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SFC Energy signs MoU with Indian companies BEL and FCTec - Partners looking at exclusive co-operation to address emerging demand for sustainable energy supply in India through hydrogen and fuel cells

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DGAP-News: SFC Energy AG / Key word(s): Alliance
07.09.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

SFC Energy AG - Press release

SFC Energy signs MoU with Indian companies BEL and FCTec - Partners looking at exclusive co-operation to address emerging demand for sustainable energy supply in India through hydrogen and fuel cells

Brunnthal/Munich, Germany, September 07, 2021 - SFC Energy AG (F3C:DE, ISIN: DE0007568578), a leading supplier of hydrogen and methanol fuel cells for stationary and mobile hybrid power solutions, is making strides in the Indian market for sustainable energy generation. The fuel cell pioneer has to this end concluded a Memorandum of Understanding (MoU) with the Indian state-owned company Bharat Electronics Limited (BEL) and FC TecNrgy Pvt Ltd, a major provider of alternative energy management solutions and SFC Energy's long-time partner for India.

The MoU sets the frame for current and future co-operation between the three companies. The partners are looking at addressing the rapidly developing market for low-emission, off-grid power supply for Indian homeland security, civil protection, defence, and a range of additional applications. The MoU aims at combining BEL's engineering and large-scale production strengths with SFC's outstanding fuel cell expertise and FCTec's system integration and installation know-how. The partner network is targeting local sales of EUR 50 - 100 million by 2025.

BEL is a multi-product, multi-technology company with nine production sites across India, which primarily manufactures advanced electronic components for ground and aerospace applications. The company has broad access to the Indian public market. BEL's domain expertise combined with SFC Energy's long-term know-how in the field of sustainable fuel-cell technology solutions is envisaged to meet the growing domestic need for sustainable energy.

Reliable and sustainable supply of electricity is essential for a wide range of mission-critical applications. Yet, many remote regions of India, from deserts to hills, dense tropical mountains to the Himalayan ranges and glaciers, are cut off from the national grid, even as many other regions still have grossly unreliable power supply.

Conventional diesel generators are still widely used for power generation in these areas. These generators pose a significant environmental and health risk due to high carbon dioxide (CO2), nitrogen oxide (NOx), and carbon monoxide (CO), emissions, in addition to recurring maintenance costs. With fuel cells from SFC Energy, the partner network will provide users with a much more efficient and environmentally friendly alternative for decentralized power generation with very attractive returns on investment in the mid and long term.

The fuel cells require far less fuel per hour, which optimizes costs, logistics, and CO2 emissions. By replacing diesel generators and fossil fuels with environmentally friendly fuels and fuel cell technology, SFC Energy is making an important contribution to improving air quality. The proven SFC fuel cells also defy the most adverse weather conditions such as high altitude, extremely low temperatures and long periods of rain. The lower noise emission and heat signature compared to diesel generators are also clear advantages of fuel cells as an overall perfect backup energy supply solution for the highest demands.

The MoU will enable SFC Energy to more effectively and rapidly create and seize the ample opportunities available in the Indian market on the back of the policy initiatives of the Indian Government, such as Make-in-India as well as renewable and clean hydrogen programmes. At the same time, the partners aim to form a centre of excellence that is able to offer fuel cell solutions which are specifically geared up to meet the needs of the Indian market.

"Fuel cells constitute a sustainable and environment-friendly power generation technology. By replacing conventional diesel generators, fuel cells significantly decarbonize the footprints of users and, thus, contribute to achieving long-term climate targets. With this co-operation, we are combining the expertise of no less than three companies and responding to the growing demand for alternative energy supply solutions based on fuel cells. The merger with Bharat Electronics Ltd and FC TecNrgy will strengthen our market position in India," said Dr Peter Podesser, CEO of SFC Energy AG.

Mrs Anandi Ramalingam, Officiating CMD, BEL said: "BEL is increasingly focussing on providing our defence and homeland security forces with sustainable and reliable sources of power including energy storage. We see this relationship with SFC Energy-AG and FCTec as a strategic move wherein we shall be able to address the critical gap in proven, customised and green energy solutions for our Indian security forces. BEL has taken the lead to address growing energy needs through contemporary solutions based on Fuel Cells."

The complementary nature of the partners has a common goal of making the much-needed contribution to the Indian market with reliable and intelligent energy solutions based on SFC fuel cells. We take immense pride in calling ourselves one of the first Indian companies to create a market for fuel cells with Indian Government authorities. Our marketing and validation initiatives backed up by a consistently positive user feedback have created a surge in demand for these systems. We are very pleased to sign this MoU with BEL and SFC Energy which should take fuel cells to the next level in India," said Colonel Karandeep Singh (Retired), Managing Director of FC TecNrgy Pvt Ltd.

For more information on SFC Energy's Clean Energy and Clean Power Management solutions, visit sfc.com.


About SFC Energy AG
SFC Energy AG is a leading provider of hydrogen and methanol fuel cells for stationary and mobile hybrid power solutions. With the Clean Energy and Clean Power Management business segments, SFC Energy is a sustainably profitable fuel cell producer. The Company distributes its award-winning products worldwide and has sold more than 50,000 fuel cells to date. The Company is headquartered in Brunnthal/Munich and operates production facilities in Germany, the Netherlands, Romania, and Canada. SFC Energy AG is listed on the Deutsche Boerse Prime Standard (GSIN: 756857, ISIN: DE0007568578).

SFC Press Contact:
Jens Jüttner
Tel. +49 89 125 09 03-32
Email: jens.juettner@sfc.com
Web: sfc.com

SFC IR Contact:
Susan Hoffmeister
Phone +49 89 125 09 03-33
Email: susan.hoffmeister@sfc.com
Web: sfc.com


07.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

SFC Energy AG

Eugen-Saenger-Ring 7

85649 Brunnthal

Germany

Phone:

+49 (89) 673 592 - 100

Fax:

+49 (89) 673 592 - 169

E-mail:

ir@sfc.com

Internet:

www.sfc.com

ISIN:

DE0007568578

WKN:

756857

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1231540


 

End of News

DGAP News Service

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