MoU with John Lewis Partnership

RNS Number : 2695E

AFC Energy Plc

05 April 2011

 



5 April 2011

Embargoed until 07:00

AFC Energy PLC

("AFC Energy" or the "Company")

Commercial Memorandum of Understanding with John Lewis Partnership

 AFC Energy plc, a world leading developer of low cost alkaline fuel cells, has signed a commercial Memorandum of Understanding (MoU) with leading retailer the John Lewis Partnership, to evaluate the economic potential of using of its fuel cell system to generate low carbon emission electricity for Waitrose supermarkets and John Lewis stores.

Following successful evaluation, the John Lewis Partnership's intention is to order and demonstrate AFC Energy's fuel cell system as part of an integrated low carbon energy generation at a Waitrose store.

The John Lewis Partnership has underlined its commitment to strong and sustainable business growth with a pledge to deliver an absolute reduction in its carbon emissions by 15 percent by the end of its 2020/21 trading year, whilst simultaneously targeting a doubling of revenue. This commitment is supported by a range of initiatives and targets covering operational emissions from energy, refrigeration and cooling, transport, waste and water. The strategy and focus is to improve the efficiency of all operations, however small, by consistently rolling out suitable and efficient technology across all branches.  The inclusion of fuel cell technology will allow further renewable options to the John Lewis Partnership in support of their biomass roll out for energy self-generation.

Utilisation of AFC Energy's technology will enable large corporations to meet their Carbon Reduction Commitment (CRC). As part of this long term strategic plan, the John Lewis Partnership has identified a potential 200,000 tonnes reduction in carbon emissions by taking 150 stores off the electricity grid to generate their own electrical and thermal energy.

Ian Balchin, Deputy Chairman, AFC Energy, commented,"AFC Energy and the John Lewis Partnership have the opportunity to demonstrate a revolutionary solution to distributed low carbon energy. Together we will be able to translate growing demand for low carbon solutions into real-terms cost reduction. I look forward to the prospect of progressing our mutual commitment beyond the MoU."

Toby Marlow, Engineering Manager, John Lewis Partnership, commented, "The John Lewis Partnership has identified the potential of AFC Energy as a key partner in our efforts to reduce emissions as we continue to expand. Their alkaline fuel cell gives us the opportunity to make clean electricity on site: it is a revolutionary prospect with exciting potential. This first demonstration could be the beginning of a mutually beneficial long-term relationship."

AFC Energy's alkaline fuel cell has the capability to significantly reduce carbon emissions for commercial buildings. An integrated system powered from bio-methane with carbon capture and storage (CCS) offers the ultimate prospect of carbon negative energy generation.

ENDS

For further information, please contact:

AFC Energy plc Tim Yeo, Chairman Ian Balchin, Deputy Chairman Ed Wilson, Managing Director	[phone]
Allenby Capital Limited                   Brian Stockbridge Alex Price	[phone]
Threadneedle Communications John Coles Fiona Conroy	[phone]

About AFC Energy 

AFC Energy is a world leading developer of low-cost alkaline fuel cells that uses hydrogen to produce clean electricity. AFC Energy's technology is focused on large-scale industrial applications and the objective of producing the lowest possible unit cost electricity. AFC Energy's alkaline fuel cell has the capability to significantly reduce carbon emissions for businesses of all shapes and sizes. The technology is the most efficient method of converting hydrogen into electricity, and by-products, such as low grade heat and deionised water, further increase energy efficiency and commercial value. Please visit our website for further information, www.afcenergy.com.

The John Lewis Partnership

The John Lewis Partnership's 76,500 Partners own the leading UK retail businesses - John Lewis and Waitrose. The founder's vision of a successful business powered by its people and its principles defines the unique company today. Profits and benefits are shared by all Partners.

Website: www.johnlewispartnership.co.uk 

 

END

 

 

AGREZLFBFZFBBBX