TIDMAFC
RNS Number : 1805D
AFC Energy Plc
25 April 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.
25 April 2017
AFC Energy PLC
("AFC Energy" or the "Company")
AFC Energy Expands Strategic Technology Collaboration with De
Nora
AFC Energy Plc (AFC), the industrial fuel cell power company, is
pleased to announce with immediate effect the new phase of the
Company's partnership with Industrie De Nora S.p.A. ("De
Nora").
Highlights
-- AFC Energy and De Nora expand Joint Development Agreement
("JDA") collaboration into Phase 2 following successful Phase 1
completion
-- As part of Phase 2, AFC Energy and De Nora expect to finalise
the design of a commercial fuel cell electrode and stack during the
current year for commercial application which is capable of mass
automated production with warranted performance metrics
-- AFC Energy and De Nora expect to commence dialogue on terms
for a long-term electrode supply agreement building on De Nora's
proven and qualified know how in the automation of manufacturing
processes
-- Demonstration of the new upscaled and enhanced fuel cell
system is planned at AFC Energy's Stade industrial scale fuel cell
plant in Germany in the second half of 2017
The JDA executed between AFC Energy and De Nora in August 2016
was undertaken with the principle aim of targeting technological
advancements to AFC Energy's fuel cell system and to further
accelerate commercialisation of AFC Energy's technology
platform.
The intense first phase work programme agreed between the two
companies in August 2016 has now been successfully completed. The
joint decision to proceed into Phase 2 of the JDA is based upon
demonstrable evidence compiled by the companies across three
discreet fields:
1. Joint technology development which empirically showed
significant enhancement in longevity and efficiency of the fuel
cell system without the loss of power output;
2. Identification of achievable cost targets for the commercial
fuel cell product, in the near term, capable of deployment in key
target markets; and
3. A fast growing pipeline of opportunities addressable by the
enhanced fuel cell system supporting the objective market size
assessment for AFC Energy's fuel cell product.
The parties agreed on 19 April 2017 to commence the next phase
of the JDA and to commit further resources and funding in support
of the synchronized efforts of both companies to further improve
the overall performance and economics delivered by the AFC Energy
fuel cell system. Stage 2 of the JDA will now focus on the
integration of the best performing electrodes from Phase 1 within
the enhanced fuel cell stack to derive a frozen baseline technology
platform capable of warranted mass production which in turn will be
validated at AFC Energy's industrial facility in Stade, Germany in
the second half of 2017. The validation will include the metrics
associated with power output, longevity, efficiency and
availability.
De Nora's track record in industrial electro-chemistry
application, capacity for manufacture and the commitment to deliver
warranted electrodes in terms of performance parameters and target
cost places AFC Energy's fuel cell systems at a distinct advantage
with its commercial project partners, providing targeted industries
with the necessary confidence to proceed in adopting the
technology.
The partnership with De Nora will allow AFC Energy to set its
cost structure (modelled to result in a cost per kWh competitive
amongst several of today's conventional and renewable energy
generation technologies) by leveraging De Nora's manufacturing,
supply chains and procurement strength.
Luca Buonerba, De Nora's Chief Marketing and Business
Development Officer said, "AFC Energy is the market leader in
alkaline fuel cells. The synergies between our two organisations
are clear as it is evident in the market growth and demand for fuel
cells. We are pleased to move to the next phase of the JDA. This
provides De Nora market access to a technology complementary to our
own and aligns strategically the two organisations."
Adam Bond, AFC's Chief Executive Officer, AFC Energy said, "I am
delighted to announce the continuation and indeed expansion of our
strategic collaboration with De Nora. We have been most impressed
at the quality and capability of De Nora since first meeting the
organisation in 2016 and since then, our two organisations have
worked tirelessly in progressing the Company's fuel cell platform.
De Nora's manufacturing know how, scale up capability and ability
to warrant electrode performance further validates AFC Energy's
product offering and potential global reach."
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 an alkaline fuel cell system, which
converts hydrogen into 'clean' electricity. AFC Energy's POWER-UP
project 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 through
delivery of a technically optimised and commercially relevant fuel
cell system.
For further information, please visit our website:
www.afcenergy.com
About De Nora
With 2016 turnover of EUR431 million, De Nora is an Italian
multinational leader in sustainable technologies, that offers
energy saving products and water treatment solutions. Globally. De
Nora is the largest provider of insoluble electrodes for
electrochemical processes (Chlorine & Caustic, Electronics
& Surface Finishing, Pools Electro-chlorination, Cathodic
protection, Energy storage & fuel cells) and is among the
leaders in technologies and processes for filtration and
disinfection of water (drinking water, industrial and municipal
water treatment, ballast water & marine wastewater).
The Company has grown internally through continuous innovation
and externally with major acquisitions in USA, Japan, England and
Italy. It is present in 12 countries worldwide with 23 offices, 12
manufacturing facilities and R&D centers in Italy, USA and
Japan. The Group currently owns 355 patent families with more than
2,700 territorial extensions. Further information is available at
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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