Fuel cell power company AFC Energy has opened its first office in South Korea in partnership with Intralink, a provider of business development services.
Intralink, which delivers services to US and European companies targeting Asian countries including Korea, will offer its extensive knowledge of the region to AFC Energy through market development and sales support.
The partnership will help AFC Energy establish its presence in the region, maximise its reach and seize on market opportunities, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
South Korea is providing subsidies for electricity generated from fuel cells, representing an attractive opportunity for AFC Energy.
The venture will first build on existing relationships and develop new ones with prospective industrial and sector partners to supply power from AFC Energy's first fuel cell systems in Korea.
AFC Energy's Chief Executive Officer, Ian Williamson, said: "This is an exciting development and represents a major step in AFC Energy's growth as a business, following recent achievements including reaching a six-month electrode life and the delivery of our first system to ICL.
"During the rigorous process we followed prior to selecting Intralink, we were impressed by the company's ability to access key potential customers at the appropriate level in what is one of our key markets.
"Our foothold in South Korea gives us the capacity to find suitable companies who are ready to take advantage of the efficient power alkaline fuel cells provide. Thanks to the generous support available in South Korea for fuel cells we will be able to start maximising the return on the investment we have made to date."
Shares in AFC Energy rose 2.83% to 31.75p at 11:24 Wednesday.
RD
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
