AFC Energy PLC (LON:AFC) shares soared higher on Thursday after the alkaline fuel cell power technology developer said it has successfully demonstrated the world’s first electric vehicle charger based on hydrogen fuel-cell technology.
Dubbed CH2ARGE, the technology was put through its paces at Dunsfold Aerodrome, which will probably have infamous petrol-head, Jeremy Clarkson, spitting feathers as it is the home to the BBC Top Gear test track.
READ: The hydrogen market could ultimately be worth US$2.5trn
The demonstration was the culmination of 10 years of fuel cell research development at the AFC Energy laboratories.
Having now demonstrated proof-of-concept of the prototype, AFC Energy is preparing for the commercialisation of fuel cell-based electric vehicle (EV) charge solutions to meet the growing demand for environmentally friendly power in the EV market. Traditional charging causes pollution with electricity from fossil fuels, but AFC Energy's CH2ARGE system can be 100% emissions free.
“By 2030, it is estimated that there could be nine million electric vehicles on the road of Britain, up from 90,000 today,” said Adam Bond, the chief executive officer of AFC Energy.
"For this transition, we need charging stations to be embedded throughout the country, as well as seeking innovative solutions to overcome the severe limitations of centrally generated electricity. By developing and previewing the effectiveness of our CH2ARGE system in the application of EV charging, AFC Energy has shown it is ready to lead the way not only in solving the challenges of increased demand for electricity but also doing so in a zero-emissions approach,” he added.
In early afternoon trading, shares in AFC Energy were 47% higher at 8.32p.
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