Collaboration Agreement

RNS Number : 4645X

AFC Energy Plc

30 April 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

30 April 2019   

AFC Energy PLC

("AFC Energy" or the "Company")

AFC Energy Signs Collaboration Agreement with Rolec Services for the Design and Distribution of Integrated EV Charging Fuel Cell Systems

AFC Energy (AIM: AFC), the leading alkaline fuel cell power company, today announces it has signed a non-binding collaboration agreement with Rolec Services Limited ("Rolec") setting out the terms of intent for both parties to design and assess integrated Electric Vehicle ("EV") charging systems utilising the AFC Energy fuel cell system ("Collaboration Agreement").

Highlights

·      Rolec, manufacturer of Europe's largest range of EV charging solutions operating across over 40 countries, to partner with AFC Energy to design and deploy fully integrated fuel cell EV charging systems

·      Integrated EV charging systems of varying sizes to be brought to market for the purpose of off-grid power generation, incorporating Rolec's EV charging platform and AFC Energy's fuel cell system

·      Ultimate objective of the Collaboration Agreement is for the integrated system to be capable of sale and deployment across Rolec's existing and AFC Energy's emerging network of EV charging distributors and customers

·      First demonstration system expected to be deployed in H2 2019

Under the terms of the Collaboration Agreement, AFC Energy and Rolec will work together to design an off-grid EV charger in response to the recent and forecast rapid growth in EVs. This follows government initiatives across industrialised countries towards a decarbonised, electrified transportation sector. 

Since AFC Energy's EV charger prototype was demonstrated in January 2019, growth in commercial enquiries for the system across both the UK and internationally has meant collaboration with an established market leader in this space creates new opportunities for both organisations. 

AFC Energy and Rolec will work towards a single integrated turnkey product that delivers a customer friendly interface.  This will enable an off grid, zero emission power system at a time when the grid is emerging as a limiting factor in the deployment of EVs. 

AFC Energy and Rolec will define a series of customer driven products which will be modular and allow EV charging from a base unit for two vehicles, up to a larger mass-scale deployment.  Under the Collaboration Agreement, a reference system will be delivered which will be capable of deployment on a temporary basis for marketing and business development purposes.

Tom Pollard, General Manager - Rolec EV, said "Rolec is increasingly seeing the availability of power, particularly at the end of grid or in off grid applications as a material obstacle.  Governments and industry will need to overcome this to achieve their goals for EV deployment over the coming years.  This collaboration with AFC Energy is about exploring ways of responding to this challenge in a "first mover" environment where power is generated on-site in a fully sustainable manner.  We intend this to be the commencement of a long-term relationship with AFC Energy and look forwards to further demonstrating the capability of the integrated system over the coming months." 

Adam Bond, Chief Executive Officer at AFC Energy, said "The number of commercial enquiries received since announcing AFC Energy's EV fuel cell charger system, CH2ARGE, earlier this year has clearly demonstrated the potential for the Company to capitalise on this growing market.  Our collaboration with Rolec is a recognition of the industry's desire to explore off grid EV charging solutions to meet a need already seen across several of Rolec's local and international clients.  AFC Energy's EV charger is now one of our key markets for revenue generation and gives us an early mover advantage in penetrating the off-grid market." 

For further information, please contact: AFC Energy plc Adam Bond (Chief Executive Officer) [phone] Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker David Foreman Richard Salmond  [phone] M C Peat & Co LLP - Joint Broker Charlie Peat [phone] TUVA Partners - Public Relations James Kennedy [phone]

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 technology, pioneered over the past ten years in the UK, is in the process of being deployed in industrial gas plants for grid generation, as an alternative to diesel generators for localised power, in energy storage systems and as the power source for local electricity needs.

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.

 

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