AFC Energy Plc Heads of Agreement- 10MW of Fuel Cell Development (0890K)
April 14 2015 - 2:01AM
UK Regulatory
TIDMAFC
RNS Number : 0890K
AFC Energy Plc
14 April 2015
14 April 2015
AFC Energy PLC
("AFC" or the "Company")
AFC Executes Heads of Agreement with Bangkok Industrial Gas for
10MW of Fuel Cell Development in Thailand
AFC Energy plc (AFC.L), the industrial fuel cell power company,
is pleased to announce it has executed its first Heads of Agreement
in Thailand to initiate a programme of commercial fuel cell
deployment with a leading Thai industrial gas company, Bangkok
Industrial Gas Co. Ltd ("BIG").
Highlights
-- Initial 10MW of installed AFC fuel cell capacity to be developed across three phases
-- First phase of 2MW to be installed by the end of the 2016 (subject to permitting)
-- Joint venture to be evaluated during 2015 between BIG and AFC
to develop the initial fuel cell facility from BIG's own sources of
hydrogen in Rayong Province, Thailand.
The Heads of Agreement establishes a framework for the
assessment and deployment of an initial 10MW of fuel cell capacity
utilising surplus hydrogen from BIG owned hydrogen pipelines and
related facilities in the Rayong Province of Thailand. The Rayong
province is a high consumer of energy; the ability to utilise
surplus hydrogen from BIG to create a new, clean source of energy
for the region is fully consistent with the Thai Government's
policy of clean energy development and facilitating the deployment
of new and innovative technologies within the country's energy
mix.
BIG and AFC will over the next few months be actively evaluating
the possibility for a successful deployment of the AFC fuel cells
into the Rayong Province through initial techno-economic
feasibility studies before committing any capital expenditure to
the projects.
BIG and AFC have agreed an indicative (cumulative) programme of
fuel cell deployment in accordance with the following schedule:
(i) 2MW - operational by the end of 2016
(ii) 5MW - operational by the end of 2017
(iii) 10MW - operational by the end of 2018
There is clear potential that following the successful
completion of this programme, both BIG and AFC will assess a number
of other fuel cell deployment opportunities across Thailand.
Mr Adam Bond, AFC's Chief Executive Officer, said: "We are
extremely pleased to be working with such a prominent and
innovative Thai partner in BIG in the deployment of AFC's world
leading alkaline fuel cell into Thailand. The country has long been
identified as an important location for AFC, both in terms of the
market for fuel cells, but also as a possible location for long
term manufacturing and fabrication. Our collaboration with BIG is a
further important statement of intent to focus our business on
short term industrial fuel cell deployment, particularly in Asia,
with this Heads of Agreement further demonstrating the progression
of AFC "out of the lab" and into the commercial sector."
Mr. Piyabut Charuphen, BIG's Managing Director, said: "BIG
continues to strive to develop its business in ways that not only
leverage our market leading position in industrial gases, but does
so in a sustainable and environmentally sensitive manner. The
collaboration with AFC Energy delivers on not only our desire to
partner with one of the world's leading fuel cell developers, but
also create clean and sustainable power for the people of Thailand.
We are very pleased to be partnering with AFC to evaluate this
exciting initiative".
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
Phil Walker, John Treacy
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
About AFC Energy
AFC Energy plc is fast approaching commercialisation for its
proven low-cost alkaline fuel cell system ("KORE"), which converts
hydrogen into 'clean' electricity. AFC's key project POWER-UP will
demonstrate the world's largest alkaline fuel cell system at an
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. For further information, please visit our website:
www.afcenergy.com
About Bangkok Industrial Gas
Bangkok Industrial Gas was founded in 1987 and is a joint
venture between several prominent international and Thai investors.
For more than two decades, since its establishment to support the
country's petrochemical industry hub in Rayong province, BIG has
been recognized as Thailand's leader in industrial gases. BIG has
extensively delivered the best-in-class values to serve Thai
industries via the combination of local market experiences and
global expertise from its shareholder investors. Currently, BIG
enjoys the largest production capacity, biggest inventory storage
capacity, advanced supply chain management, and best-in-class
safety standard and reliability in Thailand. For further
information, please visit BIG's website: www.bigth.com
This information is provided by RNS
The company news service from the London Stock Exchange
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