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Southern Oil Contract
Southern Oil Contract.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 3800U AFC Energy Plc 12 July 2018 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n \n12 July 2018 \n \nAFC Energy PLC\n \n(\"AFC Energy\" or the \"Company\")\n \n \nAFC Energy Receives First Commercial Hydrogen Power Generation Order in Australia from Southern Oil Refining\n \nAFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to confirm receipt of its first commercial order in Australia for its proprietary hydrogen power generation unit from refiner, Southern Oil Refining Pty Ltd (\"Southern Oil\"). \nHighlights\n· Southern Oil, through its wholly owned subsidiary Northern Oil Pty Ltd (\"Northern Oil\"), has placed an order for the first AFC Energy hydrogen power generation unit in Australia;\n \n· The hydrogen power generation unit, expected to be sized between 200kW and 400kW, subject to engineering, will be located at Northern Oil's world leading Advanced Biofuels Refinery near Gladstone, Australia;\n \n· Non-refundable deposit to be paid to AFC Energy within five business days of the offer; \n \n· Brief period of engineering now commencing to finalise final project sizing, scope and commensurate contract terms; \n \n· AFC Energy plans to sell the balance of plant for its hydrogen generation unit to Southern Oil and lease the system's stack and electrodes for an undisclosed sum reflective of the project's capital cost (incl. fuel cells);\n \n· Northern Oil to utilise surplus hydrogen from its Gladstone refinery in the process and consume all power produced within its facilities at a cost better than its existing grid power tariff;\n \n· Project to be delivered in the first half of 2019.\n \nNorthern Oil's Advanced Biofuel Refinery near Gladstone, is currently operating to convert several waste streams into renewable cru...