ABB and AFC Energy have signed a Sale and Development Agreement for the purchase of a 200kW hydrogen-powered fuel cell generator following AFC Energy’s progress in delivering on its new high energy dense “S” Series AEM fuel cell technology.
Expected to demonstrate market leading energy density from an anion exchange membrane fuel cell housed in a 10ft shipping container, the fuel cell generator. As a matter of fact, the generator will be able to use both ammonia (as a hydrogen carrier) and hydrogen as its primary fuel.
Under the Agreement, AFC Energy will receive a total of £4 million. The first $2 million of this total will be due at the time of contract signing, with the remaining $2 million divided into two equal payments upon verification of system performance. System development and testing costs and AFC Energy’s overheads and the system’s total purchase price will be recouped with these funds.
ABB has the option of deploying the 200kW system at a customer or corporate location.
ABB has been granted warrants to subscribe for 6,802,720 ordinary shares of the company at an exercise price of 58.8 pence, which is the market closing price on Friday, November 12th, 2021, to further align the interests of ABB and AFC Energy.
Frank Muehlon, President of ABB’s E-mobility Division, said: “With the accelerating transition to electric vehicles there is an increasingly urgent need for additional fast charging capability and particularly in cost effective areas that are not grid connected or where the grid is constrained. Following our successful system integration in Europe over the summer, we believe AFC Energy’s new high power dense, zero-emission, hydrogen fuel cell system to be an important part of our solution that will allow us to make EVs accessible to everyone and further promote sustainable e-Mobility globally.”
Adam Bond, Chief Executive Officer at AFC Energy, said: “We are delighted to receive our first “S” Series fuel cell system order from ABB, following twelve months of high-quality collaborative work between our two companies. ABB’s £4m order enables AFC Energy to deliver a 200kW “S” Series charging system in early 2023 which is a material acceleration when set against our previous target of delivering a 10kW stack in the same period. AFC Energy is committed to supporting ABB in delivering sustainable e-Mobility infrastructure to the world’s growing fleet of electric vehicles. We believe our new “S” Series fuel cell platform will become the “go to” high performance fuel cell technology capturing multiple fuelling strategies, whilst affording best in class AEM power density and efficiency”.
