RCS - AFC Energy Plc - S Series Fuel Cell Operating Cost Milestone

AFC EnergyAnnouncement

14/03/2024 07:00

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RNS Number : 7681G  AFC Energy Plc  14 March 2024

14 March 2024

 

 

 

AFC Energy PLC

("AFC Energy" or the "Company")

 

S Series Fuel Cell Operating Cost Reduction Milestone Achieved

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, is pleased to update the market on its S Series fuel cell
efficiency improvement evidenced in the recent 30kW H-Power Generator Factory
Acceptance Test ("FAT") with Speedy Hydrogen Solutions.

 

Highlights

 

·      16% reduction in hydrogen fuel consumption 1  (#_ftn1) from the
2024 30kW H-Power Generator versus the 2023 H-Power Tower;

 

·      Significant lowering of 2024 H-Power Generator's operating cost
to customers, which builds on the 50% reduction in 2024 generator capital cost
(per kW) 2  (#_ftn2) relative to the 2023 H-Power Tower;

 

·      Performance measured during recent Speedy Hydrogen Solutions FAT
and is compared to "in the field" data received from customers during H-Power
Tower deployments in 2023;

 

·      Data demonstrates highly efficient performance of AFC Energy's S
Series air cooled generator technology driven by its distinct integration of
both proprietary fuel cell stack and generator balance of plant design.

 

 1  Per kWh of power generated

 2  Assuming 50 x 30kW generator annual production based on supply chain
quotations

Adam Bond, Chief Executive at AFC Energy, said:

 

"Lowering the total cost of ownership of fuel cell generators is a key
prerequisite to industry-wide adoption.  Last year, field data suggested that
AFC Energy's H-Power Towers were, operationally, only 14% more costly than
diesel generators based on European hydrogen prices, highlighting the
importance of fuel efficiency in generator performance and reducing this cost
gap. AFC Energy's high efficiency, high power dense S Series fuel cell
generators are setting the standard for industry's transition to a hydrogen
fueled future".

 

 

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 / Tom Ballard / Georgia Langoulant
 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 now deployable as electric vehicle chargers, off-grid
decentralised power systems for construction and temporary power with emerging
opportunities across maritime, data centres and rail as part of a portfolio
approach to the decarbonisation of society's growing electrification needs.

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