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AFC Energy Secures £4.3m UK Government Grant
AFC Energy Secures £4.3m UK Government Grant.
About this update from H-power Plc
[{"type":"text","content":"\n\nTHE 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 \n26 July 2023\n \n \nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \nAFC Energy Secures £4.3m UK Government Grant\n \n\n \nAFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce that, along with its consortium partners, it has been awarded a grant of up to £4.8m, from the UK Government's red diesel replacement programme (\"RDR\").\n \nAs consortium lead, AFC Energy will be able to recover up to £4.3m of the total £4.8m granted, on a match funding basis.\n \nThe RDR programme, administered by the Department for Energy Security and Net Zero, is focused on the construction, mining and quarrying sectors and will provide up to £40 million of matched funding, as part of the £1 billion Net Zero Innovation Portfolio (NZIP), which aims to accelerate the commercialisation of innovative clean energy technologies and processes through the 2020s and 2030s.\n \nThe grant follows and recognises the field testing of AFC Energy's air cooled H-Power Tower generators on UK construction sites over the past year. The RDR grant will support the Company to accelerate the development and commercialisation of its next generation of larger scale hydrogen powered generators, both air cooled (S Series) and liquid cooled (S+ Series), by funding the first UK field deployments of this next generation.\n \nThe ultimate objective is the complete displacement of incumbent diesel usage on remote sites, which will further highlight the increasing role hydrogen fuel is playing in the decarbonisation of traditionally hard to abate sectors such as construction, quarrying and mining.\n \nA key element of AFC Energy's successful funding application was its proximity to scaling up, both in terms of technology and commercial sales, along with its close alignment to construction contractors and plant hire businesses, one of whom provided a strong ...