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AFC Energy hooks up with Ricardo in strategic engineering collaboration

Ricardo and AFC will seek to create unique alkaline fuel cell products and service offerings that have commercial benefits across the marine, rail and stationary power generation markets

AFC Energy PLC -

AFC Energy PLC (LON:AFC) has signed a strategic engineering collaboration with Ricardo PLC (LON:RCDO), the global engineering consultancy.

The primary focus of the collaboration will be on finding ways to exploit AFC’s alkaline fuel cell technology, particularly in the marine (shipping and ports), rail and stationary power generation markets, where Ricardo is seen as one of the market leaders.

The AIM-listed hydrogen power technology specialist said the marine applications will consider the benefits of using green ammonia as a key vector for the storage of energy, leveraging the ability of AFC's fuel cells to use low-cost hydrogen derived from cracked ammonia.

Joint project submissions have already been created by Ricardo and AFC Energy for submission to prospective customers, AFC told investors. These submissions address particular client needs pertinent to grid instability and the need for zero-emission alternative power. Further opportunities will be identified in 2021 for joint collaboration across the key markets of focus.

"The role for AFC Energy's alkaline fuel cell in supporting the decarbonisation of e-mobility and off-grid power systems through the use of zero-emission fuels such as green ammonia is becoming ever clearer and relevant,” said Adam Bind, the chief executive officer of AFC Energy in a statement.

“We are delighted to be collaborating with one of the world's leading engineering houses in Ricardo to fully explore new and innovative ways in which our alkaline fuel cell system can be deployed across a range of industries where traditional reliance on combustion of fossil fuels is no longer seen as a viable or acceptable means of remote power generation. We look forward to furthering our collaboration with Ricardo in our key markets of focus, with each providing enormous opportunities in their own right,” he added.

Mike Bell, the group strategy and transformation director at Ricardo said the company was very pleased to be collaborating with AFC Energy.

While Ricardo has “a world-leading pedigree in the energy transition towards sustainable and green power, working with many of the world's leading original equipment manufacturers and industrial partners in pursuit of engineering solutions that support Net Zero aspirations,” the company recognised AFC’s Energy's specialist expertise in alkaline fuel cell technology, “which has highlighted the potential for low cost, high-efficiency alkaline systems in off-grid and remote power environments”.

Quick facts: AFC Energy PLC

Price: 54.5 GBX

AIM:AFC
Market: AIM
Market Cap: £368.61 m
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