16th Nov 2021 10:51
AFC Energy PLC - Cranleigh, England-based hydrogen power generation technologies provider - Strengthens partnership with Zurich-based industrial firm ABB Ltd through the signing of a sale and development agreement, in addition to a subscription for new warrants in AFC Energy.
ABB will order its first S series fuel cell system for e-Mobility charging, with an order value of GBP4 million. An upfront payment of GBP2 million will be invoiced immediately, and the remainder paid over a combination of system deployment milestones.
The system purchased by ABB will have a nameplate capacity of 200 kilowatts, with the capability of hydrogen and ammonia fuelling.
In addition, ABB will be granted warrants to subscribe for 6.8 million AFC Energy shares at a price of 58.8 pence, worth GBP4.0 million in total.
"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 GBP4 million 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 vehicle," said Chief Executive Officer Adam Bond.
Current stock price: 59.27 pence, up 1.2% on Tuesday
Year-to-date change: down 25%
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
AFC Energy