Business
MOU signed with Chang Shin Chemical
MOU signed with Chang Shin Chemical.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 1674M AFC Energy Plc 14 July 2014 \n \n\n14 July 2014\n \nAFC Energy plc\n(\"AFC Energy\", \"AFC\" or \"the Company\") \n \nMOU signed with Chang Shin Chemical for up to 5MW fuel cell power system\n \nAgreement is the first significant breakthrough into the South Korean market to produce clean energy for grid supply\n \nAFC Energy plc, the industrial fuel cell power company, is pleased to announce that it has signed a Memorandum of Understanding (MOU) with Chang Shin Chemical Co., Ltd (\"Chang Shin\"), a leading South Korean hydrogen supplier, for multiple fuel cell systems with a total potential generating capacity of up to 5MW. \n \nThis is the first commercial agreement signed by the Company in South Korea, one of the world's fastest growing markets for large scale, stationary fuel cell power generating systems.\n \nAFC will harness hydrogen produced at Chang Shin's chemical works to generate clean energy with zero carbon emissions. The power will then be delivered into the South Korean electricity grid, thereby enabling Chang Shin to diversify its revenue stream and achieve greater value from its hydrogen. \n \nIn line with AFC's strategy, the deal will be structured as an energy supply contract under which it will install and operate its low cost fuel cell systems at Chang Shin's sites in return for long term fees. The agreement will be implemented in stages, the first of which will be a pilot KORE fuel cell unit at one of Chang Shin's gas processing facilities. Following evaluation from both AFC Energy and Chang Shin the intention is for the pilot unit to be scaled up to systems with an envisaged capacity of between 1 MW and 5MW. Importantly, Chang Shin estimates it has total available hydrogen for power generation significantly in excess of 5MW. \n \nAFC and Chang Shin will work towards finalising a definitive contract within six months from the date of the MOU. \n \nIan Williamson, CEO AFC Energy, said: \"This agreement is the first step towards a potentially major long term collaboration with Chang Shin. We have made this important breakthrough into South Korea just as this country's demand for fuel cell systems is set for strong growth. We look forward to working with Chang Shin and expect to clinch further new business in this marke...