AFC Energy inks deal to deploy 'Power Tower' in London

11th Jul 2022 14:18

(Sharecast News) - Hydrogen power technology developer AFC Energy announced on Monday that an agreement has been reached for the deployment of a further 'Power Tower' fuel cell generator system, in support of the decarbonisation of a London-based construction site.

The AIM-traded firm said the Power Tower would be leased to the Mace Dragados joint venture for deployment at a "high-profile UK infrastructure project" during the second half of 2022.

It said the client would provide full details of the deployment in due course.

The agreement was forming the basis for a longer-term collaboration to support Mace Dragados' sustainability aspirations, the board explained, through the adoption of zero emission energy where grid supply was constrained.

"Our new Power Towers represent a significant step forward in hydrogen fuel cell technology," said chief executive officer Adam Bond.

"We are now working with a number of UK and European construction companies and are accelerating progress towards establishing a critical mass of large-scale deployment across these regions to enable the construction sector and other temporary power operators to transition away from highly polluting diesel generators."

At 1401 BST, shares in AFC Energy were up 6.87% at 23.02p.

Reporting by Josh White at Sharecast.com.