24th Feb 2014 10:58
LONDON (Alliance News) - AFC Energy PLC Monday said it signed a co-operation agreement in Bangkok last week which it hopes will speed up the adoption of its fuel cell systems in proposed energy-from-waste projects in Thailand.
The deal, which consists of a Memorandum of Understanding, was signed with Waste2Tricity International Ltd, and Alter NRG Corporation. It builds on the commercialisation deal signed in October granting exclusive rights to Waste2Tricity to use AFC Energy's low-cost fuel cell systems to generate power from hydrogen gasified from municipal solid waste.
The companies will investigate ways to assemble fuel cells in Thailand, reduce the timeline of fuel cells being integrated into waste plants and lobby the Thai government for fuel cell incentives.
"Everyone believes there is a considerable opportunity for large scale waste to energy projects in Thailand as these will not only increase energy independence from renewable sources but will also alleviate pressure on landfill to deal with waste," Chief Executive Ian Williamson said in a statement.
"Working together we can benefit from first mover advantage and open up this market quickly and demonstrate a compelling investment case for such fuel cell-based power systems," he added.
The stock was trading at 28.80 pence Monday morning, up 0.05 pence or 0.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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