The AFC Energy plc (LON: AFC) share price surged 7.91% after launching its new advanced ammonia cracker technology platform, an innovative, new hydrogen generation solution aimed at unlocking the value of ammonia as a hydrogen carrier fuel across crucial markets in Europe and Asia.
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Investors cheered the news, as evidenced by the rally in AFC Energy shares. The company revealed that the new technology intends to leverage the increasing global investment in international hydrogen trade, which is expected to hit US$150 billion in 2030 before rising to US$1.5 trillion in 2050.
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Today’s launch comes after AFC Energy completed an extensive two-year cracker reactor validation testing in March this year at its UK test facilities. The company expects to start producing larger modular cracker system prototypes within twelve months, with initial commercial deployments tentatively scheduled for 2025.
AFC Energy's modular, scalable ammonia cracker technology was initially meant for use within the maritime industry. However, it has since been modified to support the decentralised generation of low-cost hydrogen, allowing the company to deploy its fuel cell technology in areas where storing and transporting hydrogen is challenging.
The ammonia cracker complements AFC Energy’s existing fuel cell platform. It supports the scalability of fuel cell systems in specific key markets where the logistics of supplying hydrogen can be pretty challenging.
AFC Energy has recorded interest from European utility companies, green and blue ammonia producers, ship owners, and heavy plant and equipment manufacturers. The company is currently exploring near-term commercial partnerships.
There has been an acceleration in the adoption of cracker technology in the EU in response to the EU’s sustainable energy policies as the region seeks to be energy independent.
Adam Bond, AFC Energy’s CEO, said: “AFC Energy's new ammonia cracking technology platform now takes us into the hydrogen generation market, facilitating renewed energy security and reliability. Clean ammonia is a preferred means of transporting hydrogen to end users, particularly in Europe and Asia, and with today's technology launch, AFC Energy is targeting these key markets to enable a faster, more widespread adoption of hydrogen where storage and transportation challenges might otherwise present short-term challenges.”
*This is not investment advice.
The AFC Energy share price.
The AFC Energy share price surged 7.91% to trade at 21.70p, from Wednesday’s closing price of 20.11p.
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