Last checked at 4 Apr 2014 07:00
4 April 2014
AFC Energy plc
("AFC Energy", "AFC" or the "Company")
AFC Energy secures first fuel cell order from PowerHouse Energy
AFC Energy plc (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has received the first order for its Beta+ fuel cell test system from AIM-listed PowerHouse Energy Group plc ("PowerHouse" or "PHE"), which is expected to be delivered in late 2014.
AFC's fuel cell system will be utilised together with PHE's ultra-high temperature gasification technology, which converts organic matter into a stream of syngas from which all potential toxins or pollutants are completely degraded and rendered safe. Hydrogen extracted from the produced syngas will be passed through AFC's fuel cell test system to generate clean energy.
AFC Energy will receive £150,000 from PHE for the supply of its Beta+ fuel cell test system consisting of two fuel cell cartridges. The cartridge within an AFC system holds the fuel cell stack and allows quick connection to the hydrogen and other utilities for ease of use. AFC will deliver, connect and commission the fuel cell system while PHE will prepare the site and provide the required utilities, including hydrogen, based on AFC's agreed specification. Further cartridges, additional maintenance or potential increases in capacity can be provided for an additional fee.
The transaction was negotiated by Waste2Tricity under the licensing agreement signed in February 2009, and the installation will be the first involving integration of AFC's fuel cell systems with hydrogen derived from the gasification of waste. The deposit of £50,000 will be paid in the form of PHE shares with the balance becoming payable after delivery. The system will form a key test bed for larger industrial applications in the waste-to-energy sector as the benefits of AFC's fuel cells and the significant increase in efficiencies become clear.
Ian Williamson, Chief Executive of AFC Energy, said: "This agreement is a further step towards our goal for deployment of large scale fuel cell systems in the waste-to-energy sector. We look forward to working closely with PowerHouse to develop and improve the efficiencies of generating electricity from their gasification systems. It is good to see our relationship with Waste2Tricity beginning to bear fruit. We have been working together on a number of opportunities around the globe and this is likely to be an important milestone for us in waste-to-energy."
Keith Allaun, the Executive Chairman of PowerHouse, stated "This is an exciting development for PowerHouse. The combination of these two advanced technologies has the potential to optimize their environmental advantages and electrical efficiency and if we are able to make the improvements we expect by using a fuel cell it could take waste-to-energy to a new level of operation."
John Hall, Managing Director of Waste2Tricity, said: "We see great potential from our engagement with Powerhouse, adding value in geographical locations where we own or have the rights of first refusal for the AFC technology."
For further information, please contact:
AFC Energy plc Ian Williamson, Chief Executive Jane Dumeresque, Finance Director | +44 (0)1483 276726
|
Peat & Co. - Corporate Broker Charlie Peat
| +44 (0)20 7104 2334 |
Allenby Capital - Nominated Adviser Jeremy Porter James Reeve |
+44 (0)20 3328 5656 |
Luther Pendragon - Public Relations Advisor Neil Thapar, Alexis Gore and James Foster
| +44 (0)20 7618 9100 |
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using platinum free, advanced materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
About PowerHouse Energy Group plc
PowerHouse Energy Group plc is an alternative energy company specialising in the sale of waste to energy systems. PowerHouse's key advantages centre on its implementation of proprietary technology and a wealth of industry knowledge. The Company's technologies enable energy recovery from municipal waste streams that would otherwise be directed to landfills and incinerators; or from renewable and alternative fuels such as biomass, lignite (brown coal), tires, and plastics to create syngas for power generation or reformed into liquid fuels for transportation. For more information, visit our website at www.powerhouseenergy.net.
Waste2Tricity
Waste2tricity is a structured solutions provider for the waste to energy sector and through its exclusive UK and Thai EfW licences and rights of first refusal to AFC technology will act as a platform developer for projects involving fuel cells in projects using waste as a feedstock. Its shareholders include Ervington Investments (UBO Roman Abramovich), Age of Reason Foundation and Eturab, all of whom are substantial shareholders in AFC Energy and/or Alter NRG Westinghouse and represent approx. 30% of each company. For more information, visit Waste2Tricity at www.waste2tricity.com