AFC ENERGY PLC

Business and Financial Review • Mar 14, 2024

National Storage Mechanism | Additional information

RNS Number : 7681G

AFC Energy Plc

14 March 2024

14 March 2024

AFC Energy PLC

("AFC Energy" or the "Company")

S Series Fuel Cell Operating Cost Reduction Milestone Achieved    

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to update the market on its S Series fuel cell efficiency improvement evidenced in the recent 30kW H-Power Generator Factory Acceptance Test ("FAT") with Speedy Hydrogen Solutions.    

Highlights

·      16% reduction in hydrogen fuel consumption [1] from the 2024 30kW H-Power Generator versus the 2023 H-Power Tower;

·      Significant lowering of 2024 H-Power Generator's operating cost to customers, which builds on the 50% reduction in 2024 generator capital cost (per kW) [2] relative to the 2023 H-Power Tower;    

·      Performance measured during recent Speedy Hydrogen Solutions FAT and is compared to "in the field" data received from customers during H-Power Tower deployments in 2023;

·      Data demonstrates highly efficient performance of AFC Energy's S Series air cooled generator technology driven by its distinct integration of both proprietary fuel cell stack and generator balance of plant design. 

[1] Per kWh of power generated

[2] Assuming 50 x 30kW generator annual production based on supply chain quotations

​Adam Bond, Chief Executive at AFC Energy, said: 

"Lowering the total cost of ownership of fuel cell generators is a key prerequisite to industry-wide adoption.  Last year, field data suggested that AFC Energy's H-Power Towers were, operationally, only 14% more costly than diesel generators based on European hydrogen prices, highlighting the importance of fuel efficiency in generator performance and reducing this cost gap. AFC Energy's high efficiency, high power dense S Series fuel cell generators are setting the standard for industry's transition to a hydrogen fueled future". 

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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