AFC Energy on Friday said it signed a strategic partnership with Volex PLC, a Hampshire, England-based specialist integrated manufacturer of critical power and data transmission products.
AFC Energy, a Cranleigh, England-based provider of hydrogen power generation technologies, said the two companies are working together with the intention to enter into a global strategic manufacturing partnership to support AFC Energy in reducing costs via materials leverage.
AFC Energy said it has achieved a cost reduction of around 85% from current build cost for its 30 kilowatt hydrogen fuel cell generator, via an adoption of low cost stack technology and value engineering exercise.
AFC Energy Chief Executive Officer John Wilson said: ‘As previously announced, our strategy is to deliver commercial viability of the hydrogen economy, without reliance on government subsidy. In April, alongside our results, we announced an aggressive plan to target a significant reduction of the cost of our 30kW hydrogen fuel cell generators to drive market adoption.
‘I’m delighted that this ambition has been fulfilled, with an expected c.85% reduction, and we target mid-2026 for delivery of our first low cost generators. We are grateful for the support of Volex PLC to date and look forward to developing our strategic partnership.’
AFC Energy shares fell 6.1% to 16.22 pence each on Friday morning in London, while Volex shares were 1.2% lower at 300.98p each.
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