Last checked at 7 Apr 2022 07:00
7 April 2022
AFC Energy PLC
("AFC Energy" or the "Company")
"Power Tower EV" Launch Integrating ABB Charging Platform
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce the launch of its new Hydrogen fueled "Power Tower EV" integrating for the first time ABB's AC charging solution.
Highlights
• | The "Power Tower EV" is a specially designed variant to the Power Tower launched in March 2022 for destination electric vehicle charging.
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• | Building on the energy dense, highly efficient Power Tower off-grid power solution, the EV variant model fully integrates for the first time an ABB Terra AC charger solution for reliable vehicle charging capability.
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• | Engineered by AFC Energy's design team, the Power Tower EV can provide permanent or temporary installations with clean power where grid-based EV charging infrastructure is unavailable.
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• | Further builds on the partnership between AFC Energy and ABB across e-mobility applications.
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• | The product will be available for viewing alongside the Power Tower at this morning's AGM.
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The global vehicle market is in the early stages of an aggressive transition towards electrification. In the UK alone, Government policy demands all new vehicles will need to be electric by 2030. This policy agenda continues to highlight the challenge drivers face in vehicle charging, with underinvestment to date in both destination public charge points and in constrained grid capacity.
The Power Tower EV seeks to address a number of these challenges with a sustainable EV charging solution which can be installed on a temporary or permanent basis where grid connectivity is not viable.
EV charging at weekend festivals, sporting events, concerts or simply to address temporary influxes of electric vehicles at construction sites or hotels are examples of use cases for the Power Tower EV.
The EV variant to the Power Tower will also be capable of operating on Hydrogen fuel or Methanol, the later requiring a methanol reformer which AFC Energy is able to provide on a fully integrated basis later this year.
The first Power Tower EV will be on display at the Company's Annual General Meeting this morning alongside the Power Tower launched last month.
Adam Bond, Chief Executive Officer at AFC Energy, said:
"The electrification of mobility is a key pillar of today's decarbonisation agenda and with growing EV adoption, charging infrastructure challenges continue to highlight the incremental investment to give full effect to this transition over the short to medium term. AFC Energy is pleased to bring to market the "Power Tower EV", our first fully integrated, standalone, modular, mobile EV charging system utilising best in class charging platforms from our e-mobility partner, ABB."
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer) | +44 (0) 14 8327 6726 investors@afcenergy.com |
Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Tom Ballard / Alexander Allen | +44 (0) 207 418 8900
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M C Peat & Co LLP - Joint Broker Charlie Peat | +44 (0) 20 7104 2334 |
Zeus Capital Limited - Joint Broker Daniel Harris (Corporate Finance) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales) |
+44 (0) 203 829 5000 |
FTI Consulting - Financial PR Advisors Ben Brewerton / Nick Hennis / Dhruv Soni | +44 (0) 203 727 1000 afcenergy@fticonsulting.com |
About AFC Energy
AFC Energy plc is commercialising scalable "fuel flexible" fuel cell systems, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now deployable in electric vehicle chargers, off-grid decentralised power systems and data centre applications with emerging opportunities across maritime and rail as part of a portfolio approach to the decarbonisation of local electricity needs.