AFC Energy provided an update on the status of the Company's fuel cell field deployment in Spain with partner, ACCIONA. In 2020, ACCIONA and AFC Energy signed their first agreement to take alkaline fuel cell technology to the construction site to assess its ability to reduce carbon emissions through the adoption of carbon free fuels such as ammonia. Since this time, AFC Energy has advanced its portfolio of fuel cell technologies and product platforms and in November 2021, ACCIONA attended AFC Energy's UK offices to explore its new product and technology roadmap.

Importantly, as part of that visit, ACCIONA were able to witness a working ammonia cracker system supplying hydrogen (derived from ammonia) into an AFC Energy fuel cell system. With a consistent interest in the adoption of zero emission, hydrogen carrier fuels such as green ammonia and green methanol, the two companies have now elected to replace the incumbent field demonstration programme, which previously employed AFC Energy's "L" Series fuel cell system, with the new, higher power dense HFC system at a fraction of the footprint. The HFC system builds on the architecture of AFC Energy's Anion Exchange Membrane ("AEM") system and, in due course, will leverage AFC Energy's ability to adopt green methanol as a fuel, complementing the AEM system's ability to accept green ammonia, maximising the fuel flex approach to lower cost hydrogen carrier fuels.

AFC Energy is currently manufacturing its first HFC system which is expected to be commissioned at the Company's Dunsfold (UK) facility before being dispatched to a construction site in the south of Spain. This will be the Company's first HFC system deployment and confirms immediate customer interest for the new technology platform.