AFC Afc Energy Plc

TIDMAFC

AFC Energy Plc

11 May 2015

11 May 2015

AFC Energy PLC

("AFC" or the "Company")

Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA) and the Dubai Carbon Centre of Excellence comment on 300MW MoU

AFC Energy plc (AFC.L), the London-listed industrial fuel cell power company, is pleased to note the statements made on Saturday 9 May by HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, and MD & CEO of Dubai Electricity and Water Authority (DEWA), as well as Waleed Salman, Chairman of the Dubai Carbon Centre of Excellence ("Dubai Carbon").

Al Tayer made his remarks following the recent MoU agreement (refer to RNS, 23 April 2015) signed between AFC Energy and Dubai Carbon to assess the potential for using fuel cells to generate electricity and water.

In Dubai, DEWA provides over 600,000 customers with electricity and over 500,000 customers with water. DEWA stated that the sides will investigate using AFC's hydrogen fuel cells in certain sites and projects that are under construction or which require temporary connections in Dubai, to generate a total of 300MW by 2020.

Al Tayer said, "We work to achieve the Green Economy for Sustainable Development initiative, the long-term National initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to build an economy that protects the environment and supports a diversified economy based on knowledge and innovation. It enhances the competitiveness of the UAE in global markets, especially in renewable energy, and green-economy products and technologies. We also work to achieve the UAE Vision 2021 and Dubai Plan 2021 to make Dubai sustainable with its resources."

Al Tayer added, "The MoU between Dubai Carbon and AFC Energy supports the Dubai Integrated Energy Strategy 2030 to diversify Dubai's energy mix, promote the sustainable development of Dubai, make the Emirate a role model in energy security and efficiency, and reduce energy demand by 30%. The MoU also supports Dubai's efforts to increase its use of sources of renewable and clean energy. It underlines Dubai's leading role, and vision to ensure secure, clean, and sustainable energy to achieve the goals of Dubai and the UAE to adopt a green economy and keep a sustainable environment for generations to come."

Waleed Salman, Chairman of the Dubai Carbon Centre of Excellence said, "We are delighted to sign this MoU between Dubai Carbon and AFC Energy to evaluate the use of hydrogen fuel cell technology to generate electricity in Dubai. It is a clean and environmentally-friendly technology. This project supports Dubai's strategy to enhance its energy infrastructure, and build capabilities and innovation in energy management and efficiency."

Adam Bond, CEO of AFC Energy, said, "We are honored by the support shown by HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, and MD & CEO of Dubai Electricity and Water Authority (DEWA), as well as Waleed Salman, Chairman of the Dubai Carbon Centre of Excellence. This is a ground breaking MOU between Dubai Carbon and AFC Energy. The 300MW of fuel cell capacity being assessed for deployment in Dubai by the end of 2020 makes this the world's largest single fuel cell deployment programme and represents a significant economic opportunity to monetise not only energy generated from the fuel cell, but also from the sale of water by-product from the catalytic process in ways which have never been monetised before."

The full article can be found on the official DEWA website: dewa.gov.ae

Ends

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For further information, please contact:

 
AFC Energy plc 
 Adam Bond (Chief Executive Officer)                          +44 (0) 20 3697 1209 
Zeus Capital Limited - Nominated Adviser and Joint Broker 
 John Treacy, Phil Walker 
 Alex Davies, John Goold                                      +44 (0) 20 7533 7727 
M C Peat & Co LLP - Joint Broker 
 Charlie Peat                                                 +44 (0) 20 7104 2334 
 
Lionsgate Communications - Public Relations 
 
 Jonathan Charles, Rachel Rigby                               +44 (0) 20 3697 1209 
 Laetitia Tregoning                                           +971 (0) 567 242154 
 

About AFC Energy

AFC Energy plc is in the process of commercialising its proven low-cost alkaline fuel cell system, which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The date for the demonstration of the 240kW "KORE" system has been fast tracked to December 2015, representing the final phase of AFC's pre-commercialisation technical development programme and creating the platform for the Company's global commercial fuel cell deployment. AFC has also recently announced the development of projects in Asia and the Middle East. For further information, please visit our website: www.afcenergy.com

About Dubai Carbon

The Dubai Carbon Centre of Excellence was launched by the Dubai Supreme Council of Energy in partnership with the United Nations Development Programme (UNDP) in 2011 as a public-private partnership to fast-track clean energy project development in the last years of the Kyoto Protocol.

The Centre is the first body of its kind in the region and aims to leverage Dubai's economic potential in carbon through the Clean Development Mechanism and other best practices. The DCCE is a key component of the Supreme Council's efforts to develop a sustainable-energy economy for Dubai and plans to offset several million metric tons of carbon annually by selling carbon credits on the international market.

Dubai Carbon conceptualises, manages, executes and monetises greenhouse gas reduction measures. By doing so, it addresses climate change and promotes sustainable development across the region in an economically viable way. The Emirate of Dubai is becoming a low carbon economy and Dubai Carbon is both the enabler and knowledge repository of this process.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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