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AFC Energy extends deal with Extreme E racing series

Published 02/02/2022, 11:08
Updated 02/02/2022, 11:09
© Reuters.

© Reuters.

By Samuel Indyk

Investing.com – Shares in AFC Energy (LON:AFEN) were trading higher on Wednesday after the company announced that the Extreme E racing series will continue to use its zero-emission fuel cell for the 2022 season.

The new contract will see the AIM-listed company’s fuel cell system being rented to Extreme E on commercial terms and used to generate power for all the race vehicles at each of the five rounds of the 2022 season. The series will welcome McLaren Racing for 2022, with the first race taking place in Saudi Arabia later this month.

“We are delighted to be extending our collaboration with Extreme E into 2022,” said AFC Energy CEO Adam Bond. “The inaugural race season enabled us to demonstrate the possibilities of AFC Energy's zero-emission power generators while operating in high pressure, high-profile and extreme environments.”

Extreme E takes place in off-road locations and attempts to drive awareness of climate change issues, while promoting sustainability and the adoption of electric vehicles.

“From the outset, our vision of using battery powered race cars could only be truly fulfilled if we could charge them in a completely sustainable way,” Extreme E founder and CEO Alejandro Agag said. “AFC Energy has enabled us to do that, and we are delighted to be using their technology again for the 2022 season.”

At 11:07GMT, shares in AFC Energy were trading higher by 11.5% at 38.01 pence per share.

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