TIDMAFC
RNS Number : 0105T
AFC Energy Plc
15 July 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
15 July 2020
AFC Energy PLC
("AFC Energy" or the "Company")
Extreme E and AFC Energy to Pioneer Zero Emission Vehicle
Charging in World's First All Electric Championship Rally
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, is pleased to confirm a collaboration with
Extreme E to supply zero emission, hydrogen fueled, off-grid power
to Extreme E's groundbreaking inaugural electric SUV racing series
commencing in early 2021.
Highlights
-- Extreme E, established by the same visionary team behind the
ABB FIA Formula E Championship, is the world's first all-electric
international rally series.
-- The Championship will see teams racing in some of the
remotest corners of the planet, in a bid to highlight the most
important climate issues of our generation.
-- Extreme E has selected AFC Energy Plc to provide a
zero-emission charging system revolutionising how teams "fuel"
their vehicles in some of the world's most extreme
environments.
-- The Company's H-Power(TM) system will showcase to a global
audience how Hydrogen can be used as a viable alternative to
incumbent stationary diesel generation in all environments.
-- AFC Energy is engineering for Extreme E a novel off-grid
Green Hydrogen generation and storage system which will enable the
Championship to produce its own self-certified green race fuel
pre-race.
-- Water produced as a by-product from H-Power(TM) fuel cell system to be used on-site.
-- Extreme E and AFC Energy have agreed marketing rights for the
duration of the 2021 racing season with an expected global TV
audience of 221 million people (Source: Extreme E).
-- Extreme E Founder and CEO, Alejandro Agag, will today be
announcing the collaboration with AFC Energy at Blackbook of
Motorsport's Virtual Summit titled "Addressing Motorsports' New
Horizon".
-- Contract reflects an initial one year agreement with a
down-payment payable upon order, and subsequent payments recognised
when equipment is made available reflecting the unique nature of
this showcase series.
Extreme E is a world class, off-road rally racing championship,
taking 100% electric motorsport to a worldwide audience in some of
the most extreme environments on the planet.
Founded by Alejandro Agag, original founder of the Formula E
electric street racing series, Extreme E Season 1 will race across
five formidable environments, including the Arctic, Amazon
Rainforest and Sahara Desert (www.extreme-e.com). Race organisers
and teams, including the high profile Andretti Autosport and Chip
Ganassi Racing, aim to highlight the most important climate issues
the world faces today and inspire people, companies, and locations
to urgently respond to these challenges and mitigate risks brought
on by climate change.
Essential to the aspirations of the Championship, Extreme E has
partnered with AFC Energy to ensure the sustainable charging of
race team vehicles for the duration of the inaugural 2021
season.
Commencing discussions in January 2020, AFC Energy has
engineered a bespoke H-Power(TM) fuel cell system for Extreme E
which has been designed with a clear specification and focus on
sustainable innovation. The two companies are designing a complete
model for remote, hydrogen fuel generation and off-grid vehicle
charging, highlighting use of AFC Energy's hydrogen fuel cell power
generation technology.
AFC Energy's hydrogen power solution for Extreme E will showcase
three primary innovative traits:
(i) zero emission power generation through use of the Company's
proprietary alkaline hydrogen fuel cell;
(ii) remote manufacture of "Green Hydrogen" through
micro-alkaline water electrolysis powered by the sun;
(iii) use of by-product water from the fuel cell system for on-site consumption.
The Hydrogen generation solution devised by AFC Energy will
enable Extreme E to self-certify the green credentials of hydrogen
fuel generated between races, removing the need to store and
transport vast amounts of Hydrogen across the racing seasons.
The Hydrogen will fuel AFC Energy's H-Power(TM) power generator,
utilising the Company's proprietary alkaline fuel cell system, to
generate zero emission power in excess of 2MWh per race event to
charge Championship vehicles prior to and throughout the unique
race format. AFC Energy will also supply a Battery Energy Storage
System as part of its solution which will fully integrate with the
H-Power(TM) fuel cell system.
AFC Energy has obtained marketing and branding rights associated
with the racing series, which are expected to be seen by a global
audience throughout the 2021 Championship, and the events leading
up to the series commencement.
Alejandro Agag, Founder and CEO of Extreme E, said "This
collaboration with AFC Energy is a game changer, not just for
Extreme E, but also to the wider sports and events industry which
could also benefit greatly from using this innovative, zero
emission charging technology."
"AFC Energy is the leading provider of Alkaline Fuel Cell
systems for the generation of clean energy. It has developed a wide
range of technologies to enable sustainable off-grid power
generation, which is easily transportable, offers high efficiency,
and emits water, which we can utilise elsewhere on site, as its
only by-product.
"In everything we do around this championship we are focussed on
being sustainable and supporting the environment, whilst also being
innovative. It is fantastic that Extreme E is leading the way in
motorsport when it comes to sustainable solutions like this.
Motorsport is often associated with a high detrimental footprint on
the environment through event infrastructures, but we are trying to
change that, and this collaboration with AFC Energy is a huge step
in the right direction."
Adam Bond, Chief Executive Officer at AFC Energy, said "We are
honoured to have been selected by Extreme E in such a world class
motor racing championship, designed to highlight not only the true
potential of electric vehicle SUVs in some of the harshest
environments on Earth, but also the need to raise public awareness
of the debilitating impact climate change is having on our
ecosystems."
"AFC Energy's Hydrogen fuelled H-Power(TM) system is designed to
provide a viable, flexible, sustainable power generation
alternative to the diesel generator, and our collaboration with
Extreme E affords an important global platform to highlight that
robust, innovative alternatives to diesel gensets exist in the
market today and through the adoption of distributed Hydrogen
generation, are available to support the decarbonisation of
incumbent off-grid power systems. Extreme E's collaboration with
AFC Energy further highlights the collective commitment both
companies show to the environment and delivery of a sustainable
worldwide racing championship."
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 14 8327 6726
WH Ireland - Nominated Adviser and Joint Broker
M ike Coe (Corporate Finance)
Jasper Berry (Corporate Broking) +44 (0) 117 945 3470
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Tuva Partners - Public Relations
Alex Brooks +44 (0) 79 00 205 460
Extreme E Communications:
Julia Fry, Communications Manager
E: media@extreme-e.com / +44 7778 108754
Carla Corbet, MPA Creative
E: carla.corbet@mpacreative.com / +44 7944 077440
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 deployable 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.
About Extreme E
Extreme E is a radical new concept in racing. The series brings
electric racing to some of the most remote corners of the planet to
highlight the climate change challenges faced by different
ecosystems, whilst showcasing the performance of all-electric SUVs
in extreme conditions. Extreme E is a competitive platform for
accelerating the development of electric vehicles, to help create a
low-carbon future powered by renewable energy. We are committed to
supporting and partnering with organisations working to restore the
degraded environments in which we race, the precious ecosystems
within them and the people who live there. Marking a progressive
step in motor racing, Extreme E will use its platform to promote
gender equality with teams fielding both a male and female driver
in its races.
www.extreme-e.com
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