AFC Energy PLC (LON:AFC) shares jumped higher on Wednesday after the firm showcased what it says is “the future of off-grid power” with the demonstration of a hybrid hydrogen generator system to British private sector construction contractors.
The company, in a statement, noted that presently the global diesel generation market has a market in excess of US$20bn, it is a material contributor to greenhouse gas emissions, and is an obstacle in the way of et zero emission targets.
The new generator system being showcased today comprises AFC’s H-Power fuel cell system, MSP Technologies FLEX-ESS battery solution and a diesel generator. The system is containerised and modular, making it a “readily transportable and mobile” power solution.
AFC said that the new hybrid system overcomes any contractors' perceived risk in fully endorsing new hydrogen-based technologies.
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"The global power market is changing, and changing fast,” said Adam Bond, AFC chief executive.
“The role of hydrogen in supporting the decarbonisation of the off-grid power market is one which we have been working towards over the past few years given the increasing regulation over the diesel and remote power generation markets.
“We cannot however ignore the massive investment already made globally in the diesel and natural gas genset markets which in and of itself presents a challenge to industry to transition to zero carbon solutions in the absence of strict regulation enforcing this move; and so we see our role in presenting industry and governments with an alternative which works alongside incumbent investments in diesel to support a glide path to decarbonisation over a 5-10 year period.”
Simon Patterson, MSP Technologies chief executive, added: “The demand MSP Technologies is seeing for alternatives to diesel generation in the remote and off-grid power market is growing exponentially year on year.
“Having worked with AFC Energy now for over a year, and with the tremendous feedback we are getting from our proprietary FLEX-ESS energy storage system, we have seen a huge potential in the integration of our two technologies in powering this enormous global market, without the risk of intermittency of alternative clean energy solutions such as wind or solar.”
In afternoon trading, shares in AFC were 9.5% higher at 24.10p.
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