3 February 2014
AFC Energy plc
("AFC Energy" or "the Company")
MOU signed with Allied New Technologies
Co-operation agreement is the first inroad made by AFC Energy into the US market
AFC Energy plc, the industrial fuel cell power company, is pleased to announce that it has signed a non-binding Memorandum of Understanding with Allied New Technologies Inc ("Allied"), a US chemicals manufacturer, to undertake a feasibility study for a fuel cell system to generate clean energy from surplus hydrogen produced at Allied's plant in Florida.
The co-operation agreement marks AFC Energy's first move into the US market and is aimed at lowering Allied's energy costs by utilising hydrogen produced as a by-product at its chlor-alkaline facility. The hydrogen by-product can be used as a fuel-rich source with AFC Energy's fuel cells to produce electricity with zero carbon emissions.
AFC Energy will work with Foster Wheeler, a leading engineering and construction contractor, in carrying out the study. The project will examine how electricity produced from stored hydrogen will enable Allied to optimise its chemical plant operations by lowering energy costs.
Ian Williamson, CEO of AFC Energy, said: "This study gives AFC Energy the opportunity to assess the commerciality of its low cost fuel cell technology in the US. We will investigate whether stored hydrogen can be an effective energy time-shift mechanism, automatically providing varying levels of energy to meet the changeable demand that occurs in the chlor-alkali industry. The ability to use such hydrogen 'buffer' storage technology is fundamental to all non-baseload renewable generating technologies so that energy can be made available effectively during periods of shortfall or greatest need."
Allied's Florida plant produces sodium hypochlorite (bleach) used in water treatment and the pool industry.
Michael Koven, Chief Financial Officer of Allied New Technologies, said: "This opportunity will enhance Allied's ability to lower its unit production cost via use of by-product hydrogen, while simultaneously showing Allied's commitment to being an energy efficient company."
Ends
For further information, please contact:
AFC Energy plc Ian Williamson, Chief Executive Jane Dumeresque, Finance Director |
+44 (0)1483 276726 |
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Luther Pendragon - Public Relations Adviser Neil Thapar Alexis Gore James Foster |
+44 (0)20 7618 9100 |
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Peat & Co. - Corporate Broker Charlie Peat |
+44 (0)20 7104 2334 |
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Allenby Capital - AIM 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 platinum free, advanced 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.
