StockMarketWire.com - AFC Energy said it had entered into a binding agreement with UK-based green hydrogen generation technology developer HiiROC to unlock natural gas as zero emission hydrogen fuel.

HiiROC's plasma-based technology had proven its ability in early testing to extract hydrogen from methane and biomethane, readily available from incumbent gas networks, without the emission of carbon dioxide or other harmful greenhouse gases, the company said.

Under the agreement, AFC Energy would obtain global preferential rights to integrate HiiROC's plasma-based technology with its proprietary H-Power fuel cell.

AFC would also be granted exclusive rights to HiiROC's technology in key regions, including the UK, Europe and Australia, in the field of electrified transportation, including electric vehicles.

AFC agreed to invest £100K of its shares into HiiROC's scaling up programme and a £300K 'in-kind' contribution to HiiROC over 12-to-18 months to support the development of a prototype unit. 'The green hydrogen produced from this technique has in turn the possibility of fueling AFC Energy's H-Power fuel cell systems, thereby opening up methane as a candidate carrier of green Hydrogen for AFC Energy's low-cost power generation,' the company said.



At 9:55am: [LON:AFC] AFC Energy PLC share price was -0.25p at 18.75p



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