23rd Nov 2020 20:53
AFC Energy PLC -Surrey-based developer of alkaline fuel cells - Secures long-term lease over new premises at Surrey headquarters at Dunsfold Park, which will serve as AFC's first large scale H-Power assembly and commissioning facility. AFC will make an initial GBP300,000 investment in the 30,000 square feet facility, aiming to accommodate eventual dispatch of up to 100 hydrogen generator systems a year. These is capacity for additional growth, with possibility of facility assembling up to 200 megawatts per annum of H-Power systems when AFC released its new fuel cells system, likely from the end of 2022.
CEO Adam Bond: "We continue to deliver on our strategy for an asset light manufacturing programme with key assembly, commissioning, and logistics hubs remaining internal to our business, whilst outsourcing component manufacture. Access to a new world class assembly facility at Dunsfold Park takes us one step further in the execution of our manufacturing strategy at excellent value for money for shareholders. With room to grow, we believe this presents us with a low cost, low risk solution as we continue to consolidate the growth in our commercial pipeline and prepare ourselves for larger scale system deployment in the future."
Current stock price: 27.30 pence
Year-to-date change: up 67%
By Anna Farley; [email protected]
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