AFC Energy (AFC)

 

LSE:AFC: AFC Energy Extends European Power Market Presence

AFC Energy

09 May 2017 07:00:06

AFC Energy Plc

RNS Number : 4638E
AFC Energy Plc
09 May 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.

 

9 May 2017

 

AFC Energy PLC

 

("AFC Energy" or the "Company")

 

 

AFC Energy Extends Presence into European Power Market at the Covestro Industrial Park Brunsbüttel

 

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce it is expanding its position into the German power market following commencement of engineering works for the deployment of an initial 1MW proprietary fuel cell system at the Covestro Industrial Park Brunsbüttel, owned by the Covestro Deutschland AG ("Covestro").

Preliminary engineering work commenced in Brunsbüttel, Germany, on the 6th April 2017 with representatives from Covestro (formerly Bayer Material Science), plantIng GmbH ("plantIng") and AFC Energy present.

The engineering work, designed to review whole of system engineering, integration and project costing, is being led by AFC Energy and is framed around the installation of an initial 1MW alkaline fuel cell system at the Brunsbüttel site with hydrogen sourced from Covestro's hydrogen grid.  Power generated would be sold into the local power grid under long term power purchase agreements.  Proximity of the Company's fuel cell system to the hydrogen source also offers the potential to materially expand the project in due course. 

This scheme is very much consistent with AFC Energy's focus on partnering with large energy intensive industrial partners to utilise surplus industrial grade hydrogen from localised facilities to generate long term, clean power with a resultant reduction in environmental greenhouse emissions.  

Importantly, work conducted in recent months at AFC Energy to demonstrate acceptance of lower industrial grade hydrogen in the fuel cell, together with the material improvements evidenced in fuel cell longevity, power output and stack design, are all critical to the initiation of this project.  It further validates the importance of these technical breakthroughs for AFC Energy in advancing commercial deployment opportunities.

 The engineering work underway includes assessment of:

·      the utilisation of hydrogen from Covestro´s hydrogen sources to generate an initial 1MW of power using AFC Energy's fuel cell systems;

 

·      potential further expansion of the fuel cell plant into a larger-scale commercial installation and power output therefrom; and

 

·      integration of the Company's fuel cell system with other innovative third party technologies.

The review will be conducted over several months with input from all partners. 

Mr Adam Bond, AFC Energy's Chief Executive Officer, said: "AFC Energy is pleased to strengthen our position in the German power market at Covestro Industrial Park Brunsbüttel.  Covestro and AFC Energy have been in dialogue for much of 2016 with regards the potential siting of an AFC Energy fuel cell system at the Brunsbüttel facility, one of the largest of Covestro's 30 industrial parks around the world, and we hope to see this relationship extend over many years and be a catalyst that will drive momentum behind fuel cell deployment not only in Germany, but also the rest of Europe."  

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 and successfully demonstrated its alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP 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 and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system.  For further information, please visit our website: ww.afcenergy.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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