Fuel cell deal marks transition for AFC Power
British fuel cell manufacturer AFC Power has committed to build a 50MW fuel cell park in South Korea, as part of a joint venture with two local companies, Samyoung and Changsing Chemical.
The park is to be built in two phases in Daesan, a port city in the west of South Korea.
Based in Surrey, AFC specialises in alkaline fuel cells which do not require precious metal catalysts. These, it says, have an energy efficiency of 60 per cent and operate between 70°-100°C, making them the most efficient fuel cell currently available. The company was formed in 2006, and boasts Russian oligarch Roman Abramovich as its largest shareholder.
The Korean agreement will see AFC install first 5MW of capacity at the new fuel cell park by the end of next year, with a further 45MW to be added by the end of 2019. The joint venture is expecting this to generate revenues of some $1bn over its first 10 years of operation.
Today’s agreement is expected to be the first of several projects from the joint venture company, in which AFC holds some 40 per cent to Samyoung’s 45 per cent and Changsing’s 15 per cent.
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