TIDMAFC
AFC Energy Plc
16 August 2021
Reach announcement - non regulatory
16 August 2021: 7am
AFC Energy plc
("AFC" or the "Company")
First Hydrogen Fuel Cell System Delivered to ABB
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, is pleased to announce a further milestone
in its strategic partnership with ABB, a world leader in
electrification and digitalisation technologies.
Following several months of dedicated electrical engineering
work, AFC's zero emission hydrogen fuel cell system will today
arrive in Estonia for operational integration with ABB's high power
Electric Vehicle ("EV") charging system.
Highlights
-- ABB and AFC launched a strategic partnership in December 2020
to design and sell a high power EV charging system for grid
constrained locations through ABB's global market channels.
-- Following six months of successful electrical engineering and
controls design, AFC's fuel cell system will today arrive for
operational integration at ABB's packaging facility in Estonia for
final validation in advance of marketing an integrated system to
customers.
-- An AFC team is accompanying the fuel cell system to Estonia,
working closely with ABB to finalise engineering and integration
works.
-- This milestone follows the cornerstone investment ABB made into AFC in April of this year.
Today marks a major milestone in the Company's partnership with
ABB whereby, following six months of detailed engineering works,
AFC's fuel cell system will arrive at ABB's product packaging
facility in Estonia for operational integration and validation, in
accordance with the Joint Product Development Agreement ("JPDA")
that was signed between the companies in December 2020.
The integrated system will be configured as a high power EV
charging product for grid constrained environments with a sizable
opportunity to support rapid charging capability across multiple
key target markets, including:
-- Private vehicle hubs;
-- Charge point operators;
-- Logistics hubs and distribution centres;
-- Public and private urban transportation (including bus depots);
-- Marine (including port and marina charging); and
-- Vertical Take off and Landing Craft (VTOLs).
The operational validation and integration of ABB and AFC's
systems (incorporating fuel cells, a battery energy storage system
and EV charger) will take place over the next few weeks and is
expected to confirm the electrical and control systems required for
the autonomous high power EV charger.
The expense of developing and delivering the system has been
supported by ABB through its investment into AFC and confirms the
strong commercial interest both have in progressing towards a
market leading development in high power EV charging.
A team of three AFC technicians is accompanying the fuel cell
system to Estonia to support ABB and capture key running data from
the operation of the combined system.
ABB and AFC, through the Commercialisation and Marketing
Agreement announced last year, will also continue to jointly market
the integrated charging product across key addressable markets and
will collaboratively develop a communications strategy for system
branding and deployment in the remainder of 2021.
The system that has arrived today highlights AFC Energy's
existing HydroX-Cell(L) series of fuel cell systems, but plans are
already in train for the incorporation of AFC's higher power dense
"S" series of fuel cells in future iterations.
In ensuring the on-time delivery of its system to ABB and
fulfilling the pre-agreed deployment later this month for Extreme
E's Arctic X-Prix in Greenland, AFC has made the difficult decision
to no longer attend the British Motor Show later this month. We
wish the organisers of the British Motor Show every success but
have prioritised providing systems and our technical staff for the
ABB and Extreme E deployments, given their status as key partners
for the Company and AFC being bound by existing commercial
agreements.
Adam Bond, Chief Executive Officer at AFC Energy, said:
"Last week's release of the UN's report "Climate Change 2021:The
Physical Science Basis" provides further damning, profound and
irrefutable evidence of the effect human activity is continuing to
have on the climate. In the year of Glasgow's COP26, it is
increasingly important for our collective sustainable future that
companies act now to mitigate against the activities causing
climate change and risk the future of our environment.
"Today signifies a further important milestone in our
relationship with ABB in bringing to market a leading high power,
zero emission, EV charging solution for adoption in many of the
world's grid constrained environments. As Governments around the
world continue to make large strides in the electrification of
transport, it is paramount that consumers have the confidence that
high power charging will exist in locations where the grid is
currently restricted. Partnering with a market leader such as ABB
to address these and other challenges in the decarbonisation of
transport is an essential part of our go to market strategy for the
mobility sector."
-ENDS-
For further information:
AFC ENERGY AND ADVISORS
AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 14 8327 6726
Iain Thomson (Head of Communications and investors@afcenergy.com
Stakeholder Management)
FTI Consulting - Financial PR Advisors +44 (0) 203 727 1000
Sara Powell / Ben Brewerton afcenergy@fticonsulting.com
About AFC Energy plc
AFC Energy plc is a leading provider of hydrogen fuel cell power
systems to generate clean energy in support of the global energy
transition.
Based in the UK, the Company's scalable systems provide
off-grid, zero emission power that are already being deployed for
rapid electric vehicle charging and the replacement of diesel
generators for temporary power applications.
AFC Energy is also working with global partners in the
deployment of products for the Maritime, Ports, Data Centres and
Rail industries, emphasising the central role of its technology in
the decarbonisation of global industry.
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END
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