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AFC Energy PLC to deliver first 200kW hydrogen fuel cell to partner ABB for EV charging market

AFC Energy PLC (AIM:AFC, OTC:AFGYF) has received the first order from partner ABB for a 200kW hydrogen fuel cell charging system for electric vehicles.

Swiss electrical systems giant ABB will pay £4mln in full, with a £2mln initial payment on signing the contract, plus two payments of £1mln each based on system deployment milestones.

ABB, which has also been granted £4mln of warrants to subscribe for 6,802,720 ordinary shares in AFC at an exercise price of 58.8p, has ordered a high power dense ‘S’ Series fuel cell system for high power EV charging.

Following the signing of a joint development agreement last December and trials of AFC’s smaller ‘L’ Series fuel cell technology in the first half of this year with ABBs EV charging infrastructure, AFC said it now expects to deliver the ‘S’ Series anion exchange membrane (AEM) technology ahead of schedule, in early 2023.

AFC said the fuel cell generator should “demonstrate a market leading energy density from an anion exchange membrane fuel cell and be housed in a container approximating the size of a 10ft shipping container”, with the generator able to take both hydrogen and ammonia (a hydrogen carrier) as its primary feedstock.

The two companies are “engaged” with prospective customers in various markets, as the 200kW ‘S’ Series product specification is designed to also be applicable to markets including data centres, maritime and off-grid power markets.

“With the accelerating transition to electric vehicles there is an increasingly urgent need for additional fast charging capability and particularly in cost effective areas that are not grid connected or where the grid is constrained,” said ABB’s e-mobility chief Frank Muehlon.

“Following our successful system integration in Europe over the summer, we believe AFC Energy’s new high power dense, zero-emission, hydrogen fuel cell system to be an important part of our solution that will allow us to make EVs accessible to everyone and further promote sustainable e-mobility globally.”

Adam Bond, AFC’s chief executive, said the delivery of a charging system in early 2023 “is a material acceleration when set against our previous target of delivering a 10kW stack in the same period”.

He added: “We believe our new “S” Series fuel cell platform will become the “go to” high performance fuel cell technology capturing multiple fuelling strategies, whilst affording best in class AEM power density and efficiency”. 

Last December’s deal with ABB, which employs about 110,000 people in over 100 countries and is listed on the SIX Swiss Exchange, was AFC’s first with an OEM, and was followed in April as the Swiss group subscribed for £3.25mln of shares as part of a wider fundraising.


Read More: AFC Energy PLC to deliver first 200kW hydrogen fuel cell to partner ABB for EV charging market

2021-11-16 02:37:00

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