Fuel Cell Maker Targets Sales in Dubai With Abramovich BackingLouise Downing
AFC Energy Plc, a U.K. fuel-cell maker backed by Russian billionaire Roman Abramovich, is working with the Dubai Carbon Centre of Excellence to study possible locations to install its technology in the city.
The companies will examine whether 300 megawatts of AFC’s fuel cells can be deployed at sites such as The World Development and at Al Maktoum airport, AFC said today in an e-mailed statement. If the sites prove suitable, the companies will form a joint venture to deliver the projects, it said.
AFC’s fuel cells, which convert oxygen and hydrogen into power and heat, are for industrial and utility-scale sites. Unlike wind and solar, they provide a continuous power supply. Dubai is aiming for 15 percent of its energy to come from renewables by 2030.
The joint venture will work with Emirates National Oil Co., the Dubai Electricity and Water Authority and Dubai Aluminium Co., which together own Dubai Carbon, to assess opportunities for projects and local debt and equity funding for commercial facilities, according to the statement.
If the 300 megawatts of projects are built by the end of 2020, they may represent a “multi-billion dollar” revenue stream over their life for the joint venture, it said.