Middle East

 

Dubai Carbon Centre of Excellence (“Dubai Carbon”)

AFC Energy signed a Memorandum of Understanding (MoU) with Dubai Carbon Centre of Excellence (“Dubai Carbon”) at the 2015 Water, Energy, Technology and Environment Exhibition (WETEX) in Dubai. The MoU provides a framework for the assessment and potential deployment of an estimated 300MW of fuel cell generation capacity in Dubai.

This landmark deal reaffirms AFC Energy’s transition to a global energy company working in collaboration with some of Dubai’s leading companies. Dubai Carbon and AFC Energy will initially assess the potential for deployment of the fuel cell within projects such as Dubai Expo 2020, The World Development by Nakheel, and major infrastructure projects including the Al Maktoum International Airport.

Dutco Group of Companies (“Dutco”)

AFC Energy has also signed a Heads of Agreement with DNR Industries Ltd., part of the leading Dubai-based investment and project developer, Dutco Group of Companies (“Dutco”) to jointly fund and develop a business plan for the large-scale deployment of AFC Energy’s fuel cells across the Middle East.

A joint venture between AFC Energy and Dutco is expected to cover the deployment of AFC Energy’s fuel cells across the United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, Qatar and Kuwait. Based on initial estimates from market soundings already undertaken in the region individually and collectively by AFC Energy and Dutco over recent months, this could present an opportunity on its own to deliver a large percentage of, if not in excess of, AFC Energy’s stated target for 1GW of fuel cell development by the end of 2020.