REG - AFC Energy Plc - Joint Development Agreement

AFC EnergyAnnouncement

04/06/2025 12:15

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RNS Number : 4323L  AFC Energy Plc  04 June 2025

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4 June 2025

 

 

AFC Energy plc

("AFC Energy" or the "Company")

 

 

Joint Development Agreement with Leading Global Industrial Company

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, announces the signing of a Joint Development Agreement with a
confidential leading global industrial S&P 500 company (the "Industrial
Partner") (the "JDA").

 

Highlights:

 

·     AFC Energy and a leading global industrial company sign JDA to
develop a range of small to large scale highly efficient ammonia crackers for
hydrogen production.

 

·     Successful completion of JDA milestones expected to result in
material AFC Energy revenues from 2027 onwards.

 

 

Under the JDA, the Company and the Industrial Partner will collaborate to
develop a range of small to large scale highly efficient ammonia crackers for
hydrogen production using AFC Energy's proprietary modular and efficient
ammonia cracking technology. Development costs incurred by AFC Energy under
the JDA will be reimbursed by the Industrial Partner, an established, publicly
listed player with an aligned supply chain who brings strong financial
capacity and a wealth of technical capability.

 

Upon successful completion of certain JDA milestones, it is envisaged that the
commercial relationship between AFC Energy and the Industrial Partner will
result in material AFC Energy revenues from 2027 onwards from our high value
ammonia cracker systems for large scale industrial use, including, for
example, port side hydrogen pipeline filling in Northen Europe.

 

John Wilson, CEO of AFC Energy plc, commented:

 

"This announcement serves to underpin our strategy to deliver commercial
viability of the hydrogen economy without government subsidy and will provide
a further suite of roadmap products, alongside our hydrogen fuel cell power
generators, to accelerate us to that point. We are delighted to have signed
the JDA with the Industrial Partner, whose commitment to AFC Energy's
proprietary ammonia cracker technology provides important industry peer
validation, as we further commercialise and develop AFC's offering. We look
forward to developing our commercial relationship with the Industrial Partner
and using our technology to help heavy industry to decarbonise its
operations."

 

 

For further information, please contact:

 

 AFC Energy plc                                                 +44 (0) 14 8327 6726

 John Wilson (Chief Executive Officer)                          investors@afcenergy.com (mailto:investors@afcenergy.com)

 Karl Bostock (Chief Financial Officer)

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

Richard Crichton / Georgia Langoulant / Emily Bhasin

 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 / Chris Laing / 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.

 

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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