AFC ENERGY PLC

Business and Financial Review • May 20, 2024

National Storage Mechanism | Additional information

RNS Number : 0022P

AFC Energy Plc

20 May 2024

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20 May 2024

AFC Energy PLC

("AFC Energy" or the "Company")

First S Series Fuel Cell Module Order from Niftylift Powered Access    

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce its agreement to supply S Series fuel cell modules to Niftylift (UK) Limited ("Niftylift") for integration with its next generation mobile elevating work platform.   

Highlights

·      Niftylift is one of the largest mobile elevating work platform (MEWP) manufacturers in Europe and sells its market-leading products worldwide.

·      AFC Energy and Niftylift have agreed a collaboration whereby AFC Energy will sell S Series fuel cell modules into Niftylift's Hydrogen - Electric (H2E) range of powered access MEWPs.

·      AFC Energy will design and sell its S Series fuel cell modules packaged specifically for Niftylift, based on its next generation S Series architecture, in early 2025.

·      Niftylift will integrate the modules into their H2E platforms before assessing opportunities to scale the fuel cells into larger MEWPs.

·      Global sales of Niftylift's zero emission H2E series of powered access machines into Europe, the United States and Middle East already highlights the immediate opportunity and scale of the market.

·      Niftylift supply its H2E platform exclusively to Speedy Hire in the UK to support decarbonisation of the construction market which fully aligns with AFC Energy's sector focus, both in the UK and internationally.

John Keely, Managing Director of Niftylift, said :

​ "We have been thrilled at the large uptake shown in the UK and overseas for our world first H2E range of powered access units.  Our collaboration with AFC Energy as a market leader in fuel cell technology further enhances our strong reputation in offering zero emission powered access equipment to a growing international market and further underscores our commitment to advancing our technology whilst doing so in a sustainable way." 

Adam Bond, Chief Executive at AFC Energy, said: 

​ "Decarbonisation of industry through the displacement of diesel is a clear strategic focus for AFC Energy.  We are excited to be working with Niftylift in further enhancing their H2E powered access offering with zero emission fuel cell modules.  The agreement builds on our H-Power Generator offering by opening new opportunities for system integration with heavy plant and equipment.  Combining the volume of fuel cell modules deployed in H-Power Generators with new partners such as Niftylift, builds on the economies of scale available through our supply chain,  driving down costs to end users.  We look forwards to working closely with Niftylift on this exciting new partnership."

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	+44 (0) 14 8327 6726 investors@afcenergy.com
​ Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Tom Ballard / Georgia Langoulant	​ +44 (0) 207 418 8900
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 afcenergy@fticonsulting.com

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 now deployable as electric vehicle chargers, off-grid decentralised power systems for construction and temporary power with emerging opportunities across maritime, data centres and rail as part of a portfolio approach to the decarbonisation of society's growing electrification needs.

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