AFC Energy Plc MOU signed with Dubai Carbon for estimated 300MW (1546L)
April 23 2015 - 8:44AM
UK Regulatory
TIDMAFC
RNS Number : 1546L
AFC Energy Plc
23 April 2015
23 April 2015
AFC Energy PLC
("AFC" or the "Company")
AFC Signs Landmark Memorandum of Understanding with Dubai Carbon
at WETEX 2015 for an estimated 300MW of AFC Fuel Cells in Dubai
AFC Energy plc (AFC.L), the industrial fuel cell power company,
is pleased to announce it has today signed a Memorandum of
Understanding with Dubai Carbon Centre of Excellence ("Dubai
Carbon") at the 2015 Water, Energy, Technology and Environment
Exhibition (WETEX) in Dubai. The MOU, provides a framework for the
assessment and potential deployment of an estimated 300MW of fuel
cell generation capacity in Dubai.
Highlights
-- 300MW of fuel cell capacity being assessed for deployment in
Dubai by the end of 2020, making this the largest single fuel cell
deployment programme in the world
-- Joint venture to be negotiated between Dubai Carbon and AFC for commercial projects
-- Potential for multi-billion dollar revenue stream over life of projects for the joint venture
-- Dubai Carbon and AFC to engage with Dubai-based clean energy
funds to finance projects taken forward
-- 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 has never been
monetised before
-- Dubai Carbon is owned by Emirates National Oil Company
(ENOC), Dubai Electricity and Water (DEWA) and Dubai Aluminium
Company (DUBAL)
This landmark deal again reaffirms AFC's transition to a global
energy company working in collaboration with some of Dubai's
leading companies. Dubai Carbon and AFC will initially assess the
potential for deployment of the fuel cell within projects such as
Dubai Expo 2020, The World Development by Nakheel, and major
infrastructure projects including Al Maktoum International
Airport.
Dubai Carbon and AFC will commence the undertaking of initial
pre-feasibility studies across these and other opportunities such
that we could see developments commence across the Emirate in the
very near future. It is envisaged that once projects are identified
for development under the pre-feasibility studies, Dubai Carbon and
AFC will form a joint venture to deliver the projects. The joint
venture would look to operate the projects and dispatch power and
water supply produced from the fuel cell facilities.
The joint venture will work closely with Dubai Electricity and
Water Authority (DEWA), Emirates National Oil Company (ENOC) and
Dubai Aluminium Company (DUBAL), in assessing these opportunities,
and with local funding sources to support the equity and debt
financing arrangements for the commercial projects.
Dubai Carbon's and AFC's collaboration under the MOU creates a
significant platform for both companies to capitalise on the
immediate opportunities for deployment and growth in the hydrogen
economy across the UAE.
Mr Adam Bond, AFC's Chief Executive Officer, said: "It is a
great privilege to be given the opportunity to work in partnership
with several of Dubai's leading and most innovative organisations
to deploy AFC's leading alkaline fuel cell technology into Dubai.
This MOU not only reflects a landmark day for AFC and its business
as it consolidates its fuel cell commercialisation strategy, but
also reflects support for HH Sheikh Mohammed bin Rashid Al
Maktoum's initiative 'Green Economy for Sustainable Development';
reinforcing the prominent role Dubai plays in driving a cleaner and
sustainable economy today, and into the future. I am honoured AFC's
fuel cell will play an important part in Dubai's future energy mix
with today marking the start of a long and fruitful relationship
with Dubai Carbon and the Emirate of Dubai."
Bond added, "At AFC, I set the ambitious target of achieving 1
GW (1,000 MW) of capacity under development by the end of 2020 and
this MOU brings us excitingly closer to our target but I would like
to stress that we still have a long way to go."
Mr Ivano Iannelli, Dubai Carbon's Chief Executive Officer, said:
"In an economy as dynamic as Dubai's, innovative technologies such
as fuel cells, have a close fit to numerous activities and
realities, with a specific regional relevance. We are looking
forward to piloting the commercial readiness and technological
effectiveness through the partnership with AFC. "
The agreement was an official part of the DEWA Green Week
activities during the 2015 Water, Energy, Technology and
Environment Exhibition (WETEX) in Dubai.
Ends
***
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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