Business
ABB Sale and Development Agreement
ABB Sale and Development Agreement.
About this update from H-power Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4592S\n AFC Energy Plc\n 16 November 2021\n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n 16 November 2021\n \n \n AFC Energy PLC\n \n \n (\"AFC Energy\" or the \"Company\")\n \n \n \n \n \n ABB Places First £4m \"S\" Series Fuel Cell Order for Use in High Power e-Mobility Charging \n \n \n And\n \n \n Subscribes for £4m of Warrants in AFC Energy \n \n \n \n \n \n AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce the strengthening of its partnership with ABB B.V. (\"ABB\") in the area of high-power e-Mobility charging through execution of its first Sale and Development Agreement (\"the Agreement\") in parallel with a subscription for new warrants in the Company. \n \n \n Highlights\n \n \n \n \n \n •\n \n \n \n \n ABB orders first AFC Energy \"S\" Series fuel cell system for high power e-Mobility charging with a total contract value of £4m. \n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Proceeds of the £4m order will be paid over a combination of system deployment milestones; first upfront payment of £2m invoiced immediately. \n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n The Agreement fast tracks AFC Energy's high energy dense \"S\" Series anion exchange membrane (\"AEM\") technology with delivery now expected ahead of schedule. \n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Final system procured by ABB to have nameplate capacity of 200kW and be capable of hydrogen and ammonia fuelling.\n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n 200kW system to be engineered within 10ft shipping container (excl. ammonia cracker) illustrating market leading energy density of AFC Energy's alkaline fuel cell technology.\n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Order follows the successful integration trials of AFC Energy's \"L\" Series fuel cell technology with ABB's energy storage and high power EV charging platforms over the summe...