REG - AFC Energy Plc - Strategic Collaboration with Ricardo

AFC EnergyAnnouncement

14/01/2021 07:01

RNS Number : 6087L
  
AFC Energy Plc
  
14 January 2021
  
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 
14 January 2021 
AFC Energy plc
("AFC Energy" or the "Company")
Strategic Collaboration with Ricardo 
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce the signing of a strategic engineering collaboration with Ricardo Energy and Environment, part of Ricardo plc ("Ricardo"), an internationally renowned global engineering consultancy with a strong specialisation in decarbonised transportation and clean power generation solutions across 55 offices worldwide.   
Highlights
●      AFC Energy and Ricardo have signed a Collaboration Agreement with a primary focus on the joint identification and development of new and innovative solutions through the adoption of AFC Energy's alkaline fuel cell technology. 
 
●      Key markets of focus include marine (shipping and ports), rail and innovative stationary power generation.  
 
●      Marine applications will consider the benefits of utilising green ammonia as a key vector for the storage of energy, leveraging the ability of the Company's fuel cell to utilise low cost hydrogen derived from cracked ammonia. 
 
●      The companies will look to identify the creation of unique alkaline fuel cell products and service offerings with mutual commercial benefits across these key markets for Ricardo clients.
 
●      Joint project submissions have already been created by Ricardo and AFC Energy for submission to prospective customers.
 
AFC Energy today announces the signing of the Company's first strategic engineering collaboration agreement with Ricardo, a global leader in the creation of innovative engineering and design solutions with strong credentials across the transportation and energy sectors.  
The Agreement provides a framework for the two companies to jointly explore and engineer innovative, zero greenhouse emission products with a focus on transportation and stationary power generation, thereby taking advantage of clear growth in industrial customer demand.  This agreement therefore creates the opportunity for AFC Energy to grow the number of products that utilise the Company's fuel cell and validate its technical and commercial viability in the growing global market for hydrogen fuelled power and propulsion systems. 
The three key areas of initial market focus include maritime, rail and stationary power where Ricardo is seen as one of the current market leaders.  The parties will consider the benefits achieved through the use of low cost, readily available, and high energy dense green ammonia fuel (rather than hydrogen gas) as a fuel of choice in off-grid or remote power needs, including international shipping and distributed power generation.  
Following several months of engagement, the two companies have already jointly submitted proposals to Ricardo clients addressing particular client needs pertinent to grid instability and the need for zero emission alternative power.  Further opportunities will be identified in 2021 for joint collaboration across the key markets of focus.  
Adam Bond, Chief Executive Officer at AFC Energy, said:
"The role for AFC Energy's alkaline fuel cell in supporting the decarbonisation of e-mobility and off-grid power systems through the use of zero emission fuels such as green ammonia is becoming ever clearer and relevant.  
We are delighted to be collaborating with one of the world's leading engineering houses in Ricardo to fully explore new and innovative ways in which our alkaline fuel cell system can be deployed across a range of industries where traditional reliance on combustion of fossil fuels is no longer seen as a viable or acceptable means of remote power generation.  We look forward to furthering our collaboration with Ricardo in our key markets of focus, with each providing enormous opportunities in their own right."
Mike Bell, Group Strategy and Transformation Director at Ricardo plc, added: 
"Ricardo has a world leading pedigree in the energy transition towards sustainable and green power, working with many of the world's leading Original Equipment Manufacturers and industrial partners in pursuit of engineering solutions that support Net Zero aspirations.  We also recognise AFC Energy's specialist expertise in alkaline fuel cell technology, which has highlighted the potential for low cost, high efficiency alkaline systems in off-grid and remote power environments.
We are very pleased to be collaborating with AFC Energy is exploring new opportunities for fuel cell deployment across sectors such as marine and rail where the alkaline technology has the potential to play a key role decarbonisation and sustainability."   
 
-ENDS-
For further information, please contact:




AFC Energy plc
Adam Bond (Chief Executive Officer)  
Iain Thomson (Head of Communications and Stakeholder Management)


+44 (0) 14 8327 6726
Investors@afcenergy.com
 




WH Ireland - Nominated Adviser and Joint Broker
Mike Coe (Corporate Finance)
Jasper Berry (Corporate Broking)


+44 (0) 117 945 3470




 


 




M C Peat & Co LLP - Joint Broker
Charlie Peat


+44 (0) 20 7104 2334




Zeus Capital Limited - Joint Broker
Daniel Harris (Corporate Finance)
John Goold/Dominic King (Corporate Broking)


+44 (0) 203 829 5000




 
Tuva Partners - Public Relations
Alex Brooks
 


+44 (0) 7900 205 460




About AFC Energy plc
AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now deployable in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.
Afcenergy.com
About Ricardo plc 
Ricardo plc is a global strategic engineering and environmental consultancy that specialises in the transport, energy and scarce resources sectors.  Ricardo's work extends across a range of market sectors - including passenger cars, commercial vehicles, rail, defence, motorsport, energy and environment - with a client list that includes transport operators, manufacturers, energy companies, financial institutions and government agencies.  In addition to technical consultancy services, Ricardo has in-house engineering capabilities that enable the Company to design and deliver high-quality prototypes and low-volume manufacturing of complex products and assemblies, including engines, transmissions, electric motors and generators, battery packs and fuel cell systems.
Ricardo.com
 
 
 

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