RNS Reach - This is a Non-Regulatory Announcement
19 March 2020
AFC Energy PLC
("AFC Energy" or the "Company")
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, takes this opportunity to provide an update on the actions being taken to minimise the impact of the COVID-19 virus on its business.
The safety of our staff, their families, our customers and partners are of paramount importance to AFC Energy in these uncertain times. We are in the process of implementing a number of Government recommendations surrounding the avoidance of non-essential travel and preparation for working from home where practical.
We are also in regular contact with our partners and supply chain, including key industrial partners such as Industrie De Nora headquartered in Italy, regarding their own preparedness for the impact of the COVID-19 virus and are reassured by the actions they have in place to mitigate against the long term effect of localised business disruption.
In spite of these challenging circumstances and to the extent within our control, we are seeking to maintain momentum following the successful launch and interest received for our H-PowerTM systems over recent months and are continuing to advance our commercial pipeline. We also continue work on our AlkamemTM membrane technology alongside engagement with parties that have expressed early interest in further testing and validating the membrane's performance.
The Chancellor in last week's Budget confirmed the material investment into national EV Charging infrastructure and grid connectivity, alongside the not insubstantial reduction in red diesel subsidies, levelling the playing field to more sustainable alternatives to off-grid diesel generation. These announcements continue to affirm the fundamentals of AFC Energy's targeted go to market strategy and place us well when the extremity of the situation before us returns to normal.
AFC Energy continues to monitor Government advice in regard to the COVID-19 virus, and in particular, we are evaluating all options pertaining to this year's Annual General Meeting balancing legal obligations, the health and safety of shareholders and employees and the provision of timely communication to shareholders.
Adam Bond, Chief Executive Officer at AFC Energy, said "The consequential impact of COVID-19 at this stage is impossible to fully predict, however, we are taking all actions to ensure the effect of any delays on manufacturing and system deployment are mitigated to the greatest extent possible. These are uncertain times and present material uncertainty and challenges for our families, friends and acquaintances. I'm very thankful and proud of the commitment our staff have shown in pulling together at this time to continue our recent successes and wish all our friends and family safety over the coming weeks and months".
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer)
+44 (0) 14 8327 6726
Tuva Partners - Public Relations
+44 (0) 7900 205 460
About AFC Energy
AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now being deployed in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.