REG - AFC Energy Plc - Joint Development Agreement with Komatsu Ltd.

AFC EnergyAnnouncement

10/02/2026 07:00

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RNS Number : 3160S  AFC Energy Plc  10 February 2026

AFC Energy Plc

10 February 2026

AFC Energy Plc

("AFC Energy" or the "Company")

Joint Development Agreement with Komatsu Ltd.

AFC Energy (AIM: AFC), a leading provider of ammonia-based low carbon hydrogen
production and hydrogen-to-power solutions at a commercially viable price
point, announces the signing of a Joint Development Agreement with Komatsu
Ltd. ("Komatsu") and Industrial Power Alliance Ltd, a Komatsu affiliate (the
"JDA"). Komatsu is one of the world's leading manufacturers of construction,
mining, forestry, and industrial heavy equipment and is listed in Tokyo and
Osaka, Japan, with a market capitalisation of approximately US$ 43 billion.

 

Under the JDA, the Company and Komatsu will work together to design and
integrate AFC Energy's proprietary ammonia cracking technology with a Komatsu
industrial internal combustion diesel engine to assess the feasibility of a
new ammonia fuelled engine platform capable of scaled production. This would
potentially provide Komatsu customers with an alternative, sustainable
solution for their fleets of construction and mining plant equipment.

 

Successful operational delivery of an operational diesel engine under the JDA
will demonstrate that an internal combustion engine can be run on liquid
ammonia with minimal changes necessary, thereby introducing AFC Energy's
technology into a further vertical with a significant addressable market.

 

The JDA has a contract value of c. US$ 2 million, subject to delivery of
certain milestones.

 

The JDA further highlights AFC Energy's focused strategy of delivering
hydrogen-to-power solutions at a commercially viable price point and without
the need for government subsidies.

 

John Wilson, CEO of AFC Energy Plc, commented:

 

"We are delighted to have signed this JDA with Komatsu, whose commitment to
AFC Energy's proprietary ammonia cracker technology provides further industry
peer validation, as we continue to commercialise and develop AFC Energy's
offering. This JDA further underpins our strategy to deliver commercially
viable hydrogen-to-power solutions without government subsidy through the
introduction of our technology into an additional vertical with a significant
addressable market. We look forward to developing further our commercial
relationship with Komatsu and using our technology to help heavy industry to
decarbonise its operations."

 

Taisuke Kusaba, Chief Technology Officer of Komatsu Ltd., commented:

 

"We are very pleased to be working with AFC Energy and its leading ammonia
cracking technology to further explore measures to decarbonise our fleets of
equipment. Our goal is to achieve a sustainable society and facilitate
business growth. We envisage AFC Energy's ammonia cracking technology as
potentially playing an important role in fulfilling our goal."

 

 

 

 

 

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)

 DGA Group - Financial PR and Communications Advisors           +44 (0) 7747 113 930

 James Benjamin / James Styles                                  +44 (0) 7510 385 554

                                                                afcenergy@dgagroup.com (mailto:afcenergy@dgagroup.com)

About AFC Energy

 

AFC Energy Plc is a leading provider of ammonia-based low carbon hydrogen
production and hydrogen-to-power solutions. Our market-leading decentralised
ammonia cracker and fuel cell generator products are engineered to unlock the
low carbon hydrogen market by meeting customers' needs with scalable, reliable
supplies of low carbon hydrogen and power. AFC Energy is enabling customers to
decarbonise at a price that is commercially viable.

We are focused on the successful commercial rollout of our core product suite
and on creating significant shareholder value by converting our growing
opportunity pipeline into contracted orders and delivering sustained revenue
growth.

Our core strategy is to develop and deploy products that enable the production
of scalable, reliable supplies of clean hydrogen at commercially viable prices
and without reliance on government subsidies or incentives. AFC Energy
achieves this through our proprietary, decentralised and modular ammonia
cracker technology, and providing low carbon, off‑grid power solutions with
our fuel cell generators that are competitive with, and capable of displacing,
diesel generators on a total cost of ownership basis.

The Company's modular, decentralised ammonia cracker systems have production
capacities of approximately 0.5 and 4 tonnes of hydrogen per day respectively.
These enable the generation of scaled volumes of low carbon hydrogen at the
point of use within a highly compact footprint. Our systems have the potential
to drive substantial revenue growth across a wide range of addressable
markets, including hard‑to‑abate industrial facilities, transportation and
power generation applications.

AFC Energy's fuel cell generator systems are currently offered with generation
capacities of 30 kW and 200 kW. They are well-suited to off‑grid,
decentralised and temporary power applications, including the displacement of
diesel generators on construction and infrastructure sites. Further use cases
include electric vehicle charging for cars, buses and trucks, as well as
charging of battery‑powered non‑road machinery, with additional emerging
opportunities in maritime, data centre and rail applications.

AFC Energy is listed on the London Stock Exchange's AIM Market and
headquartered in Dunsfold, Surrey, UK.

Please read more on our website https://www.afcenergy.com/
(https://www.afcenergy.com/) and follow us on LinkedIn
(https://www.linkedin.com/company/afc-energy/)

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