AFC Energy Plc Purchase of Assets from Octopus Hydrogen (7499T)
17 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMAFC
RNS Number : 7499T
AFC Energy Plc
17 November 2023
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17 November 2023
AFC Energy PLC
("AFC Energy" or the "Company")
Purchase of UK Mobile Hydrogen Storage and Distribution Assets
from Octopus Hydrogen
AFC Energy (AIM: AFC), a leading provider of hydrogen power
generation technologies, is pleased to announce it has reached
agreement to purchase certain UK mobile hydrogen storage and
distribution assets from Octopus Hydrogen, part of the Octopus
Energy Group.
Highlights
-- AFC Energy purchases, for an undisclosed sum, UK mobile
hydrogen storage and distribution assets ("the Assets") from
Octopus Hydrogen.
-- The Assets provide immediate logistics capability for the
supply of hydrogen fuel to AFC Energy's growing number of H-Power
Generator sets across the UK, such as through Speedy Hydrogen
Solutions.
-- The acquisition strengthens AFC Energy's leading position
across an integrated UK hydrogen value chain.
AFC Energy's acquisition of Octopus Hydrogen's Assets is the
next step in bringing to market a local distributed hydrogen supply
logistics capability that supports the deployment of H-Power
Generators across the UK.
Through its investment into ammonia cracking and now hydrogen
storage and logistics assets, AFC Energy is able to offer a unique
fueling proposition to its customers and partners that supports
industry's transition to zero emission off-grid power.
The acquired Octopus Assets are able to accept hydrogen sourced
from third party electrolysers, both in the UK and Europe, as well
as from AFC Energy's next generation ammonia crackers, giving AFC
Energy the ability to deliver, for a fee, end-to-end hydrogen
fueling solutions to its customers.
The Assets comprise two x 350bar 420kg NanoSun Pioneer Mobile
Hydrogen Refueling Stations, 2 x mobile trailers (to transport the
Pioneer refueling stations) and 1 x hydrogen compressor for Pioneer
refilling. At full capacity, each NanoSun Pioneer could support the
fueling needs of a fleet of H-Power Generators at full load.
The Assets will be available to support Speedy Hydrogen
Solutions, the Company's new joint venture with Speedy Hire in the
UK and Ireland, underpinning AFC Energy's investment into the
Assets.
The agreement to purchase the mobile hydrogen storage and
distribution assets of Octopus Hydrogen supports the value chain
for hydrogen supply to construction and off-grid power sites and
continues to position AFC Energy as the dominant UK supplier of
hydrogen power generators to support industry's transition to a
sustainable off-grid power solution.
It is not AFC Energy's intention to become a capital intensive
hydrogen logistics provider, however, early investment in well
priced storage and distribution assets will support the maturing of
the hydrogen power generator market whilst affording an opportunity
to derive incremental revenue through the provision of hydrogen
fuel logistics, at a reasonable scale, to customers in the UK and
Ireland.
Adam Bond, Chief Executive at AFC Energy, said:
"We are pleased to announce AFC Energy's first investment into
the distribution and storage of hydrogen to support and complement
our UK off-grid power business. Complemented by our hydrogen
generation capability through ammonia cracking and methanol
reforming, the logistics of distributing hydrogen is the next stage
in our ambition to commercially demonstrate the viability of
hydrogen as a displacement to diesel in off-grid power
environments."
For further information, please contact:
AFC Energy plc +44 (0) 14 8327 6726
Adam Bond (Chief Executive Officer) investors@afcenergy.com
Peel Hunt LLP - Nominated Adviser and Joint
Broker
Richard Crichton / Tom Ballard / Georgia
Langoulant +44 (0) 207 418 8900
Zeus - Joint Broker
David Foreman / James Hornigold (Investment
Banking)
Dominic King (Corporate Broking) / Rupert
Woolfenden (Sales) +44 (0) 203 829 5000
FTI Consulting - Financial PR Advisors +44 (0) 203 727 1000
Ben Brewerton / Nick Hennis / Tilly Abraham afcenergy@fticonsulting.com
About AFC Energy
AFC Energy plc is a leading provider of hydrogen energy
solutions, to provide clean electricity for on and off grid power
applications. The Company's fuel cell technology is now deployable
as electric vehicle chargers, off-grid decentralised power systems
for construction and temporary power with emerging opportunities
across maritime, data centres and rail as part of a portfolio
approach to the decarbonisation of society's growing
electrification needs.
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