AFC Energy Plc AFC Energy Extends European Power Market Presence (4638E)
May 09 2017 - 2:00AM
UK Regulatory
TIDMAFC
RNS Number : 4638E
AFC Energy Plc
09 May 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
9 May 2017
AFC Energy PLC
("AFC Energy" or the "Company")
AFC Energy Extends Presence into European Power Market at the
Covestro Industrial Park Brunsbüttel
AFC Energy (AIM: AFC), the industrial fuel cell power company,
is pleased to announce it is expanding its position into the German
power market following commencement of engineering works for the
deployment of an initial 1MW proprietary fuel cell system at the
Covestro Industrial Park Brunsbüttel, owned by the Covestro
Deutschland AG ("Covestro").
Preliminary engineering work commenced in Brunsbüttel, Germany,
on the 6(th) April 2017 with representatives from Covestro
(formerly Bayer Material Science), plantIng GmbH ("plantIng") and
AFC Energy present.
The engineering work, designed to review whole of system
engineering, integration and project costing, is being led by AFC
Energy and is framed around the installation of an initial 1MW
alkaline fuel cell system at the Brunsbüttel site with hydrogen
sourced from Covestro's hydrogen grid. Power generated would be
sold into the local power grid under long term power purchase
agreements. Proximity of the Company's fuel cell system to the
hydrogen source also offers the potential to materially expand the
project in due course.
This scheme is very much consistent with AFC Energy's focus on
partnering with large energy intensive industrial partners to
utilise surplus industrial grade hydrogen from localised facilities
to generate long term, clean power with a resultant reduction in
environmental greenhouse emissions.
Importantly, work conducted in recent months at AFC Energy to
demonstrate acceptance of lower industrial grade hydrogen in the
fuel cell, together with the material improvements evidenced in
fuel cell longevity, power output and stack design, are all
critical to the initiation of this project. It further validates
the importance of these technical breakthroughs for AFC Energy in
advancing commercial deployment opportunities.
The engineering work underway includes assessment of:
-- the utilisation of hydrogen from Covestro's hydrogen sources
to generate an initial 1MW of power using AFC Energy's fuel cell
systems;
-- potential further expansion of the fuel cell plant into a
larger-scale commercial installation and power output therefrom;
and
-- integration of the Company's fuel cell system with other
innovative third party technologies.
The review will be conducted over several months with input from
all partners.
Mr Adam Bond, AFC Energy's Chief Executive Officer, said: "AFC
Energy is pleased to strengthen our position in the German power
market at Covestro Industrial Park Brunsbüttel. Covestro and AFC
Energy have been in dialogue for much of 2016 with regards the
potential siting of an AFC Energy fuel cell system at the
Brunsbüttel facility, one of the largest of Covestro's 30
industrial parks around the world, and we hope to see this
relationship extend over many years and be a catalyst that will
drive momentum behind fuel cell deployment not only in Germany, but
also the rest of Europe."
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
Andrew Craig
Richard Salmond +44 (0) 20 7894 7000
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Lionsgate Communications - Public Relations
Jonathan Charles +44 (0) 20 3697 1209
About AFC Energy
AFC Energy plc has developed and successfully demonstrated its
alkaline fuel cell system, which converts hydrogen into "clean"
electricity. AFC Energy's key project POWER-UP demonstrated the
world's largest operational alkaline fuel cell system at Air
Products' industrial gas plant in Stade, Germany in January 2016.
The Company is now looking to build upon an already established
pipeline of commercial opportunities and drive the findings from
the development phase of the technology into a technically
optimised and commercially relevant fuel cell system. For further
information, please visit our website: ww.afcenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSSSUAFWSELI
(END) Dow Jones Newswires
May 09, 2017 02:00 ET (06:00 GMT)
Afc Energy (LSE:AFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Afc Energy (LSE:AFC)
Historical Stock Chart
From Apr 2023 to Apr 2024