AFC Energy PLC (AIM:AFC, OTC:AFGYF) told investors it has signed a t Development Agreement with ‘a global industrial company listed in the S&P 500’.
In London, AFC shares rocketed around 24% following the announcement.
The identity of the partner remains confidential, nevertheless, AFC said the two companies will collaborate to develop ammonia crackers for hydrogen production using AFC Energy’s proprietary technology.
Its envisaged that the systems will range from small to large scale applications. Potential applications include port side hydrogen pipeline filling in Northern Europe.
Under the of the agreement, development costs incurred by AFC Energy will be reimbursed by the partner.
It anticipates material revenues will begin in 2027.
AFC chief executive John Wilson said the partnership would underpin the firm’s strategy to deliver commercial viability of the hydrogen economy without government subsidy.
It will accelerate efforts to provide a further suite of roap products, alongside our hydrogen fuel cell power generators, he highlighted.
“We are delighted to have signed the JDA with the Industrial Partner, whose commitment to AFC Energy's proprietary ammonia cracker technology provides important industry peer validation, as we further commercialise and develop AFC's offering,” Wilson said in a statement.
“We look forward to developing our commercial relationship with the Industrial Partner and using our technology to help heavy industry to decarbonise its operations."
