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HiiROC Agreement
HiiROC Agreement.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 9316A AFC Energy Plc 27 January 2020 \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. \n27 January 2020\nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\nAFC Energy and HiiROC Agree Terms to Unlock Natural Gas as Zero Emission Hydrogen Fuel \nAFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce it has entered into a binding Heads of Agreement (\"Heads of Agreement\") with UK based green hydrogen generation technology developer, HiiROC Limited (\"HiiROC\"). \nHiiROC's plasma-based technology has proven its ability in early testing, to extract Hydrogen from methane and biomethane, readily available from incumbent gas networks, without the emission of CO2 or other harmful greenhouse gases. The green Hydrogen produced from this technique has in turn the possibility of fueling AFC Energy's H-Power fuel cell systems, thereby opening up methane as a candidate carrier of green Hydrogen for AFC Energy's low-cost power generation. \nHighlights \n· HiiROC's technology platform looks to, as distinct from steam methane reforming, produce clean, zero CO2 emission hydrogen through a unique plasma process fuelled by natural gas or biogas, converting hydrocarbons (CH4) into a clean hydrogen stream and a high value solid carbon (\"carbon black\"). \n \n· Under the binding Heads of Agreement, AFC Energy and HiiROC have agreed to enter into a Commercialisation Agreement intended to include the following provisions:\n \no AFC Energy to obtain global preferential rights to integrate HiiROC's plasma-based technology with the Company's proprietary H-Power fuel cell, including an initial reduction in Hydrogen cost to AFC Energy derived from the system cumulatively valued at £2m.\n \no AFC Energy to also be granted exclusive rights to HiiROC's technology in key regions, including the UK, Europe and Australia, in the field of electrified transportation, including electric vehicl...