The AFC Energy plc (LON: AFC) share price edged 7.51% higher after announcing that it received a grant of up to £4.8 million from the British Government’s red diesel replacement programme (RDR).
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AFC Energy is the leader of a consortium that will be able to recover up to £4.3m of the total £4.8m granted on a match funding basis. The RDR programme is run by the Department for Energy Security and Net Zero and can provide up to £40 million of matched funding.
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The funding provided is part of the £1 billion Net Zero Innovation Portfolio (NZIP), whose main priority is to fast-track the commercialisation of innovative clean energy technologies and processes through the 2020s and 2030s.
AFC was awarded the grant in recognition of the company’s work in field-testing its air-cooled H-Power Tower generators on UK construction sites over the past year. The RDR grant will help the company fast-track the development and commercialisation of its next generation of larger-scale hydrogen-powered generators.
AFC Energy will use the funds to expand the work on its air-cooled (S Series) and liquid-cooled (S+ Series) by funding the first deployments of the two types of next-generation hydrogen-powered generators.
The project’s ultimate goal is to replace incumbent diesel usage on remote work sites such as quarrying, construction and mining sectors. A crucial element of AFC Energy’s successful funding application was its proximity to scaling up the technology and commercial sales.
The company’s close alignment with construction contractors and the plant hire businesses, one of whom provided a strong letter of support to AFC Energy’s application.
Adam Bond, the AFC Energy CEO, said: “Having successfully delivered on our commitment to field deploy multiple H-Power Tower Generators with customers and partners over the past eighteen months, it is clear industry is increasingly ready to transition away from polluting diesel generators at construction and temporary power sites. Confirmation of our consortium’s success in the Government’s RDR Programme is a nationally significant funding commitment that demonstrates the commitment by governments and industry to decarbonise off-grid power generation through zero-emission hydrogen fueled generators.”
*This is not investment advice.
The AFC Energy share price.
The AFC Energy share price edged 7.51% higher to trade at 12.955p, from Tuesday’s closing price of 12.050p.
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