PR87630

LONDON, Jan. 15, 2021 /PRNewswire=KYODO JBN/ --

Today AFC Energy [https://www.afcenergy.com] (AIM: AFC), a leading provider of

hydrogen power generation technologies, announces the signing of the Company's

first strategic engineering collaboration agreement with Ricardo [http://www.ricardo.com],

a global leader in the creation of innovative engineering and design solutions with

strong credentials across the transportation and energy sectors.

The agreement will focus on the joint creation of hydrogen fuel cell products

and service offerings, with an initial focus on three key areas: marine, rail

and stationary power generation. The collaboration will develop products and

services that will directly support global efforts to decarbonise transport,

energy and critical national infrastructure.

The collaboration will create opportunities for AFC Energy to grow the number

of products that utilise the company's fuel cell and validate its technical and

commercial viability in the growing global market for hydrogen fuelled power

and propulsion systems.

Both parties will consider the benefits achieved through the use of low cost,

readily available, and high energy dense green ammonia fuel (rather than

hydrogen gas) as a fuel of choice in off-grid or remote power needs, including

international shipping and distributed power generation.

Adam Bond, Chief Executive of AFC Energy plc, said:

"The role for AFC Energy's alkaline fuel cell in supporting the decarbonisation

of e-mobility and off-grid power systems through the use of zero emission fuels

such as green ammonia is becoming ever clearer and relevant.

"We are delighted to be collaborating with one of the world's leading

engineering houses in Ricardo to fully explore new and innovative ways in which

our alkaline fuel cell system can be deployed across a range of industries

where traditional reliance on combustion of fossil fuels is no longer seen as a

viable or acceptable means of remote power generation. We look forward to

furthering our collaboration with Ricardo in our key markets of focus, with

each providing enormous opportunities in their own right."

Mike Bell, Group Strategy and Transformation Director at Ricardo plc, added:

"Ricardo has a world leading pedigree in the energy transition towards

sustainable and green power, working with many of the world's leading Original

Equipment Manufacturers and industrial partners in pursuit of engineering

solutions that support Net Zero aspirations. We also recognise AFC Energy's

specialist expertise in alkaline fuel cell technology, which has highlighted

the potential for low cost, high efficiency alkaline systems in off-grid and

remote power environments.

"We are very pleased to be collaborating with AFC Energy is exploring new

opportunities for fuel cell deployment across sectors such as marine and rail

where the alkaline technology has the potential to play a key role

decarbonisation and sustainability."

Following several months of engagement, the two companies have already jointly

submitted proposals to Ricardo clients, addressing particular client needs

pertinent to grid instability and the need for zero emission alternative power.

Further opportunities will be identified in 2021 for joint collaboration across

key markets.

About AFC Energy plc

AFC Energy plc is commercialising a scalable alkaline fuel cell system, 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 industrial gas

plants as part of a portfolio approach to the decarbonisation of local electricity needs.

https://www.afcenergy.com

About Ricardo plc

Ricardo plc is a global strategic engineering and environmental consultancy

that specialises in the transport, energy and scarce resources sectors.

Ricardo's work extends across a range of market sectors – including passenger

cars, commercial vehicles, rail, defence, motorsport, energy and environment –

with a client list that includes transport operators, manufacturers, energy

companies, financial institutions and government agencies. In addition to

technical consultancy services, Ricardo has in-house engineering capabilities

that enable the Company to design and deliver high-quality prototypes and

low-volume manufacturing of complex products and assemblies, including engines,

transmissions, electric motors and generators, battery packs and fuel cell systems.

https://ricardo.com

Source: AFC Energy