AFC Energy Plc Dubai Carbon comment on 300MW MOU
May 11 2015 - 1:13AM
RNS Non-Regulatory
TIDMAFC
AFC Energy Plc
11 May 2015
11 May 2015
AFC Energy PLC
("AFC" or the "Company")
Dubai Supreme Council of Energy, Dubai Electricity and Water
Authority (DEWA) and the Dubai Carbon Centre of Excellence comment
on 300MW MoU
AFC Energy plc (AFC.L), the London-listed industrial fuel cell
power company, is pleased to note the statements made on Saturday 9
May by HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai
Supreme Council of Energy, and MD & CEO of Dubai Electricity
and Water Authority (DEWA), as well as Waleed Salman, Chairman of
the Dubai Carbon Centre of Excellence ("Dubai Carbon").
Al Tayer made his remarks following the recent MoU agreement
(refer to RNS, 23 April 2015) signed between AFC Energy and Dubai
Carbon to assess the potential for using fuel cells to generate
electricity and water.
In Dubai, DEWA provides over 600,000 customers with electricity
and over 500,000 customers with water. DEWA stated that the sides
will investigate using AFC's hydrogen fuel cells in certain sites
and projects that are under construction or which require temporary
connections in Dubai, to generate a total of 300MW by 2020.
Al Tayer said, "We work to achieve the Green Economy for
Sustainable Development initiative, the long-term National
initiative launched by His Highness Sheikh Mohammed bin Rashid Al
Maktoum, Vice President and Prime Minister of the UAE and Ruler of
Dubai, to build an economy that protects the environment and
supports a diversified economy based on knowledge and innovation.
It enhances the competitiveness of the UAE in global markets,
especially in renewable energy, and green-economy products and
technologies. We also work to achieve the UAE Vision 2021 and Dubai
Plan 2021 to make Dubai sustainable with its resources."
Al Tayer added, "The MoU between Dubai Carbon and AFC Energy
supports the Dubai Integrated Energy Strategy 2030 to diversify
Dubai's energy mix, promote the sustainable development of Dubai,
make the Emirate a role model in energy security and efficiency,
and reduce energy demand by 30%. The MoU also supports Dubai's
efforts to increase its use of sources of renewable and clean
energy. It underlines Dubai's leading role, and vision to ensure
secure, clean, and sustainable energy to achieve the goals of Dubai
and the UAE to adopt a green economy and keep a sustainable
environment for generations to come."
Waleed Salman, Chairman of the Dubai Carbon Centre of Excellence
said, "We are delighted to sign this MoU between Dubai Carbon and
AFC Energy to evaluate the use of hydrogen fuel cell technology to
generate electricity in Dubai. It is a clean and
environmentally-friendly technology. This project supports Dubai's
strategy to enhance its energy infrastructure, and build
capabilities and innovation in energy management and
efficiency."
Adam Bond, CEO of AFC Energy, said, "We are honored by the
support shown by HE Saeed Mohammed Al Tayer, Vice Chairman of the
Dubai Supreme Council of Energy, and MD & CEO of Dubai
Electricity and Water Authority (DEWA), as well as Waleed Salman,
Chairman of the Dubai Carbon Centre of Excellence. This is a ground
breaking MOU between Dubai Carbon and AFC Energy. The 300MW of fuel
cell capacity being assessed for deployment in Dubai by the end of
2020 makes this the world's largest single fuel cell deployment
programme and represents a significant economic opportunity to
monetise not only energy generated from the fuel cell, but also
from the sale of water by-product from the catalytic process in
ways which have never been monetised before."
The full article can be found on the official DEWA website:
dewa.gov.ae
Ends
***
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
John Treacy, Phil Walker
Alex Davies, John Goold +44 (0) 20 7533 7727
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
Laetitia Tregoning +971 (0) 567 242154
About AFC Energy
AFC Energy plc is in the process of commercialising its proven
low-cost alkaline fuel cell system, 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. AFC has also recently announced the development of
projects in Asia and the Middle East. For further information,
please visit our website: www.afcenergy.com
About Dubai Carbon
The Dubai Carbon Centre of Excellence was launched by the Dubai
Supreme Council of Energy in partnership with the United Nations
Development Programme (UNDP) in 2011 as a public-private
partnership to fast-track clean energy project development in the
last years of the Kyoto Protocol.
The Centre is the first body of its kind in the region and aims
to leverage Dubai's economic potential in carbon through the Clean
Development Mechanism and other best practices. The DCCE is a key
component of the Supreme Council's efforts to develop a
sustainable-energy economy for Dubai and plans to offset several
million metric tons of carbon annually by selling carbon credits on
the international market.
Dubai Carbon conceptualises, manages, executes and monetises
greenhouse gas reduction measures. By doing so, it addresses
climate change and promotes sustainable development across the
region in an economically viable way. The Emirate of Dubai is
becoming a low carbon economy and Dubai Carbon is both the enabler
and knowledge repository of this process.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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