Last checked at 14 Mar 2022 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
14 March 2022
AFC Energy PLC
("AFC Energy" or the "Company")
Keltbray to Lease Hybrid Fuel Cell System for London Construction Site
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce its collaboration with Keltbray for the lease of the Company's first fuel cell for deployment to a UK construction site.
Highlights
· Keltbray is a leading UK based construction and engineering group with an objective of achieving Net Zero by 2040 or earlier.
· Keltbray has agreed to lease from AFC Energy an initial zero emission Hybrid Fuel Cell ("HFC") power generator as a showcase of how the construction industry can decarbonise sites today.
· This will be AFC Energy's first UK HFC deployment with deployment expected end Q2 2022.
· The two companies have outlined a roadmap to consider further system deployments in late 2022.
· Location of the first system deployment remains under review but is expected to be in London.
· Keltbray and AFC Energy will work to build zero emission, fuel cell power generators into future tenders for construction work in the UK
Keltbray is one of the UK's leading construction and engineering contractors with multiple high-profile projects including the Shard, HS2 and Crossrail. In September 2021, Keltbray set the target of achieving Net Zero by 2040 or sooner and made a commitment to support its clients to achieve their own Net Zero targets across their portfolio of projects.
Keltbray and AFC Energy have been working together for the past five months reviewing zero emission, fuel cell power generators able to accept flex fuelling strategies across Hydrogen, Ammonia and Methanol as a means of delivering on Net Zero aspirations in a timely manner.
With the removal of the UK's £0.4861 per litre Red Diesel subsidy from April 2022, together with recent increases in the price of diesel fuel, construction and other temporary power users are facing material increases in the cost of using diesel generators relative to the cost of clean alternatives such as fuel cell technologies.
Today, Keltbray and AFC Energy are announcing a collaboration that will see:
1. the lease of Keltbray's first HFC power generator at a construction site likely to be located in London;
2. a roadmap for further system deployments from late 2022; and
3. both companies work with local plant hire businesses to encourage the transition away from diesel fuelled temporary power.
Under the collaboration, AFC Energy will source and supply Hydrogen to Keltbray on commercial terms in addition to supplying the HFC system. Keltbray will take the role of operator of the HFC system with AFC Energy providing requisite training to on site operators.
This will be the Company's first HFC system deployment in the UK and is a further example of the strong and immediate customer interest in the latest zero emission power generator technologies being commercialised by AFC Energy.
Kiro Tamer, Head of Environmental Sustainability at Keltbray, said: "We're pleased to be announcing our collaboration with AFC Energy, this is an important step forward in our journey towards a Net Zero future. Keltbray strives to make a positive contribution to the planet and this partnership allows us to further accelerate the sector's transition to a more sustainable world. Collaboration is key in achieving real change and the whole sector must work together to ensure we transform how we deliver the built environment. The use of this innovative technology allows us to play a key role in assisting the industry in reducing its reliance on fossil fuels."
Adam Bond, Chief Executive Officer at AFC Energy, said: "AFC Energy is excited to be announcing our collaboration with Keltbray today, highlighting how industry is increasingly playing its role in delivering on society's Net Zero aspiration here in the UK. As an innovative and socially responsible UK contractor, Keltbray continues to show great leadership in highlighting, through adoption of hydrogen fuel cell power generator technology, how the construction industry is seeing the benefit of displacing highly pollutant fossil fuels in favour of cutting-edge clean energy solutions. We are most pleased to be supporting Keltbray, its clients and the sector's transition towards a more sustainable future".
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
|
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.
About Keltbray
Keltbray is a leading multi-disciplinary engineering and construction services business, offering a uniquely integrated delivery capability spanning key phases of the client value chain.
Keltbray provides certainty of outcome for prestigious public and private sector clients often in highly regulated markets like rail and energy, contributing to the development and maintenance of Britain's rapidly changing economic and social infrastructure.
Our professionally accredited teams of engineering and construction professionals take pride in delivering safely and sustainably to enhance, upgrade and decarbonise our clients' capital assets.