.Percent of Class Represented by Amount in Row 9

6.3%
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12.Type of Reporting Person (See Instructions)

IA
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Item 1.

(a)Name of Issuer
AlumiFuel Power Corp.

(b)Address of Issuer's Principal Executive Offices
7315 East Peakview Ave., Centennial, CO 80111

Item 2.

(a)Name of Person Filing

Perkins Capital Management, Inc.

(b)Address of Principal Business Office or, if none, Residence
730 Lake St. E., Wayzata, MN 55391

(c)Citizenship
A Minnesota Corporation and a U.S. Citizen

(d)Title of Class of Securities
Common

(e)CUSIP Number
022201-10-7


Item 3. If this statement is filed pursuant to s240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:
(a) / / Broker or dealer registered under section 15 of the Act
 (15 U.S.C. 78o).
(b) / / Bank as defined in section 3(s)(6) of the Act
 (15 U.S.C. 78c).
(c) / / Insurance Company as defined in section 3(a)(19) of the
 Act (15 U.S.C. 78c).
(d) / / Investment Company registered under section 8 of the
 Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) /X/ An investment adviser in accordance with
 s240.13d-1(b)(1)(ii)(E);
(f) / / An employee benefit plan or endowment fund in accordance
 with s240.13d-1(b)(1)(ii)(F);
(g) / / A parent holding company or control person in accordance
 with s240.13d-1(b)(ii)(G);
(h) / / A savings associations as defined in Section 3(b) of the
 Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) / / A church plan that is excluded from the definition of an
 investment company under section 3(c)(14) of the Investment
 Company Act of 1940 (15 U.S.C. 80a-3);
(j) / / Group, in accordance with s240.13d-1(b)(1)(ii)(J).










Item 4. Ownership

Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified
in Item 1.

(a) Amount Beneficially Owned:
40,528,410 (Perkins Capital Management holds 38,220,410 common
equivalents and 2,308,000 warrants in client accounts).

(b) Percent of Class:
6.3%

(c) Number of shares as to which such person has:

(i) Sole power to vote or to direct the vote:
9,494,663

(ii) Shared power to vote or to direct the vote:
0

(iii) Sole power to dispose or to direct the disposition of:
40,528,410 (Perkins Capital Management holds 38,220,410 common
equivalents and 2,308,000 warrants in client accounts).

(iv) Shared power to dispose or to direct the disposition of:
0
Instruction: For computations regarding securities which represent
a right to acquire an underlying security see s240.13d(1).

Item 5. Ownership of Five Percent or Less of a Class
 If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of securities,
check the following / /.


Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company
N/A
Item 8. Identification and Classification of Members of the Group
N/A

Item 9. Notice of Dissolution of Group

N/A










Item 10. Certification

(a) The following certification shall be included if the statement
is filed pursuant to s240.13d-1(b):

By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for
the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.




Date: February 3, 2012


/s/ Richard C. Perkins


Signature
Richard C. Perkins
EVP/Portfolio Manager


Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001)