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AFC Energy to launch electric vehicle charging system in the fourth quarter

“Since announcing our first prototype EV charging unit, we have continued to see growing interest in the compelling story of zero emission, off grid EV charging where we are seeking a clear early mover advantage,” Adam Bond said.

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The off-grid system will be showcased in the fourth quarter

AFC Energy PLC (LON:AFC) has unveiled plans to launch an ‘off-grid’ electric vehicle charging system in the fourth quarter.

The system will incorporate AFC’s latest hydrogen fuel cell technology along with Rolec’s charging infrastructure. It will be showcased at a national roadshow.

Such a system would displace or defer the need for significant short-to-medium term upgrades for the power grid, according to AFC.

READ: AFC Energy reports success in proof of concept trial

Today’s announcement marks a quick milestone for AFC and Rolec following on from their initial team-up.

“Since announcing our first prototype EV charging unit, we have continued to see growing interest in the compelling story of zero emission, off grid EV charging where we are seeking a clear early mover advantage,” said Adam Bond, AFC chief executive.

“Delivery of a mobile off grid reference EV charger within 12 months of the first prototype demonstrates the commitment and focus the company has to maximise this early mover advantage.

“Our collaboration with Rolec and the validation they provide to the specification of the system is a serious step forward to the commercialisation of this exciting new product."

Rolec EV general manager, Tom Pollard, meanwhile, added: “Demand from our customers for off grid or supplemental grid power continues to grow to meet the burgeoning growth in electric vehicles, particularly amongst fleet and transit businesses. 

“Our collaboration with AFC Energy is now on the cusp of demonstrating, in only a few months, the world's first off grid hydrogen fuelled EV charger and we remain as ever excited at the prospects this new product brings to our portfolio of EV charging solutions."

AFC also today announced a £1.06mln equity fundraise, with 22.21mln shares being sold to investors at a price of 4.8p per share.

The proceeds are earmarked to support delivery of the company’s ‘go-to-market’ strategy, which focusses on taking technology into commercial deployment.

Bond highlighted: “We are very pleased to have received further demand for this Subscription from both new and existing shareholders, particularly at a 60% premium to the company's last subscription announced on 12 April 2019. 

“This funding will now further support AFC Energy's go to market strategy and delivery of our targets for 2019."

Quick facts: AFC Energy PLC

Price: 22 GBX

AIM:AFC
Market: AIM
Market Cap: £98.56 m
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