AFC Energy Plc – Pre-Close Operational Update

AFC Energy Plc – Pre-Close Operational Update

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to provide its Pre-Close Operational Update ahead of its year end on 31 October 2019.  

Highlights

·       Hydrogen powered 72kWh, off-grid Electric Vehicle (“EV”) charging system on target for commercial launch in December 2019.

·       Shareholders to be invited to an EV charger open day at Dunsfold Park (details to follow).

·       Agreement signed with an international Original Engineering Manufacturer (“OEM”) to assess “Ammonia to Power” off-grid platform.

·       Electrode pairing demonstration achieves milestone 10,000 hours of continuous operation

·       First batch of mass manufactured flow plates received from Advanced Plastics, strengthening supply chain.

·       Commercial sales coverage and contact with new EV operators and users has been initiated.

·       High power density alkaline fuel cell demonstration successfully achieves market leading power density output with prospect to open up new commercial applications.

·       Appointment of former Rolls Royce Fuel Cell Systems and LG Fuel Cell Systems Chief Technical Officer, Dr. Gerry Agnew, as Non-Executive Director.  

·       New Company website scheduled for release in November 2019.       

Hydrogen Fueled EV Charger 

The global EV market is experiencing rapid growth in-line with international agendas to drive the decarbonisation of the transportation sector.  Last month at the Frankfurt Motor Show, new EVs entering the market showed strong adoption of rapid charging with average charge rates now extending beyond 100kWh, increasing the need for fleet and commercial operators to access new rapid EV charge capacity.

Last week, the findings of a Capital Economics Report commissioned by UK electricity network operator, Scottish Power, confirmed that the UK will need to invest close to £100bn in new grid infrastructure and EV charge points in order to achieve its 2050 Net Zero policy objectives.

These, and other statistics continue to validate and confirm the market opportunity that AFC Energy is currently seeking to address through its off-grid portfolio of Hydrogen Power Generation products. The challenge now lies in the ability for the charging infrastructure market to respond with rapid charge points that can be independent from the operation and availability of the local grid.  Earlier this year, the UK witnessed just how fragile the nation’s grid and power supply can be when stressed with generation shortfalls at peak times. 

AFC Energy is working with Europe’s largest manufacturer of EV charge points, Rolec Services, to present the market with an initial 72kWh off-grid hydrogen fueled EV charger capable of operating at strategic demand points across the UK where the grid cannot reliably meet current or future EV charge demand.  In particular, AFC Energy plans to target multi-user sites such as fleet operators, car parks, shopping centres and other off grid applications.  To this end, depending on the utilisation rates required by customers, the system can be readily scaled from 72kWh up to 288kWh through an increase in the integrated energy storage capacity of the off-grid charger with our partners, MSP Technologies. 

The system will be capable of operating at fast charge rates with the demonstration scheduled to integrate two dual cable pedestal charge points. 

Earlier this year, AFC Energy announced it had delivered an early prototype EV charger unit at its Surrey head office, taking power generated from AFC Energy’s fuel cell large scale testing units for the purpose of charging vehicles.  Since then, work has focused on delivery of a mobile off grid EV charger unit which will be on demonstration at several locations across the UK.   

A key selling point of the system is its scalability with both storage and hydrogen generator options scalable to multi-MW capacity.  The Company sees fleet and large multi-user customers demanding a significantly higher rated system to meet these fast charging requirements in turn resulting in larger fuel cell systems.  AFC Energy’s sales team is fully engaged in responding to expressions of interest from potential users of the charger. 

Shareholders, partners and customers will shortly be invited to an Open Day to see the EV charger at Dunsfold Park in operation. 

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