REG - AFC Energy Plc - Extreme E 2022 Season Contract

AFC EnergyAnnouncement

02/02/2022 07:00

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RNS Number : 3903A  AFC Energy Plc  02 February 2022

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2 February 2022

AFC Energy PLC

("AFC Energy" or the "Company")

 

Extreme E 2022 Season Contract

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, is pleased to announce that Extreme E, the all-electric SUV
racing series, will continue to use the Company's zero-emission fuel cell for
its 2022 season.

 

AFC Energy's zero-emission, "L" Series hydrogen power generator was
successfully used at all five races in the inaugural 2021 season to power the
ODYSSEY 21 race vehicles in a variety of harsh operating conditions including
in Saudi Arabia, Senegal and Greenland.

 

The new contract, signed yesterday, will see the Company's fuel cell system
again being rented to Extreme E on commercial terms and used to generate power
for all of the race vehicles at each of the five rounds in the 2022 season,
which will include races in South America for the first time. The series will
also welcome motorsport giants McLaren Racing for 2022, with the first race of
the new season taking place in NEOM, Saudi Arabia, later this month.

 

AFC Energy's involvement in Extreme E continues to provide an important
platform to demonstrate the Company's

sustainable clean energy system to global representatives from industry and
off-grid power users seeking to address the evolving transition from diesel
fuelled power.

 

Extreme E takes place in off-road locations as part of its mission to drive
awareness of climate change issues, such as global warming, melting ice caps,
rising sea levels, wildfires and extreme weather, whilst promoting
sustainability and the adoption of electric vehicles to help protect the
planet.

 

Adam Bond, CEO of AFC Energy, said:

 

"We are delighted to be extending our collaboration with Extreme E into
2022.  The inaugural race season enabled us to demonstrate the possibilities
of AFC Energy's zero-emission power generators while operating in high
pressure, high-profile and extreme environments.  This world first showed
what can already be achieved in moving the world to zero-emission
technologies.

 

"Last year the use of our fuel cell by Extreme E prevented a significant
amount of CO2 from being emitted into the atmosphere.  This contract is just
one in a strong pipeline of system sales and lease opportunities which will
underpin future revenue growth as we seek to capitalise on our position to
displace diesel generators within the next decade."

 

Alejandro Agag, CEO and Founder of Extreme E, said:

 

"Working with AFC Energy has enabled Extreme E to be the world's first
sporting event to use zero emission power generators. From the outset, our
vision of using battery powered race cars could only be truly fulfilled if we
could charge them in a completely sustainable way.  AFC Energy has enabled us
to do that, and we are delighted to be using their technology again for the
2022 season.

 

"We are setting the standard for clean fuel provision in any situation - we
have proved it can be done and hope that our example will now be followed by
other sporting events."

 

 

 

 

 

 

 

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 (Head of Sales)

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

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

 

About AFC Energy

 

AFC Energy plc is commercialising scalable alkaline 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.

 

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