Fuel Cell Maker Targets Sales in Dubai With Abramovich Backing

(Bloomberg) — 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.

To contact the reporter on this story:
Louise Downing in London at

To contact the editors responsible for this story:
Reed Landberg at
Tony Barrett

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