AFC Energy Plc - Pre-Close Operational Update
Pre-Close Operational Update -
· Hydrogen powered 72kWh, off-grid Electric Vehicle ("EV") charging system on target for commercial launch in
· Shareholders to be invited to an EV charger open day at
· Agreement signed with an international Original Engineering Manufacturer ("OEM") to assess "Ammonia to Power" off-grid platform.
· Electrode pairing demonstration achieves milestone 10,000 hours of continuous operation
· First batch of mass manufactured flow plates received from Advanced Plastics, strengthening supply chain.
· Commercial sales coverage and contact with new EV operators and users has been initiated.
· High power density alkaline fuel cell demonstration successfully achieves market leading power density output with prospect to open up new commercial applications.
· Appointment of former Rolls Royce Fuel Cell Systems and LG Fuel Cell Systems Chief Technical Officer, Dr.
Hydrogen Fueled EV Charger
The global EV market is experiencing rapid growth in-line with international agendas to drive the decarbonisation of the transportation sector. Last month at the Frankfurt Motor Show, new EVs entering the market showed strong adoption of rapid charging with average charge rates now extending beyond 100kWh, increasing the need for fleet and commercial operators to access new rapid EV charge capacity.
Last week, the findings of a Capital Economics Report commissioned by
These, and other statistics continue to validate and confirm the market opportunity that
The system will be capable of operating at fast charge rates with the demonstration scheduled to integrate two dual cable pedestal charge points.
Earlier this year,
A key selling point of the system is its scalability with both storage and hydrogen generator options scalable to multi-MW capacity. The Company sees fleet and large multi-user customers demanding a significantly higher rated system to meet these fast charging requirements in turn resulting in larger fuel cell systems.
Shareholders, partners and customers will shortly be invited to an Open Day to see the EV charger at
Strengthening of Supply Chain
Moulding tools were ordered through our flow plate manufacturing partner, Advanced Plastics, a few months ago and we have now received initial moulded plates with quality assurance and controls currently being applied to the outputs of the initial production. So far, the results of the initial trials have been satisfactory.
In addition to the manufacture of the plastic moulded plates,
Finally, we are concluding work with Innomech on the fuel cell compression equipment which is scheduled for delivery and will build on earlier stack compression equipment utilised in previous iterations of the
With this investment in compression equipment, electrode integration systems and new injection moulding tools and with the necessary processes now in place,
"Ammonia to Power"
1. Ammonia is readily available and has cost advantages;
2. There are existing logistics and supply chains already in place to deliver large volumes of ammonia to end users;
3. The energy density of ammonia compared with hydrogen gas is far superior, meaning less logistical complexity and trips are required to deliver the same quantum of energy in the form of ammonia versus direct hydrogen - supporting it's cost competitiveness; and
The Company has received several expressions of interest from third party engine manufacturers and OEMs in regards the Ammonia to Power system. This has in one case led to the signing of an agreement with an international OEM who has commenced work with
The testing, which was initially conducted on a small-scale test stand, is being replicated on a full-scale electrode pairing with over 3,000 hours of continuous operation now mirroring the performance of the smaller scale electrodes. As a step forward for the Company in its progression to commercial deployment, the relevance of this should not be underestimated.
The Company commenced work two years ago on the development of a high-power density ("HPD") alkaline fuel cell system capable of increasing the amount of power from a single cell by up to 5 times that of current technology.
Since the Company's AGM earlier this year, further progress has been delivered with evidence now supporting the new HPD fuel cell's ability to deliver power density equal to or greater than alternative technology platforms currently used in transportation and other small footprint systems.
Key here is that the system remains alkaline in nature and, unlike alternative high-power density cells, can accept a lower purity Hydrogen which directly reduces operating fuel costs.
Further details pertaining to the Company's HPD alkaline fuel cell will shortly follow.
"The Company's new hydrogen fueled EV charger is the focus of our business for the remainder of this year and will set the benchmark for sustainable, off-grid and reliable power supply to an industry whose size is estimated to be near
For further information, please contact:
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+44 (0) 14 8327 6726
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WH Ireland - Nominated Adviser and Joint Broker
+44 (0) 117 945 3470
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M C Peat & Co LLP - Joint Broker
+44 (0) 20 7104 2334
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+44 (0) 7809 495 759
This information is provided by RNS, the news service of the
Quick facts: AFC Energy PLC
Market Cap: £145.2 m
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