14th Mar 2022 10:41
(Alliance News) - AFC Energy PLC shares rose on Monday after the firm said it leased its first hybrid fuel cell system to construction and engineering group Keltbray Group Holdings Ltd for deployment to a UK construction site.
Shares trading 5.8% higher at 38.82 pence each on Monday morning in London.
AFC Energy is a Cranleigh, England-based developer of alkaline fuel cells that use hydrogen in the production of electricity.
AFC Energy said that under the agreement it will source and supply hydrogen to Keltbray on commercial terms in addition to supplying the HFC system.
AFC Energy did not disclose the value of the lease agreement.
It continued that Surrey-based Keltbray will be the operator of the HFC system while the firm will provide requisite training to on-site operators.
The deployment of the system is expected at the end of the second quarter this year, it said. The location still remains "under review" but it is expected to be in London.
AFC Energy and Keltbray also outlined a "roadmap" to consider further system deployments later this year.
The firm added that the lease is a further example of "immediate" customer interest in its latest zero-emission power generator technologies.
"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," AFC Energy Chief Executive Adam Bond said.
Head of Environmental Sustainability at Keltbray added: "The use of this innovative technology allows us to play a key role in assisting the industry in reducing its reliance on fossil fuels."
By Abby Amoakuh; [email protected]
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