REG - AFC Energy Plc - AFC Energy Launches Hyamtec Limited

AFC EnergyAnnouncement

18/09/2024 07:00

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RNS Number : 5915E  AFC Energy Plc  18 September 2024

 

 

18 September 2024

 

 

AFC Energy PLC

("AFC Energy" or the "Company")

 

AFC Energy Launches Hyamtec to Drive Commercialisation of Ammonia Cracker
Technology

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, is pleased to announce the launch of Hyamtec Limited
("Hyamtec"), a wholly owned subsidiary of AFC Energy. Hyamtec has been
established to commercialise the Company's next-generation distributed ammonia
cracking business.

 

Highlights

 

·    Unique Technology: Ammonia crackers are critical to unlocking an
affordable, scalable and accelerated route to hydrogen generation, enabling
industries to decarbonise without requiring extensive new infrastructure.

 

·    Proven Innovation: AFC Energy has pioneered the design and
development of modular, compact ammonia crackers through years of investment
and a team of industry experts.

 

·    Strategic focus: Hyamtec will drive the commercialisation of ammonia
cracking technology, offering low-cost and scalable on-demand hydrogen
production for industrial and mobile applications.

 

·    Key markets: Hyamtec is targeting:

o  Hydrogen-rich fuel gas for decarbonising industrial heat generation
applications.

o  Ammonia conversion for large capacity combustion engines in power
generation, marine and mining sectors.

o  Modular, purified hydrogen production for fuel cells and transport
applications.

 

The Technology

 

Hyamtec's cracker technology has successfully demonstrated its flexibility to
integrate with both ammonia combustion engines and technologies to purify
hydrogen for fuel cell applications.  It offers a practical, scalable
solutions for industries facing high decarbonisation costs and infrastructure
challenges.

 

Strategic Rationale

 

Hyamtec will drive the commercialisation of ammonia cracking technology,
supporting low-cost, scalable, and on-demand hydrogen production for
industrial and mobile applications. As a wholly owned subsidiary of AFC
Energy, Hyamtec will have increased flexibility in seeking financing for its
growth.

 

Management Leadership

 

Dr Mike Rendall, currently Chief Technology Officer of AFC Energy's Hydrogen
Processing Division, will lead Hyamtec as Managing Director, bringing over 25
years of experience in hydrogen generation technologies.

 

Dr. Mike Rendall, Managing Director of Hyamtec Limited, said:

 

"With over £40bn spent per annum on natural gas in the UK alone by industrial
users, the global opportunity to displace fossil fuels in industry with
ammonia is immense.  Hyamtec is focused on fast tracking the decarbonisation
of industry through ammonia and our ammonia cracking technologies.  We have
seen strong interest from investors and partners alike in our technology and
market strategies, and as a leading pioneer in this sector, we look forward to
partnering with industry to support the rapid decarbonisation of the world's
hardest to abate sectors."

 

Gary Bullard, Chief Executive of AFC Energy plc, said:

 

"The global transition to net zero is driving the urgent need for innovative
hydrogen solutions, and ammonia cracking is emerging as a key enabler for
industries aiming to decarbonise. With years of investment behind us, AFC
Energy has built a robust ammonia cracking technology that aligns perfectly
with the needs of heavy industry. The creation of Hyamtec allows us to fully
capitalise on this technology, bringing it to market in a way that unlocks new
growth opportunities, both in the UK and globally.

 

We are excited to offer a scalable solution that can significantly lower
hydrogen costs for industrial use without requiring extensive new
infrastructure. This approach, combined with the strength of our existing fuel
cell business, positions us to provide dual pathways for cleaner energy
solutions. By showcasing the unique potential of Hyamtec, we invite strategic
partners and investors to join us in accelerating the adoption of hydrogen
technologies and driving the next wave of industrial decarbonisation."

 

For further information, please contact:

 

 AFC Energy plc                                                        +44 (0) 14 8327 6726

 Gary Bullard (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

 David Foreman / James Hornigold (Investment Banking)                  +44 (0) 203 829 5000

 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 / Chris Laing / Evie Taylor                             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.

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 industries facing challenges in
decarbonisation, such as mining, cement and heavy engineering.

 

 

 

 

 

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