24 June 2019
AFC Energy PLC
("AFC Energy" or the "Company")
AFC Energy Confirms Launch of Latest Zero Emission Off Grid EV Charging Hydrogen Power System in Q4 2019
AFC Energy (AIM: AFC), the leading alkaline fuel cell power company, today confirms plans to manufacture and showcase its latest zero emission, off grid, multi-vehicle Electric Vehicle ("EV") charging system in the fourth quarter of 2019.
Highlights
· New EV charging system to be showcased in a national roadshow due to start in Q4 2019, launched with a customer day hosted by Rolec Services Limited ("Rolec").
· State of the art hydrogen fuelled system supported by Rolec's EV charging infrastructure to meet industry and customer standards for rapid and ultra-fast charging.
· Designed to displace or defer the need for significant investment in short to medium term grid upgrades provoked by the exponential growth in EVs.
· Company to appoint sales and marketing team to develop sales opportunities in collaboration with Rolec.
Delivery of a reference mobile EV charging unit incorporating AFC Energy's latest hydrogen fuel cell system and Rolec's charge point infrastructure for field testing was always a key short term milestone announced by the two companies in April 2019.
Since this time, AFC Energy has been developing the reference EV charging unit working towards a modular and transportable system that will be used to market and demonstrate the possibilities of off grid EV charging in the UK and internationally.
Commercial enquiries into the AFC Energy EV charging solution, since its announcement in January 2019, have continued to increase with interest from energy regulators, OEMs and automotive companies demonstrating the expected market demand for the system in the short to medium term.
The commercial business model continues to evolve with further opportunities being explored for the EV charger to create new revenue opportunities by providing both vehicle charging and grid balancing and capacity support during times of peak pricing, affording the possibility to blend power prices, thereby lowering the cost of rapid and ultra-fast charging units to consumers.
The mobile EV charging reference system, once commissioned in Q4 2019, is expected to commence a national roadshow bringing together prospective customers who have expressed interest in the integrated EV charging solution. This roadshow will be launched with a customer day at Rolec's headquarters.
Tom Pollard, General Manager - Rolec EV, said "Demand from our customers for off grid or supplemental grid power continues to grow to meet the burgeoning growth in electric vehicles, particularly amongst fleet and transit businesses. Our collaboration with AFC Energy is now on the cusp of demonstrating, in only a few months, the world's first off grid hydrogen fuelled EV charger and we remain as ever excited at the prospects this new product brings to our portfolio of EV charging solutions."
Adam Bond, Chief Executive Officer at AFC Energy, said "Since announcing our first prototype EV charging unit, we have continued to see growing interest in the compelling story of zero emission, off grid EV charging where we are seeking a clear early mover advantage. Delivery of a mobile off grid reference EV charger within 12 months of the first prototype demonstrates the commitment and focus the Company has to maximise this early mover advantage. Our collaboration with Rolec and the validation they provide to the specification of the system is a serious step forward to the commercialisation of this exciting new product."
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer) |
+44 (0) 20 3697 1209 |
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker David Foreman Richard Salmond |
+44 (0) 20 7894 7000 |
M C Peat & Co LLP - Joint Broker Charlie Peat |
+44 (0) 20 7104 2334 |
TUVA Partners - Public Relations James Kennedy |
+44 (0) 7809 495 759 |
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About AFC Energy
AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The state-of-the-art technology, pioneered over the past twelve years in the UK, is designed to address key target markets in electric vehicle charging, stationary off grid diesel generation displacement, energy storage and across large petrochemical facilities where by-product hydrogen is surplus to requirements.
About Rolec
Rolec is one of the world's leading specialists in outdoor electrical equipment, designing, manufacturing and installing an extensive range of products. Now 29 years old, Rolec's wide range of products is the most extensive of its kind and continues to grow via its distribution network of representatives in over 40 countries across the globe. Rolec consists of four unique divisions, each focusing on a particular sector: ROLEC EV - Europe's largest range of electric vehicle charging stations and equipment, ROLEC GLOBAL MARINA SERVICES - the world leaders in the design and installation of marina services, ROLEC POWER SOLUTIONS - permanent and temporary power solutions, and ROLEC LEISURE SERVICES - world-leading hook-up and electrical distribution solutions for the caravan and camping industries.
