8 May 2024
AFC Energy PLC
("AFC Energy" or the "Company")
Illuming Power to Scale S Series Fuel Cell Plate and Stack Manufacture
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce the appointment of North America's Illuming Power ("Illuming") as the Company's first scaled manufacturer of fuel cell plates and stacks for its S Series air cooled platform.
Highlights:
| · | Illuming and AFC Energy sign Strategic Supply Agreement ("SSA") for large scale production of S Series air cooled fuel cell plates and stacks. |
| · | Under a multi-year programme, Illuming, through its international network, will deliver completed and commissioned S Series fuel cell plates and stacks for installation into H-Power Generator modules. |
| · | Illuming is currently delivering high quality fuel cell plate components to AFC Energy's design and specification utilising the latest low cost production techniques. |
| · | Illuming, and its partners, have the ability to meet all air cooled stack requirements for H-Power Generators foreseen over the next 5 years. |
| · | SSA is fully consistent with AFC Energy's low capital outsourced contract manufacturing strategy |
| · | Orders for completed S Series stacks have already been placed with Illuming based on recent qualification of components and evidence of production quality. |
| · | Over 140 million kilometres have been driven on Illuming fuel cell stacks in the global automotive sector, evidencing its quality and ability to scale with demand. |
Jeff Plato, President and Chief Executive of Illuming Power, said:
"We are pleased to be entering into this long term Strategic Supply Agreement with AFC Energy to support the growth in demand for its H-Power Generator platform into a scalable production product. We have been working with AFC Energy over a number of years now and believe the market for decarbonised generators in the off-grid and backup power markets highlights a near term, sizable global market in which to pursue, lending itself well to third party manufacture. We welcome the opportunity to support AFC Energy in its targeted growth strategy and look forward to meeting AFC Energy's investors at the Company's Capital Markets Day in May.
Adam Bond, Chief Executive of AFC Energy, said:
"Illuming Power is a valued partner of AFC Energy with over two years of collaborative work with us in supporting stack design and delivery. Their experience in stack build, both in prototype and commercial applications with thousands of stacks currently in operation across the global hydrogen market today, makes them a reliable and trusted supplier to AFC Energy. Their experience, alignment with our business model, and investment in their own growth trajectory, makes Illuming a key partner to AFC Energy's success."
For further information, please contact:
| AFC Energy plc Adam Bond (Chief Executive Officer)
| +44 (0) 14 8327 6726 |
| Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Georgia Langoulant / Brian Hanratty | +44 (0) 207 418 8900
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Zeus - Joint Broker David Foreman / James Hornigold (Investment Banking) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales) |
+44 (0) 203 829 5000 |
|
RBC Capital Markets - Joint Broker Matthew Coakes / Teri Su Eduardo Famini / Jack Wood
FTI Consulting - Financial PR Advisors Ben Brewerton / Tilly Abraham / Evie Taylor |
+44 (0) 20 7653 4000
+44 (0) 203 727 1000 |
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About AFC Energy
AFC Energy plc is a leading provider of hydrogen energy solutions, to provide clean electricity for on and off grid power applications. The Company's fuel cell technology is targeting near term commercial deployment across the construction and temporary power markets with longer term opportunities in electric vehicle charging, maritime and data centres as part of a portfolio approach to the decarbonisation of society's growing electrification needs. The Company's proprietary ammonia cracking technology further highlights emerging opportunities across the distributed hydrogen production market with a focus on hydrogen's role in supporting the decarbonisation of hard to abate industries.
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