AFC Energy shares surge as it sees hydrogen fuel cell power costs tumbling
AFC Energy plc (LON:AFC) saw shares soar 30% on Monday after the fuel cell specialist said initiatives undertaken by itself and its partner De Nora had the potential to slash the cost of hydrogen power.
There is “clarity over the roadmap to a power generation cost from the AFC Energy fuel cell stack of less than US$0.10/kWh,” said Adam Bond, chief executive.
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Electrodes with two-year operational lives, against one year now, are now in view, he said, with a line of sight to a four-year economic operational electrode life.
"The ability to deliver this extended operational lifetime in our electrodes is the critical factor in reducing the levelized cost of power to less than US$ 0.10 / kWh.
"This would be an incredible outcome not only for AFC Energy, but for the fuel cell industry and the wider hydrogen economy, and will put our technology on a comparable footing with other low carbon, baseload power generation technologies.#
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“Working with De Nora [a partner], we are confident this is a credible outcome that is now within reach."
In its quarterly newsletter, Bond added these new De Nora electrodes were now fully integrated within the AFC Energy fuel cell stack and were delivering excellent results from industrial-scale sized electrodes.
A newly designed fuel cell stack without solid nickel substrate frames, now demonstrated both at laboratory scale and industrial scale with improvement in stack performance has also reduced stack costs by up to 30%.
Up to now, AFC has focused on generating power from waste hydrogen generated by the chemical industry.
AFC Energy shares closed on the day nearly 30% higher at 13.875p.
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