AFC Energy Plc Extension of Joint Development Agreement (4799K)
August 29 2019 - 1:00AM
UK Regulatory
TIDMAFC
RNS Number : 4799K
AFC Energy Plc
29 August 2019
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the Company to constitute inside information as stipulated under
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29 August 2019
AFC Energy PLC
("AFC Energy" or the "Company")
Successful Electrode Results Strengthen De Nora and AFC Energy's
Commitment to Joint Development Agreement
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, today confirms it has strengthened its
commercial relationship with Industrie De Nora S.p.A ("De Nora")
with the signing of the next phase of the Joint Development
Agreement, setting updated targets for mass manufacture in advance
of commercial deployment.
Highlights
-- To date, AFC Energy's Joint Development Agreement ("JDA")
with De Nora has delivered material non-dilutive investment and
success in the form of proprietary efficient cathodes advancing the
longevity and performance of the AFC Energy fuel cell system.
-- The advances in performance achieved by De Nora's electrode
will enable AFC Energy's deployment of hydrogen power generation
systems in key addressable markets, including EV charging and
diesel generation displacement.
-- Following recent successful electrode performance testing
with prolonged longevity, De Nora has agreed to extend its JDA with
AFC Energy underlying its commitment to the electrode development
for AFC Energy's fuel cell with the parties agreeing (i) specific
cost and operational targets, (ii) confirmation of a scaled up
4-year electrode life (building on recent results) and (iii) a mass
electrode manufacturing capability, which together will
significantly reduce the levelised cost of energy for AFC Energy's
fuel cell systems.
-- Majority of targets scheduled to be met within the first
twelve (12) months of the agreement.
Since signing the original JDA in August 2016, De Nora and AFC
Energy have successfully collaborated in driving the performance of
fuel cell electrodes forward against initially defined operating
criteria. The extension to the JDA announced today will build on
these successes, focussing on further opportunities for electrode
performance enhancement and creating the right commercial
environment for mass electrode manufacturing.
At present, De Nora has confirmed it has the ability to supply
requested electrode delivery for the initial placement and
commercialisation of AFC Energy's fuel cell system, including the
EV charger demonstration, expected to be delivered in Q4 2019.
Luca Buonerba, Chief Marketing and Business Development Officer
at De Nora, said "Supporting the emergence of hydrogen as one of
the enabling factors of the energy transition towards the full
decarbonisation of the planet is a key growth driver for De Nora.
Our collaboration with AFC Energy is a key part of that strategy.
Over the past few years, De Nora has invested substantial resources
into the development of a commercially viable alkaline electrode
tailored to AFC Energy's requirements, exploiting the deep IP and
know how deriving from our market leading position in other
industries and decades of R&D. The results achieved by the two
teams over the past three years fully backs our collective
investment in delivering a commercial electrode technology to
springboard the emergence of AFC Energy's fuel cell technology into
today's and tomorrow's energy market."
Adam Bond, Chief Executive Officer at AFC Energy, said "Our
collaboration with De Nora has delivered many successes over the
past three years and it is with great excitement and anticipation
that we have agreed to strengthen our commercial relationship
through the extended JDA today. AFC Energy and its shareholders
have benefited greatly from our relationship with De Nora who have
evidenced why they are market leaders in the electro-chemistry
industry. We look forwards to working even more closely with De
Nora and evolve the technical collaboration into a successful
long-term commercial partnership with them."
For further information, please contact:AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 20 3697 1209
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker
David Foreman, Michael Boot (Corporate Finance)
Keith Dowsing (Equity Sales) +44 (0) 20 7894 7000
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
TUVA Partners - Public Relations
James Kennedy +44 (0) 7809 495 759
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 in the process of being deployed in industrial gas
plants for grid generation, as an alternative to diesel generators
for localised power, in energy storage systems and as the power
source for local electricity needs.
About De Nora
De Nora is an Italian multinational leader in sustainable
technologies, that offers energy saving products and water
treatment solutions. Globally De Nora is the pre-eminent provider
of electrodes for electrochemical processes (Chlorine &
Caustic, Electronics & Surface Finishing, Pools
Electro-chlorination, Specialties) and is among the leaders in
technologies and processes for filtration and disinfection of water
(industrial use, public health, marine water and wastewater). The
Company has grown internally through continuous innovation and
externally with major acquisitions in USA, Japan, England and
Italy. It serves clients in 119 countries and has a physical
presence in 11 countries worldwide with 23 offices, 13
manufacturing facilities, 3 research & development centres in
Italy, USA and Japan. De Nora currently owns 344 patent families
with more than 2,000 territorial extensions. For further
information, please visit De Nora's website: www.denora.com
Luca Buonerba
Chief Marketing & Business Development Officer
marketing@denora.com
De Nora media relations
SPRIANO COMMUNICATION
Lorenza Spriano Tel: +39 347 9834881
lspriano@sprianocommunication.com
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END
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