AFC Energy receives European Union grant

AFC Energy has been awarded a European Union grant of up to 1.96 million euros to develop ammonia fed alkaline fuel cell systems.

AFC Energy has been awarded a European Union grant of up to 1.96 million euros to develop ammonia fed alkaline fuel cell systems.

The industrial fuel cell power company announced Monday the funds would provide three years financial support for the Alkammonia project, commencing next March.

The Fuel Cells and Hydrogen Joint Undertaking (FCH-JU) under the EU's Seventh Framework Programme is providing the grant which is subject to final negotiation.

AFC Energy expects its direct share of the project funding to be up to €0.64 million with the balance to be received by the other project partners, once it reaches a final agreement with FCH-JU.

The aim of the project is to broaden the variety of different energy feedstocks, including ammonia.

Ammonia has a high energy density which is easily converted to hydrogen by heating it with a substance - a process known as 'cracking'.

AFC Energy's alkaline fuel cell system creates efficient use of hydrogen through cracking, making it potentially more economical compared to other fuel cell types.

The company has also acquired new assets including equipment and intellectual property of Diverse Energy, which has delivered small scale ammonia fed fuel cell systems into the mobile phone mast power market, specifically within Africa.

AFC Energy expects Diverse Energy's equipment, knowledge and systems understanding to accelerate its speed to market for ammonia fed systems.

Chief Executive Officer, Ian Williamson, said: "We are delighted to addDiverse Energy's proven and patented technology, knowhow and equipment to our own. This deal, combined with the EU grant for our Alkammonia project, will help AFC Energy exploit an exciting market opportunity faster than would previously have been possible. These developments will extend our technology portfolio, expand our product offering and help to broaden our addressable market. We believe the ammonia tolerance we have will put our fuel cell system in a very favourable position to be more commercial using this feedstock than its competitors."

RD

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall to around £2,000, based on average typical use, for the first time since 2022. We have all the details.
31 Mar 2023
Best areas for buy-to-let in the UK
Buy to let

Best areas for buy-to-let in the UK

If you’re thinking of getting a buy-to-let property you’ll want to know the areas in the country with the highest rental yields
29 Mar 2023
The best one-year fixed savings accounts - March 2023
Savings

The best one-year fixed savings accounts - March 2023

Earn over 4% on one-year fixed savings accounts.
30 Mar 2023