AFC Energy PLC (AIM:AFC, OTC:AFGYF) has announced the launch of its new ammonia cracking technology, saying the new hydrogen generation system would be key in the growing market.
Ammonia cracking is the process of decomposing the gas to create nitrogen, and more importantly, hydrogen – a market for which AIM-listed AFC anticipates will be worth US$150bn by 2030, before hitting US$1.5trn in 2050.
It will initially be rolled out to the maritime sector by 2025, providing a modular, scalable hydrogen generation system which can compliment its fuel cell technology in areas facing storage and transport challenges.
AFC said it is now gauging interest from European utilities, ammonia producers, ship owners and heavy plant operators, as it explores near term partnerships.
"AFC Energy's ammonia cracker technology continues to position the UK at the leading edge of the hydrogen economy,” chief executive Adam Bond said in a statement.
“[It] positions us to support Europe's wider aspirations around decarbonisation, as well as energy independence and security in today's volatile energy market.
“Clean ammonia is a preferred means of transporting hydrogen to end users, particularly in Europe and Asia, and with today's technology launch, AFC Energy is targeting these key markets," he added.
The company noted that larger modular cracker prototypes could be expected in the next year, as it accelerates its work on the tech in response to the Ukraine war which is increasing Europe’s calls for clean energy alternatives.