AFC Energy shares climb after partnership extended

AFC Energy shares climbed on Thursday after the company strengthened its commercial relationship with Industrie De Nora with the signing of the next phase of a joint development agreement.

The two companies have collaborated on fuel cell electrodes since August 2016 and now aim to focus on electrode performance enhancement and creating the right commercial environment for mass electrode manufacturing.

The majority of targets are scheduled to be met within the first 12 months of the agreement.

Italian sustainable technologies specialist De Nora has also confirmed that it has the ability to supply requested electrode delivery for the initial placement and commercialisation of AFC's fuel cell system, including the EV charger demonstration, which was expected to be delivered in the fourth quarter of this calendar year.

Adam Bond, chief executive at AFC, said: "AFC Energy and its shareholders have benefited greatly from our relationship with De Nora who have evidenced why they are market leaders in the electro-chemistry industry. We look forward to working even more closely with De Nora and evolve the technical collaboration into a successful long-term commercial partnership with them."

AFC Energy shares were up 7.53% at 5.00p at 1604 BST.