RCS - AFC Energy Plc - Illuming Power Produce Fuel Cell Plates and Stacks

AFC EnergyAnnouncement

08/05/2024 07:00

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RNS Number : 4932N  AFC Energy Plc  08 May 2024

 

8 May 2024

 

AFC Energy PLC

("AFC Energy" or the "Company")

 

Illuming Power to Scale S Series Fuel Cell Plate and Stack Manufacture

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, is pleased to announce the appointment of North America's
Illuming Power ("Illuming") as the Company's first scaled manufacturer of fuel
cell plates and stacks for its S Series air cooled platform.

 

Highlights:

 

 ·             Illuming and AFC Energy sign Strategic Supply Agreement ("SSA") for large
               scale production of S Series air cooled fuel cell plates and stacks.
 ·             Under a multi-year programme, Illuming, through its international network,
               will deliver completed and commissioned S Series fuel cell plates and stacks
               for installation into H-Power Generator modules.
 ·             Illuming is currently delivering high quality fuel cell plate components to
               AFC Energy's design and specification utilising the latest low cost production
               techniques.
 ·             Illuming, and its partners, have the ability to meet all air cooled stack
               requirements for H-Power Generators foreseen over the next 5 years.
 ·             SSA is fully consistent with AFC Energy's low capital outsourced contract
               manufacturing strategy
 ·             Orders for completed S Series stacks have already been placed with Illuming
               based on recent qualification of components and evidence of production
               quality.
 ·             Over 140 million kilometres have been driven on Illuming fuel cell stacks in
               the global automotive sector, evidencing its quality and ability to scale with
               demand.

 

 

Jeff Plato, President and Chief Executive of Illuming Power, said:

"We are pleased to be entering into this long term Strategic Supply Agreement
with AFC Energy to support the growth in demand for its H-Power Generator
platform into a scalable production product.  We have been working with AFC
Energy over a number of years now and believe the market for decarbonised
generators in the off-grid and backup power markets highlights a near term,
sizable global market in which to pursue, lending itself well to third party
manufacture.  We welcome the opportunity to support AFC Energy in its
targeted growth strategy and look forward to meeting AFC Energy's investors at
the Company's Capital Markets Day in May.

Adam Bond, Chief Executive of AFC Energy, said:

 

"Illuming Power is a valued partner of AFC Energy with over two years of
collaborative work with us in supporting stack design and delivery.  Their
experience in stack build, both in prototype and commercial applications with
thousands of stacks currently in operation across the global hydrogen market
today, makes them a reliable and trusted supplier to AFC Energy.  Their
experience, alignment with our business model, and investment in their own
growth trajectory, makes Illuming a key partner to AFC Energy's success."

 

 

 

 For further information, please contact:

 AFC Energy plc                                                 +44 (0) 14 8327 6726

 Adam Bond (Chief Executive Officer)                            investors@afcenergy.com (mailto:investors@afcenergy.com)

 Peel Hunt LLP - Nominated Adviser and Joint Broker             +44 (0) 207 418 8900

 Richard Crichton / Georgia Langoulant / Brian Hanratty

 Zeus - Joint Broker                                            +44 (0) 203 829 5000

 David Foreman / James Hornigold (Investment Banking)

 Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)

 RBC Capital Markets - Joint Broker                             +44 (0) 20 7653 4000

 Matthew Coakes / Teri Su

 Eduardo Famini / Jack Wood

 FTI Consulting - Financial PR Advisors                         +44 (0) 203 727 1000

 Ben Brewerton / Tilly Abraham / Evie Taylor                    afcenergy@fticonsulting.com (mailto:afcenergy@fticonsulting.com)

 

About AFC Energy

AFC Energy plc is a leading provider of hydrogen energy solutions, to provide
clean electricity for on and off grid power applications. The Company's fuel
cell technology is targeting near term commercial deployment across the
construction and temporary power markets with longer term opportunities in
electric vehicle charging, maritime and data centres as part of a portfolio
approach to the decarbonisation of society's growing electrification needs.
The Company's proprietary ammonia cracking technology further highlights
emerging opportunities across the distributed hydrogen production market with
a focus on hydrogen's role in supporting the decarbonisation of hard to abate
industries.

 

 

 

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