AFC progresses fuel cell deployment with Acciona in Spain

1st Mar 2022 13:01

(Sharecast News) - Hydrogen power generation technology company AFC Energy updated the market on the status of its fuel cell field deployment in Spain with its partner, Acciona, which would take place at a construction site north of Cadiz.

The AIM-traded firm said the decision to deploy at the site came after it presented a product roadmap to Acciona in November.

It said the hydrogen fuel cell system, announced as a new product line in December by AFC, offered "materially higher" energy density compared to the 'L' series that was initially proposed for deployment with Acciona.

AFC said it was currently building the first system in the UK, where it was expected to be factory commissioned before being shipped to Spain.

The field deployment of the system would form part of Acciona's commitment to decarbonise its global portfolio of construction sites.

AFC said the terms of the field deployment would mirror the cost-sharing arrangements of the prior 'L' series demonstration, which it would now replace.

"AFC Energy's partnership with Acciona is key in demonstrating commercially and technically viable, yet sustainable, power generation solutions that meet the ambitious emission reduction agenda of the global off-grid power market," said chief executive officer Adam Bond.

"Our new HFC technology platform is one of several new products we are introducing to provide industry with higher energy density, reduced footprint and higher efficiency fuel cell systems that support the decarbonisation of off-grid power and construction sites.

"We very much look forward to continuing our partnership with Acciona as part of this field deployment this year."

At 1242 GMT, shares in AFC Energy were up 2.53% at 37.53p.