leadf
logo-loader
viewAFC Energy PLC

AFC Energy secures long-term lease over "world-class assembly facility"

The new facility is located adjacent to AFC's Surrey headquarters on Dunsfold Park.

AFC Energy PLC -
The facility housed British Aerospace's original manufacture of the Harrier aircraft

AFC Energy PLC (LON:AFC) has secured a long term lease over new premises at its Surrey headquarters at Dunsfold Park.

The 30,000 square feet facility will serve as the hydrogen power generation technology company’s first large scale H-Power assembly and commissioning facility.

An initial investment of £300,000 will be made into the facility with the aim of accommodating the eventual dispatch of up to 100 hydrogen generator systems per annum with capacity for further growth.

AFC said growth potential exists for the facility to assemble up to 200 megawatts (MW) per annum of H-Power systems when the company releases its new high-density alkaline fuel cell system, which is expected towards the end of 2022 or early in 2023.

The company said the scale-up and manufacturing strategy for the AlkaMem membrane – its technology for electricity production from alkaline fuel cells – remains under review; however, the scale of the new hanger facility means AFC Energy will have the flexibility to manufacture and prepare for dispatch, large volumes of membranes for alkaline water electrolysis and other applications alongside customer orders.

"We continue to deliver on our strategy for an asset-light manufacturing programme with key assembly, commissioning, and logistics hubs remaining internal to our business, whilst outsourcing component manufacture,” said Adam Bond, the chief executive officer of AFC Energy in a statement.

“Access to a new world-class assembly facility at Dunsfold Park takes us one step further in the execution of our manufacturing strategy at excellent value for money for shareholders. With room to grow, we believe this presents us with a low cost, low-risk solution as we continue to consolidate the growth in our commercial pipeline and prepare ourselves for larger-scale system deployment in the future," he added.

Quick facts: AFC Energy PLC

Price: 75.7822 GBX

AIM:AFC
Market: AIM
Market Cap: £512.4 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AFC Energy PLC named herein, including the promotion by the Company of AFC Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

AFC Energy deal with ABB offers more access to $140bln EV market

AFC Energy PLC's (LON:AFC) Adam Bond explains the details of their new deal with Swiss electrical systems giant ABB to develop products for the electric vehicle charger market. AFC said it will supply its hydrogen fuel cell technology with ABB providing the energy storage know-how and...

4 weeks, 2 days ago

2 min read