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    AFC   GB00B18S7B29

AFC ENERGY PLC

(AFC)
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ABB and AFC Energy Signs a New Development Agreement

04/16/2021 | 02:01am EDT

ABB and AFC Energy announced the signing of a new Development Agreement to test, design and integrate AFC Energy's alkaline fuel cell technology into ABB's data centre system portfolio to provide a zero emission, sustainable turn-key power solution for the growing number of current and prospective data centres currently servicing the world's data storage and processing requirements. Over the past 25 years, ABB has been a key player in the design and delivery of innovative, efficient and sustainable data centre electrical solutions, working with many of the world's largest hyperscale data centre operators to drive down energy consumption, improve security of power supply, whilst doing so in a more sustainable way. Many of the hyperscale data centres that ABB work with have shown strong industry leadership in committing to zero emission targets over the coming years. While hydrogen-based fuel cells in data centre demonstrations is not new, positioning them as a commercially viable option could be enabled earlier through adoption of AFC Energy's alkaline fuel cell solution, representing an important step in the decarbonation of data centres. This partnership confirms the potential role AFC Energy's fuel cells can play as a key component of ABB's overall data centre power solution. Within the Development Agreement, the two companies will partner in the assessment of data centre power design principles and system operability, reviewing interfaces between fuel cell, energy storage, electrical equipment, switchgear and control infrastructure. Testing using real time data centre simulation techniques will be adopted. The work is expected to be conducted during the course of 2021 with likely engagement with the data centre industry throughout. It is expected that once demonstrated, the alkaline fuel cell system will form an integral part of the portfolio of technologies available to ABB in meeting its data centre customer requirements and therefore provides a strong route to market for AFC Energy's fuel cell platform in this sector. The agreements, which do not involve licensing ABB or AFC Energy's background technology, reflect a commercial model for system deployment leveraging the mutual capabilities of both companies working in partnership. There is no exclusivity afforded to either company under the agreements.


© S&P Capital IQ 2021
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Financials
Sales 2021 1,55 M 2,14 M 2,14 M
Net income 2021 -7,28 M -10,0 M -10,0 M
Net cash 2021 56,5 M 77,9 M 77,9 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 400 M 550 M 551 M
EV / Sales 2021 222x
EV / Sales 2022 81,8x
Nbr of Employees 30
Free-Float 94,0%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 54,40 GBX
Average target price 88,15 GBX
Spread / Average Target 62,0%
Managers and Directors
Adam Steven Bond Chief Executive Officer & Non-Executive Director
Simon Walters Finance Director & Secretary
Gary Bruce Bullard Non-Executive Chairman
Mike Rendall Chief Engineer & Product Officer
David B. Harvey Chief Technology Officer
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