REG - AFC Energy Plc - ACCIONA to Deploy First Hybrid Fuel Cell System

AFC EnergyAnnouncement

01/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220301:nRSA1146Da&default-theme=true

RNS Number : 1146D  AFC Energy Plc  01 March 2022

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU
REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN
THE PUBLIC DOMAIN.

 

1 March 2022

AFC Energy PLC

("AFC Energy" or the "Company")

ACCIONA to Deploy First Hybrid Fuel Cell System in Spain

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, is pleased to provide an update on the status of the Company's
fuel cell field deployment in Spain with partner, ACCIONA.

Highlights

·      ACCIONA and AFC Energy have agreed to field deploy the Company'
first Hybrid Fuel Cell ("HFC") system in Spain at a construction site north of
Cadiz.

 

·      The decision follows an update on AFC Energy's product roadmap
presented to ACCIONA in November 2021.

 

·      The HFC system, announced as a new product line in December 2021
by AFC Energy, offers materially higher energy density versus the "L" Series
that was initially proposed for deployment with ACCIONA.

 

·      AFC Energy is currently building the first HFC system in the UK
where it expects to be factory commissioned  before being shipped to
Spain.

 

·      The field deployment of the HFC system is part of ACCIONA's
commitment to decarbonise its global portfolio of construction sites.

 

·      The terms of the field deployment will mirror the cost sharing
arrangements of the prior "L" Series demonstration which this now replaces.

 

 

ACCIONA is one of the world's leading construction contractors with a large
portfolio of renewable energy projects worldwide.

 

In 2020, ACCIONA and AFC Energy signed their first agreement to take alkaline
fuel cell technology to the construction site to assess its ability to reduce
carbon emissions through the adoption of carbon free fuels such as ammonia.

 

Since this time, AFC Energy has advanced its portfolio of fuel cell
technologies and product platforms and in November 2021, ACCIONA attended AFC
Energy's UK offices to explore its new product and technology roadmap.
Importantly, as part of that visit, ACCIONA were able to witness a working
ammonia cracker system supplying hydrogen (derived from ammonia) into an AFC
Energy fuel cell system.

 

With a consistent interest in the adoption of zero emission, hydrogen carrier
fuels such as green ammonia and green methanol, the two companies have now
elected to replace the incumbent field demonstration programme, which
previously employed AFC Energy's "L" Series fuel cell system, with the new,
higher power dense HFC system at a fraction of the footprint.

 

The HFC system builds on the architecture of AFC Energy's Anion Exchange
Membrane ("AEM") system and, in due course, will leverage AFC Energy's ability
to adopt green methanol as a fuel, complementing the AEM system's ability to
accept green ammonia, maximising the fuel flex approach to lower cost hydrogen
carrier fuels.

 

AFC Energy is currently manufacturing its first HFC system which is expected
to be commissioned at the Company's Dunsfold (UK) facility before being
dispatched to a construction site in the south of Spain.

 

This will be the Company's first HFC system deployment and confirms immediate
customer interest for the new technology platform.

 

Dr. Miguel A. París, Head of the PMO & Sustainable Building &
Industrial Area of the Construction R&D Centre at ACCIONA, said: "We have
been impressed with the large strides achieved by AFC Energy over the past 18
months and seeing the product roadmap outlined by the Company for the
construction industry made the decision to transition our trial to the more
energy dense fuel cell technology a compelling one.  ACCIONA is proudly at
the vanguard of industrial decarbonisation and we look forwards to working
with AFC Energy in providing zero emission power solutions to the meet the
global challenge of achieving Net Zero".

Adam Bond, Chief Executive Officer at AFC Energy, said: "AFC Energy's
partnership with ACCIONA is key in demonstrating commercially and technically
viable, yet sustainable, power generation solutions that meet the ambitious
emission reduction agenda of the global off-grid power market.  Our new HFC
technology platform is one of several new products we are introducing to
provide industry with higher energy density, reduced footprint and higher
efficiency fuel cell systems that support the decarbonisation of off-grid
power and construction sites.  We very much look forwards to continuing our
partnership with ACCIONA as part of this field deployment this year."

 

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 / Alexander Allen
 M C Peat & Co LLP - Joint Broker                               +44 (0) 20 7104 2334

 Charlie Peat
 Zeus Capital Limited - Joint Broker

 Daniel Harris (Corporate Finance)                              +44 (0) 203 829 5000

 Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)
 FTI Consulting - Financial PR Advisors                         +44 (0) 203 727 1000

 Ben Brewerton / Dhruv Soni                                     afcenergy@fticonsulting.com (mailto:afcenergy@fticonsulting.com)

 

About AFC Energy

AFC Energy plc is commercialising scalable "fuel flexible" fuel cell systems,
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 data centre
applications with emerging opportunities across maritime and rail as part of a
portfolio approach to the decarbonisation of local electricity needs.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUWRARUWUUUUR