AFC Energy Plc Heads of Agreement with Global Manufacturer (9177F)
18 November 2015 - 8:16PM
UK Regulatory
TIDMAFC
RNS Number : 9177F
AFC Energy Plc
17 November 2015
17 November 2015
AFC Energy PLC
("AFC" or the "Company")
AFC Enters Heads of Agreement with Global Manufacturing
Partner
AFC Energy plc (AIM: AFC.L), the industrial fuel cell power
company, is pleased to announce that it has signed a Heads of
Agreement with a global manufacturing partner for the international
procurement and manufacture of its leading alkaline fuel cell
systems.
The Heads of Agreement sets out the basis of a proposed
manufacturing services agreement, the terms of which will be
negotiated over the coming months with AFC expecting to make an
announcement on the final terms of the deal thereafter.
The prospective manufacturing partner has global reach, is
widely regarded as a world leading manufacturing services company,
and will offer manufacturing support to AFC, and to support value
engineering, manufacturing process optimisation and therefore cost
reduction through a competitive procurement of the supply chain and
leveraging the network and existing infrastructure.
Mr Adam Bond, AFC's Chief Executive Officer, said: "Having met
representatives from our prospective manufacturing partner on their
visits to our Surrey-based head office, I'm confident in our
ability to close a deal that will reflect the mutual opportunity
for both parties in taking this transaction forward, and in their
capability to deliver on AFC's aggressive growth trajectory
envisaged over the coming five years as we progress towards our
targeted 1GW of power generation in place or under development by
2020."
Mr Bond further commented: "Whilst I expect negotiations on a
manufacturing services agreement to progress over the coming weeks
and months, I believe the signing of the Heads of Agreement is
further validation of the global interest being shown in fuel cell
technology generally, and specifically in AFC's offering and
positioning within this international market."
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 20 3697 1209
Zeus Capital Limited - Nominated Adviser and Joint Broker
Phil Walker, Nicholas How
Alex Davies, John Goold +44 (0) 3829 5000
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Lionsgate Communications - Public Relations
Jonathan Charles, Rachel Rigby +44 (0) 20 3697 1209
About AFC Energy
AFC Energy plc is fast approaching commercialisation for its
proven low-cost alkaline fuel cell system ("KORE"), which converts
hydrogen into 'clean' electricity. AFC's key project POWER-UP will
demonstrate the world's largest alkaline fuel cell system at Air
Products' industrial gas plant in Stade, Germany. The date for the
demonstration of the 240kW KORE system has been fast tracked to
December 2015, representing the final phase of AFC's
pre-commercialisation technical development programme and creating
the platform for the Company's global commercial fuel cell
deployment. For further information, please visit our website:
www.afcenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRKMMMMMVLGKZZ
(END) Dow Jones Newswires
November 17, 2015 02:00 ET (07:00 GMT)
Afc Energy (LSE:AFC)
Historical Stock Chart
From Apr 2024 to May 2024
Afc Energy (LSE:AFC)
Historical Stock Chart
From May 2023 to May 2024