February 24, 2014
Waste2Tricity International (Thailand) Ltd is pleased to announce that on the 20 February it signed a new co-operation agreement in Bangkok with AFC Energy plc and AlterNRG Corp. This agreement will accelerate the adoption of the AFC Energy fuel cell systems in Thailand, where it holds an exclusive licence for energy-from-waste (EfW) projects.
The Memorandum of Understanding was signed between Waste2Tricity International (Thailand) Ltd, AFC Energy and AlterNRG at the St Regis Hotel in Bangkok. The ceremony was held in the presence of the UK ambassador, HE Mark Kent & other senior UK diplomats, together with senior executives from leading banks, Thai & international companies and local waste and land owners.
The MOU builds on the commercialisation deal announced on 31 October 2013, granting exclusive rights to Waste2Tricity International (Thailand) to use AFC Energy's low-cost fuel cell systems to generate power from hydrogen gasified from municipal solid waste and on the later announcement of 9 December that Waste2Tricity International (Thailand) had acquired exclusive rights for the Westinghouse Plasma Corporation technology from Alter NRG.
Following positive market feedback the three companies are now committed to collaborating to accelerate a number of large scale projects in Thailand, similar to the Air Products Tees Valley project (www.airproducts.com/teesvalley) in which Waste2Tricity was involved from inception. Waste2Tricity International (Thailand) is also investigating the logistics of manufacturing fuel cells in Thailand, potentially reducing the timeline of fuel cells being integrated into waste plants, and is lobbying the Thai government for fuel cell incentives.
Waste2Tricity International (Thailand) is a majority owned subsidiary of Waste2Tricity Ltd, a UK based developer of EfW projects which has a number of significant shareholders in common with AFC Energy plc and AlterNRG Corp, including Ervington Investments (UBO Roman Abramovich) and Eturab, (a founding shareholder of AFC Energy PLC and Waste2Tricity).
PK Thummukgool, Director of Waste2Tricity Ltd and Project Director for the Thailand project said 'This agreement clearly demonstrates Waste2Tricity's intentions to shorten the time-to-market for our energy-to-waste systems incorporating AFC's low cost fuel cell systems. The MOU will quickly establish a business model to monetize the growing waste stream in Thailand and will also create a platform for developing similar projects in the ASEAN region.'
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