REG - AFC Energy Plc - Zollner to Scale Manufacture of Fuel Cell Modules

AFC EnergyAnnouncement

22/07/2024 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:20240722:nRSV1850Xa&default-theme=true

RNS Number : 1850X  AFC Energy Plc  22 July 2024

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.

 

22 July 2024

AFC Energy PLC

("AFC Energy" or the "Company")

Zollner to Scale Manufacture of S Series Fuel Cell Modules

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, is pleased to announce it has signed a Strategic Supplier
Agreement ("SSA") with Germany's Zollner Elektronik ("Zollner") as the
Company's scaled manufacturing partner for fuel cell modules of its S Series
air cooled platform.

 

Highlights:

·      AFC Energy and Zollner sign their first SSA for the scaled
production of fuel cell modules for the Company's S

Series platform

·      Zollner is Europe's largest electronics mechanical services
contract manufacturer operating across 7 sectors, 4 continents and 24
locations worldwide

 

·      In what is expected to be a multi-year agreement, Zollner will
undertake a phased build-up of fuel cell module manufacture to incorporate:

o  Wiring and looms

o  Electrical panel and boards

o  Balance of plant sub-assemblies

o  Module assembly

o  Stack integration

o  Module factory acceptance testing

·      Under the SSA, scaled production of each fuel cell module is
expected to take place in Zollner's German facilities outside of Zandt with
scope to grow internationally across multiple continents with international
growth.

·      Zollner's role in manufacture is critical in enabling the scale
up of H-Power Generator production with call off orders placed alongside
demand growth.

 

·      The SSA envisages planning to start immediately for the first
phase production of the fuel cell module's electrical

assemblies and wiring.

 

·      The SSA is fully consistent with AFC Energy's low capital
outsourced contract manufacturing strategy.

 

Markus Aschenbrenner, Member of the board at Zollner Elektronik, said:

"As a forward-looking electronics and mechatronics service provider in the
field of Electronics Manufacturing Services (EMS), we are always on the
lookout for new, innovative technologies that pave the way to a more
sustainable future. We are delighted to have entered into this multi-year
Strategic Supply Agreement with AFC Energy to support the company meet the
growing demand for sustainable alternatives to fossil fuel generators.
Hydrogen is no longer a fuel of the future, but by working with partners like
AFC Energy, we are pleased to be actively participating in the industry's
pursuit of a net zero solution and trying to make an important contribution."

 

Adam Bond, Chief Executive of AFC Energy, said:

"We are very proud to be working with Europe's leading mechatronics
manufacturing partners in Zollner. Our strategy of leveraging the scale up
manufacturing expertise of contract manufacturers has long been the core of
our future product readiness and with such high demand for Zollner's services,
we are extremely pleased to see alignment of our two companies and the
complimentary opportunities that we are able to pursue in partnership. We look
forward to a long and fruit ful partnership with Zollner as we continue to
support industry meet its decarbonisation goals."

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 Richard Crichton / Georgia  +44 (0) 207 418 8900
 Langoulant / Brian Hanratty
 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 Matthew Coakes / Teri Su Eduardo Famini /   +44 (0) 20 7653 4000
 Jack Wood

 FTI Consulting - Financial PR Advisors

 Ben Brewerton / Tilly Abraham / Evie Taylor

                                                                                +44 (0) 203 727 1000

                                                                                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 targeting near term commercial deployment across the
construction and temporary power markets with longer term opportunities in
electric vehicle charging, maritime and data centres 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 the decarbonisation of hard to abate
industries.

 

About Zollner

The family-owned company, based in Zandt, Germany, is the market leader in
Europe in the Electronics Manufacturing Services (EMS) area. Established in
1965, it has developed through organic growth into a global player with more
than 13,000 employees at 24 locations worldwide and belongs among the top 15
EMS providers in the world.

As an Electronics and Mechatronics Service Provider, Zollner provides
cross-sector system solutions along the entirety of the product life cycle
quickly, flexibly and with the highest level of personal support.

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  AGRSEUFAFELSESW