100% renewable targets will require power storage to manage flows on the net
Electrolysers utilise these intermittent power flows to produce H2 gas from water
H2 gas can be stored in large quantities underground and transported via existing gas pipelines
H2 vehicles recharge faster and are more durable than battery powered transport
Growing H2 demand in industrial processes will reduce costs and increase supply

AFC Energy plc (AFC.L), the industrial fuel cell power company and the coordinator of ALKAMMONIA and POWER-UP projects, is pleased to announce that it has signed a formal Project Development Agreement (“PDA”) with two South Korean partners: Samyoung Corporation (“Samyoung”) and Changshin Chemical Co. (“Changshin”) for the deployment of an initial 50MW of fuel cell generation capacity in Daesan, Korea.

Highlights

  • 50MW of installed fuel cell capacity across two phases
  • Expected revenue of approx. US$1bn for the joint venture over 10 years of operation
  • First phase of 5MW to be operational by end of 2016 (subject to permitting)
  • Second phase of 45MW forecast to be operational by end of 2019 (subject to permitting)
  • Joint venture between the three companies with indicative participating equity interests of: AFC Energy (40%); Samyoung (45%); Changshin (15%)

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