AFC Energy Plc Stade Update
18 July 2023 - 4:00PM
RNS Non-Regulatory
TIDMAFC
AFC Energy Plc
18 July 2023
18 July 2023
AFC Energy PLC
("AFC Energy" or the "Company")
AFC Energy's German Facility Prepares for Growth in Fuel Cell
Factory Acceptance Testing
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, is pleased to confirm it has renewed its
Air Products GmbH ("Air Products") collaboration with a five year
hydrogen supply agreement and site lease at Stade in Northern
Germany.
Highlights
-- Stade facility to become AFC Energy's preferred facility for
H-Power Generator factory acceptance testing ("FAT") in preparation
for growth in system deployments.
-- Collaboration includes a five year hydrogen offtake agreement
at the Stade site near Hamburg.
-- Confirms AFC Energy's commitment to the European hydrogen
market, in particular Germany, which continues to see sizeable
growth in market size and hydrogen availability.
-- Germany chosen for FAT due to a materially lower price of hydrogen fuel versus the UK
-- Review to be undertaken for co-locating further development
and large scale contract manufacturing of H-Power Generators in
Germany or Europe to take advantage of growing market interest.
AFC Energy is pleased to announce the renewal of its
collaboration with Air Products, the world's largest hydrogen
producer, through the repurposing of the Company's existing
hydrogen fuel cell facility in Stade, North Germany.
The site, originally constructed in 2015 by AFC Energy to house
the EU co-funded "Power-Up" programme, will now be repurposed to
provide FAT of its H-Power Generator series of fuel cell systems.
With the site's existing hydrogen supply infrastructure and grid
connection, the repurposing of the site will require nominal
investment.
The Stade facility is expected to employ a small number of local
staff to conduct system testing and diagnostics in advance of
customer deployments. It will also position AFC Energy to support a
growing number of H-Power Generator deployments in Germany and
Continental Europe.
The European Union continues to invest heavily in its hydrogen
sector, with Germany in particular playing a lead role in the
adoption of the decarbonised fuel. As AFC Energy grows its pipeline
of projects and deployments, it is important that the Company
secures its footprint in the EU.
Germany is also seeing materially lower cost hydrogen available
for commercial and facility based usage, making the decision to
position AFC Energy's FAT in Germany not only a sound strategic
decision, but also one which is expected to provide substantial
savings to the Company over the life of the Air Products hydrogen
supply agreement.
As a consequence of this decision, AFC Energy is also
commissioning a study into the potential co-location of development
and large scale contract manufacturing facilities in Germany to
support the growth in system deployments. Germany benefits from an
existing supply chain for fuel cell components with a large number
of automotive and skilled manufacturing facilities able to meet the
projected fuel cell pipeline.
Adam Bond, Chief Executive Officer at AFC Energy, said: "The
repurposing of our Stade facility creates a solid footprint within
Germany and the wider EU hydrogen market whilst providing a cost
effective path for our H-Power Generator factory acceptance testing
programme. The market for zero emission off-grid power generation
continues to grow internationally with our Stade facility now set
to become a further catalyst in the delivery of H-Power Generators
within one of the world's fastest growing hydrogen markets."
For further information, please contact:
AFC Energy plc +44 (0) 14 8327 6726
Adam Bond (Chief Executive Officer) investors@afcenergy.com
Peel Hunt LLP - Nominated Adviser and Joint
Broker
Richard Crichton / Tom Ballard / Georgia
Langoulant +44 (0) 207 418 8900
Zeus - Joint Broker
David Foreman / James Hornigold (Investment
Banking)
Dominic King (Corporate Broking) / Rupert
Woolfenden (Sales) +44 (0) 203 829 5000
FTI Consulting - Financial PR Advisors +44 (0) 203 727 1000
Ben Brewerton / Tilly Abraham / Dhruv Soni afcenergy@fticonsulting.com
About AFC Energy
AFC Energy plc is commercialising scalable "flex fuel" fuel cell
systems, to provide clean electricity for on and off grid
applications. The technology, pioneered over the past twelve years
in the UK, is now deployable in electric vehicle chargers, off-grid
decentralised power systems and data centre applications with
emerging opportunities across maritime and rail as part of a
portfolio approach to the decarbonisation of local electricity
needs.
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