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AFC Energy PLC - provider of hydrogen power generation technologies - Says it has been awarded funding under the UK Government's Clean Maritime Demonstration Competition, which is funded by the UK Department for Transport and delivered by Innovate UK. A consortium led by AFC has been awarded GBP676,500, in order to design and integrate its proprietary ammonia cracker reactor technology with marine purposed, ammonia fuelled internal combustion engines. Funding starts in the first quarter, with results from the proof-of-concept demonstration expected to be published twelve months later.
Chief Executive Adam Bond says: "We are pleased to have been recognised, along with our partners, by the UK Government's CMDC4 funding programme, highlighting further commercialization potential for our next generation ammonia cracker reactor. AFC Energy has been engaging with international shipyards, vessel owners, and designers over the past year and we believe the adoption of ammonia as a decarbonisation maritime fuel is yet another international market for our highly efficient ammonia cracker reactor."
Current stock price: 19.25 pence
12-month change: down 6.7%
By Holly Beveridge, Alliance News reporter
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