AFC Energy, a leading provider of hydrogen power generation technologies, announces the signing of a Joint Development Agreement with a confidential leading global industrial S&P 500 company.
Under the JDA, the Company and the Industrial Partner will collaborate to develop a range of small to large scale highly efficient ammonia crackers for hydrogen production using AFC Energy’s proprietary modular and efficient ammonia cracking technology. Development costs incurred by AFC Energy under the JDA will be reimbursed by the Industrial Partner, an established, publicly listed player with an aligned supply chain who brings strong financial capacity and a wealth of technical capability.
Upon successful completion of certain JDA milestones, it is envisaged that the commercial relationship between AFC Energy and the Industrial Partner will result in material AFC Energy revenues from 2027 onwards from our high value ammonia cracker systems for large scale industrial use, including, for example, port side hydrogen pipeline filling in Northen Europe.
John Wilson, CEO of AFC Energy plc, commented:
“This announcement serves to underpin our strategy to deliver commercial viability of the hydrogen economy without government subsidy and will provide a further suite of roadmap products, alongside our hydrogen fuel cell power generators, to accelerate us to that point. We are delighted to have signed the JDA with the Industrial Partner, whose commitment to AFC Energy’s proprietary ammonia cracker technology provides important industry peer validation, as we further commercialise and develop AFC’s offering. We look forward to developing our commercial relationship with the Industrial Partner and using our technology to help heavy industry to decarbonise its operations.”
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Press release https://tinyurl.com/5wz8xf56
