TIDMAFC
RNS Number : 6629V
AFC Energy Plc
16 April 2021
16 April 2021
AFC Energy PLC
("AFC Energy" or the "Company")
ABB Corporate Investment and New Partnership in Global Data
Centre Market
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, is pleased to announce ABB's commitment in
making a strategic investment into AFC Energy and to strengthen the
corporate partnership by the entering into a new Development
Agreement specifically relating to the burgeoning global data
centre market.
Highlights
-- ABB Schweiz AG invests GBP3.25 million into AFC Energy as a
strong signal of corporate commitment across the international
e-Mobility market.
-- Investment follows the signing of commercial and product
development agreements in December 2020 focussing on the design and
engineering of an integrated high power EV charging systems,
powered by AFC Energy fuel cells.
-- ABB and AFC Energy sign new agreement to extend its
partnership to now include the global data centre market, which
currently consumes approx. 2% of worldwide power demand.
-- ABB's data centre power solutions currently support many of
the world's largest hyper data centre owners in their quest to
achieve Net Zero emissions.
-- With a strengthening commitment to sustainability and ESG
targets, ABB and AFC Energy will be partnering on the trialling and
integration of AFC Energy fuel cells as part of the wider power
portfolio of modern-day data centres.
-- Investment proceeds from ABB will support AFC Energy's
ongoing investment into the e-Mobility partnership and, from today,
the international data centre solution market.
Strategic Investment in High Power e-Mobility Charging
Applications
As announced by AFC Energy earlier today, ABB has invested
GBP3.25 million into the Company pursuant to a Subscription
Agreement in support of the multiple partnering initiatives
currently in place across the international e-Mobility sector.
In December 2020, AFC Energy and ABB signed a Commercialisation
and Marketing Agreement in parallel with a Joint Product
Development Agreement pertaining to the design and deployment of a
next generation high power EV charging system utilising AFC Energy
fuel cell technology. Since this time, both companies have been
working constructively towards delivery of an integrated charging
system in the second half of 2021 and are already engaging with
prospective customers on the new product range.
ABB's investment into AFC Energy demonstrates the corporate
commitment both companies place in their e-Mobility partnership
that seeks to set new standards in zero emission high power EV
charging.
ABB's investment will contribute towards the prototyping,
engineering, scale up in production capacity and growth across high
power e-Mobility applications to meet a growing pipeline of
customers in this fast-growing sector.
New Partnering Opportunity secured in Global Data Centre
Market
ABB and AFC Energy are pleased to announce the signing of a new
Development Agreement to test, design and integrate AFC Energy's
alkaline fuel cell technology into ABB's data centre system
portfolio to provide a zero emission, sustainable turn-key power
solution for the growing number of current and prospective data
centres currently servicing the world's data storage and processing
requirements.
Over the past 25 years, ABB has been a key player in the design
and delivery of innovative, efficient and sustainable data centre
electrical solutions, working with many of the world's largest
hyperscale data centre operators to drive down energy consumption,
improve security of power supply, whilst doing so in a more
sustainable way. Many of the hyperscale data centres that ABB work
with have shown strong industry leadership in committing to zero
emission targets over the coming years.
While hydrogen-based fuel cells in data centre demonstrations is
not new, positioning them as a commercially viable option could be
enabled earlier through adoption of AFC Energy's alkaline fuel cell
solution, representing an important step in the decarbonation of
data centres.
Today's partnership confirms the potential role AFC Energy's
fuel cells can play as a key component of ABB's overall data centre
power solution.
Within the Development Agreement, the two companies will partner
in the assessment of data centre power design principles and system
operability, reviewing interfaces between fuel cell, energy
storage, electrical equipment, switchgear and control
infrastructure. Testing using real time data centre simulation
techniques will be adopted. The work is expected to be conducted
during the course of 2021 with likely engagement with the data
centre industry throughout.
It is expected that once demonstrated, the alkaline fuel cell
system will form an integral part of the portfolio of technologies
available to ABB in meeting its data centre customer requirements
and therefore provides a strong route to market for AFC Energy's
fuel cell platform in this sector.
The agreements, which do not involve licensing ABB or AFC
Energy's background technology, reflect a commercial model for
system deployment leveraging the mutual capabilities of both
companies working in partnership. There is no exclusivity afforded
to either company under the agreements.
Frank Muehlon, Head of ABB's global business for E-mobility
Infrastructure Solutions at ABB , in relation to the investment
into AFC Energy, said: "The investment in AFC Energy brings an
opportunity to further the advancement of technologies that can
ultimately enable a wider reach to remote off-grid locations. AFC
Energy's goals to deliver clean energy solutions perfectly align
with ABB's commitment to innovation and enabling low carbon
societies, making them an ideal solution partner".
Brian Johnson, Global Data Centre Leader at ABB, in relation to
the data centre Development Agreement, said: "Embarking on this new
collaboration with AFC Energy opens the possibility to integrate
its impressive fuel cell technology with ABB's strong data centre
solutions. Partnering with like-minded companies such as AFC Energy
further supports ABB's dedication to delivering cutting-edge
technologies to help data center customers meet their
sustainability goals through a multi-fuel approach."
Adam Bond, Chief Executive Officer at AFC Energy, said: "We are
delighted that our partnership with ABB continues to expand into
new and emerging fields such as e-Mobility and data centres.
Through the investment made into AFC Energy today, we are confident
that ABB's position in these sectors will be further enhanced by
the integration of our leading alkaline fuel cell technology. We
continue to receive strong customer enquiries into our partnership
from all over the world, confirming we are working with the right
partners, on the right technology, at the right time to support
society's accelerated drive towards a more sustainable world".
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
Zeus Capital Limited - Joint Broker
Daniel Harris (Corporate Finance)
John Goold/Dominic King (Corporate Broking) +44 (0) 203 829 5000
FTI Consulting - Public Relations
Sara Powell / Ben Brewerton +44 (0) 203 727 1000
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 ABB
ABB (ABBN: SIX Swiss Ex) is a leading global technology company
that energizes the transformation of society and industry to
achieve a more productive, sustainable future. By connecting
software to its electrification, robotics, automation and motion
portfolio, ABB pushes the boundaries of technology to drive
performance to new levels. With a history of excellence stretching
back more than 130 years, ABB's success is driven by about 110,000
talented employees in over 100 countries. www.abb.com
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