Member Info for Bondy123

Which part of that article relates to Ammonia?

They have yet to create their first hy-5 unit

You are definitely CN trying to present as a different persona.

Don't you think you're clutching at straws a bit here?

For god sake, just when I thought we were returning to some decent discussion here.

Agree.

Let’s not underestimate how much of a massive challenge containerising the cracker is. Rather than assume this is a given we have to acknowledge that there’s a reason that there aren’t many competitors out there. In my mind, taking that sprawling cracker set up from unfold and condensing/ re-engineering that so that it fits in a cracker, is portable, durable, etc is a really big task.

This is why I ask that we focus and ask questions of the management on these short term deliverables because based on the assumption it will be done, and done very soon is actually a big assumption for us to make, as we have learned over many years being invested at afc.

The achievement, however, would be massive. That’s why I’m trying not to get too excited before we see that there’s actually an initial unit that does what it says on the tin; switches on, etc. I think that is why JW created such a long runway for the initial two units to be produced. Even more critical as we have the S&P partner counting on us to deliver - hoping this time it’s different to the expectations we had with ABB (what a ride that was).

I’m less worried about the next gen fuel cell, which will hopefully be the final generation. This is actually going through a process of simplification and should be less of a worry.

Was meant to say 'in Rotterdam'. The event was an Ammonia Energy Association event, so it may have just been a good sponsorship opportunity for networking? Often large, specialist conferences can be abroad. I think what would be key is understanding whether Exxon mobil have the ability to crack ammonia at 'large scale' as this would separate one from the other based on JW's comment that they already can.

Hi Rydog, thanks. Air Products also have a hydrogen port side project, designed for import of ammonia to be cracked..

https://www.airproducts.com/company/news-center/2022/06/0628-air-products-and-gunvor-to-cooperate-on-green-hydrogen-import-terminal-in-rotterdam

I think it's fair to say they've definitely rubbed shoulders within the past couple of months, and great to see AFC in amongst some of those other juggernaut companies.

Rydog, to be fair, it's a good shout and nice to have a legtimate other prospect in the mix. Thanks for sharing.

Further Google AI Digging;

"While there is no confirmed public direct joint venture specifically named between ExxonMobil and AFC Energy as of early 2026, the link between them stems from a Joint Development Agreement (JDA) AFC Energy signed with an undisclosed "S&P 500 industrial partner". Industry analysts often speculate that ExxonMobil fits the profile of this unnamed partner due to their aligned interests in ammonia-to-hydrogen supply chains.

The following details clarify AFC Energy's current confirmed partnerships and the characteristics of the anonymous partner:

Confirmed AFC Energy Partnerships (2025–2026)

Industrial Chemicals Group Limited (ICL): AFC Energy formed a 50:50 joint venture with ICL in late 2025 to produce low-cost hydrogen from ammonia in the UK. This venture uses AFC's Hy-5 containerized crackers to deliver hydrogen at a target price of £10/kg.

Maritime Consortium: AFC Energy leads a government-funded consortium including MAHLE Powertrain and Clean Air Power to integrate ammonia cracking technology into maritime internal combustion engines.

The "S&P 500 Partner" Speculation

In June 2025, AFC Energy announced a JDA with a major industrial player described as:

Financial & Technical Capacity: An "established, publicly listed player" with a wealth of technical capability and an aligned supply chain.

Project Scope: Focused on developing a range of small to large-scale ammonia crackers.

Status: AFC completed the first phase of this joint project in late 2025, with further work under discussion for 2026.

Why ExxonMobil is Linked

ExxonMobil is frequently associated with these developments because:

Baytown Project: ExxonMobil is building a massive low-carbon hydrogen/ammonia facility in Baytown, Texas, which requires global cracking infrastructure for its exports.

Market Strategy: ExxonMobil's strategy involves using ammonia as a carrier to reach European and Asian markets, exactly where AFC Energy's modular crackers are being deployed.

Scale: The "S&P 500" designation and the need for large-scale cracking capabilities align with ExxonMobil’s industrial profile and its participation in ammonia cracking feasibility studies (such as at the Port of Rotterdam).

Rydog, I wasn't aware that AFC sponsored an exxon mobil event. However, Air Products for me makes much more sense.

This is because of their involvement in UK and European projects related to Ammonia, and also port-side infrastructure. They also make large scale crackers which would tally with JW's comment around that. Open to Exxon Mobil discussion though. I googled Exxon mobile cracking, and the AI answer came up with the below, rather interestingly;

"ExxonMobil is heavily involved in the ammonia and hydrogen economy, focusing on producing low-carbon ammonia (LCA) as a way to transport hydrogen and decarbonize industry, but they are more known for developing advanced burners that use hydrogen in their existing steam crackers (like in Baytown, Texas) to produce olefins with near-zero emissions, rather than primarily building separate "ammonia crackers" (which break ammonia back into H2 and N2 at the destination) themselves, though they partner with companies like AFC Energy on cracking technology for maritime/stationary power. Their Baytown project aims to produce massive amounts of blue hydrogen (from natural gas with CCS) and low-carbon ammonia, using the hydrogen internally in burners and selling the ammonia as a clean fuel. "

Stefan, despite the earlier mistake, I do appreciate the response.

For me, his appointment is questionable and a bit of a mystery. This is the same analyst that has been pumping AFC for years without success. Or perhaps there has been success where he has supported AB’s fundraises, I don’t know.

What I’m trying to figure out is; why hire him, when we had already hired peel hunt? I don’t get it. Big salary probably as well…

And Before AFC can produce electricity on site, they need completed products that they can sell.

One thing we've not debated much here is Nick Walker's appointment. Why would AFC hire him as CSO , what credentials does he bring to the table that make him suitable vs hiring someone from another similar company?

I think it's an interesting appointment that might tell us something about what JW is trying to achieve in the short-medium term. I doubt that he is an expert in the product. He is an expert in the sector I guess, but he is coming from a broker, not another Hydrogen / Manufacturing company.

I wonder what his remit actually is? Is it fundraising, M&A or something else? Keen to hear people's thoughts.

Don’t expect news for a few months - after we stop getting CAD drawings of the products we’re suppposed to be selling…

There’s nothing to tell yet as the product doesn’t exist! When we see something other than a CAD drawing, I.e an actual ‘new’ fuel cell - a real one, there might be something to say.

At the moment we’re looking at computer graphics….

The elephant in the room is this;

At this point, AFC has nothing productised. In AFC’s context that would be a) A containerised cracker and B) A tested and certified newer design fuel cell. Without these, there is nothing to sell and no business.

All very well painting long term visions based on partnerships, commercial and manufacturing, but if you don’t have a set of final, certified products capable of being manufactured, marketed and sold, then it’s all just the same illusion Adam Bond created for us.

What would make JW ‘the man’ is if firstly, we can get two products out there that are considered ready to go and secondly, put some cold hard contracts on the table. Both of the above in a reasonable time frame.

Regarding reasonable time frames, he set that out early last year and we have to accept them. They basically have given themselves all of 2025 and most of 2026 for development and productisation. We will hopefully see a new fuel cell, and containerised crackers.

Until then, we wait to see news that the products are complete, and ready for deployment.

Nobody reasonable could be expecting a ‘big’ RNS for a few months yet.