27 February 2013
AFC Energy plc
("AFC Energy" or the "Company")
AFC Energy opens Korean Office
Partnership with Intralink to focus on market development and sales
AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has opened its first office in South Korea in partnership with Intralink Ltd, a leading provider of market access and business development services to US and European companies targeting China, Japan, South Korea and Taiwan.
Intralink will use its extensive knowledge of the region and high level contacts to provide AFC Energy with market development and sales support in one of its key target markets, East Asia. The partnership will help AFC Energy establish a firm presence in the region, maximise its reach and seize on the potentially substantial market opportunity there.
South Korea is one of the countries currently providing subsidy for electricity generated from fuel cells and as such represents an attractive early opportunity for AFC Energy.
The venture's first objective is to build on existing and develop new relationships with prospective industrial and sector partners and to supply power from AFC Energy's first fuel cell systems in Korea.
AFC Energy's CEO, Ian Williamson, commented: "This is an exciting development and represents a major step in AFC Energy's growth as a business, following recent achievements including reaching a six-month electrode life and the delivery of our first system to ICL.
"During the rigorous process we followed prior to selecting Intralink, we were impressed by the company's ability to access key potential customers at the appropriate level in what is one of our key markets.
"Our foothold in South Korea gives us the capacity to find suitable companies who are ready to take advantage of the efficient power alkaline fuel cells provide. Thanks to the generous support available in South Korea for fuel cells we will be able to start maximising the return on the investment we have made to date."
Ends
For further information, please contact:
AFC Energy plc Ian Williamson, Chief Executive Ian Balchin, Deputy Chairman |
+44 (0)1483 276726 |
Luther Pendragon - Public Relations Adviser Neil Thapar, Alexis Gore, Dan Wilson Craw, James Foster |
+44 (0)20 7618 9100 |
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MC Peat & Co. - Corporate Broker Charlie Peat |
+44 (0)20 7104 2334 |
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Allenby Capital - Nominated Adviser Jeremy Porter, James Reeve |
+44 (0)20 3328 5656 |
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
About Intralink
Intralink is the leading provider of market access and business development services to American and European companies targeting China, Japan, Korea and Taiwan. Since 1990, Intralink has worked with more than 300 clients to deliver new and incremental revenues, reduce costs and grow margins. Intralink develops and implements sales, licensing and distribution strategies, and establishes offshore sourcing and manufacturing operations.
