Heads of Agreement with Global Manufacturer ...
November 17 2015 - 2:00AM
UK Regulatory
/**/
RNS Number : 9177F
AFC Energy Plc
17 November 2015
17 November 2015
AFC Energy PLC
("AFC" or the "Company")
AFC Enters Heads of Agreement with
Global Manufacturing Partner
AFC Energy plc (AIM: AFC.L), the
industrial fuel cell power company, is pleased to announce that it
has signed a Heads of Agreement with a global manufacturing partner
for the international procurement and manufacture of its leading
alkaline fuel cell systems.
The Heads of Agreement sets out the
basis of a proposed manufacturing services agreement, the terms of
which will be negotiated over the coming months with AFC expecting
to make an announcement on the final terms of the deal
thereafter.
The prospective manufacturing
partner has global reach, is widely regarded as a world leading
manufacturing services company, and will offer manufacturing
support to AFC, and to support value engineering, manufacturing
process optimisation and therefore cost reduction through a
competitive procurement of the supply chain and leveraging the
network and existing infrastructure.
Mr Adam Bond, AFC's Chief Executive
Officer, said: "Having met representatives from our prospective
manufacturing partner on their visits to our Surrey-based head
office, I'm confident in our ability to close a deal that will
reflect the mutual opportunity for both parties in taking this
transaction forward, and in their capability to deliver on AFC's
aggressive growth trajectory envisaged over the coming five years
as we progress towards our targeted 1GW of power generation in
place or under development by 2020."
Mr Bond further commented: "Whilst I
expect negotiations on a manufacturing services agreement to
progress over the coming weeks and months, I believe the signing of
the Heads of Agreement is further validation of the global interest
being shown in fuel cell technology generally, and specifically in
AFC's offering and positioning within this international
market."
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, Nicholas
How
Alex Davies, John Goold
|
+44 (0) 3829 5000
|
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 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. For further information, please visit our
website: www.afcenergy.com
This information is provided by RNS
The company news service from the
London Stock Exchange
END
STRKMMMMMVLGKZZ
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