AFC Energy Plc COVID-19 Update
19 March 2020 - 9:35PM
RNS Non-Regulatory
TIDMAFC
AFC Energy Plc
19 March 2020
RNS Reach - This is a Non-Regulatory Announcement
19 March 2020
AFC Energy PLC
("AFC Energy" or the "Company")
COVID-19 Update
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, takes this opportunity to provide an
update on the actions being taken to minimise the impact of the
COVID-19 virus on its business.
The safety of our staff, their families, our customers and
partners are of paramount importance to AFC Energy in these
uncertain times. We are in the process of implementing a number of
Government recommendations surrounding the avoidance of
non-essential travel and preparation for working from home where
practical.
We are also in regular contact with our partners and supply
chain, including key industrial partners such as Industrie De Nora
headquartered in Italy, regarding their own preparedness for the
impact of the COVID-19 virus and are reassured by the actions they
have in place to mitigate against the long term effect of localised
business disruption.
In spite of these challenging circumstances and to the extent
within our control, we are seeking to maintain momentum following
the successful launch and interest received for our H-Power(TM)
systems over recent months and are continuing to advance our
commercial pipeline. We also continue work on our Alkamem(TM)
membrane technology alongside engagement with parties that have
expressed early interest in further testing and validating the
membrane's performance.
The Chancellor in last week's Budget confirmed the material
investment into national EV Charging infrastructure and grid
connectivity, alongside the not insubstantial reduction in red
diesel subsidies, levelling the playing field to more sustainable
alternatives to off-grid diesel generation. These announcements
continue to affirm the fundamentals of AFC Energy's targeted go to
market strategy and place us well when the extremity of the
situation before us returns to normal.
AFC Energy continues to monitor Government advice in regard to
the COVID-19 virus, and in particular, we are evaluating all
options pertaining to this year's Annual General Meeting balancing
legal obligations, the health and safety of shareholders and
employees and the provision of timely communication to
shareholders.
Adam Bond, Chief Executive Officer at AFC Energy, said "The
consequential impact of COVID-19 at this stage is impossible to
fully predict, however, we are taking all actions to ensure the
effect of any delays on manufacturing and system deployment are
mitigated to the greatest extent possible. These are uncertain
times and present material uncertainty and challenges for our
families, friends and acquaintances. I'm very thankful and proud of
the commitment our staff have shown in pulling together at this
time to continue our recent successes and wish all our friends and
family safety over the coming weeks and months".
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 14 8327 6726
Tuva Partners - Public Relations
Alex Brooks +44 (0) 7900 205 460
About AFC Energy
AFC Energy plc is commercialising a scalable alkaline fuel cell
system, to provide clean electricity for on and off grid
applications. The technology, pioneered over the past twelve years
in the UK, is now being deployed in electric vehicle chargers,
off-grid decentralised power systems and industrial gas plants as
part of a portfolio approach to the decarbonisation of local
electricity needs.
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