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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