AFC Energy signs joint development agreement for ammonia crackers

(Alliance News) - AFC Energy PLC on Wednesday said it has signed a joint development agreement with an unnamed S&P 500 company.

Shares in AFC Energy jumped 39% to 13.10 pence in London on Wednesday afternoon.

The Cranleigh, England-based provider of hydrogen power generation technologies said the deal involves the development of a range of small to large-scale highly efficient ammonia crackers for hydrogen production, using AFC's proprietary modular and efficient ammonia cracking technology.

Development costs incurred by AFC will be reimbursed by the industrial partner, which the company describes as "an established, publicly listed player with an aligned supply chain who brings strong financial capacity and a wealth of technical capability".

"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," said AFC Energy Chief Executive Officer John Wilson.

"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."

AFC Energy expects the commercial relationship to result in "material" revenue for the company, from 2027 onwards.

CEO Wilson continued: "We look forward to developing our commercial relationship with the industrial partner and using our technology to help heavy industry to decarbonise its operations."

By Emily Parsons, Alliance News reporter

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