AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- Shares of AFC Energy rallied nearly 22 per cent after the company announced strategic ties with ABB
- Both AFC Energy and ABB have entered into a strategic partnership to develop high power EV charging products
- The stocks of AFC registered a five-year high in the intraday trades after opening 15 per cent higher in morning
Shares of AFC Energy Plc (LON:AFC) skyrocketed nearly 22 per cent on Wednesday after the Surrey-headquartered hydrogen power generation technologies provider announced its partnership with the Zurich-based automobile conglomerate ABB Ltd (SWX: ABBN) to develop and launch a bespoke high power electric vehicle (EV) charging product.
Shares on a high
The stock of AFC Energy sustained the morning gains after opening approximately 15 per cent higher from the previous closing price. According to the data available with the London Stock Exchange, the stock of AFC Energy jumped as much as 21.73 per cent to a five-year high of GBX 45.65 (16 December) from the previous closing price of GBX 37.50 as on 15 December.
AFC Energy shares (5-year performance)
(Source: Refinitiv, Thomson Reuters)
The market capitalisation of AFC Energy witnessed a considerable spike following the sharp rise in the share prices. With the continuous value buying in the shares of AFC Energy, the stocks didn’t fall below the opening price of GBX 43, which was also the intraday low.
The last one-and-half-month period has been exceptionally good for the shares of AFC Energy with the stock zooming a little more than 120 per cent. As per the recent data, the stock of AFC Energy has amassed a gain of 120.59 per cent to GBX 37.50 on 15 December from the share price level of GBX 17 a piece as on 2 November, in a brief stretch of 32 trading sessions.
ABB shares in red
On the other hand, the SIX Swiss Exchange-floated shares of ABB hovered in negative territory after staring marginally higher on 16 December. As per the data available with the exchange, the stock of ABB was trading at CHF 23.99, down 0.08 per cent from the previous closing price of CHF 24.01. ABB share price surged 0.79 per cent to hit an intraday peak of CHF 24.20 after opening 0.37 per cent higher at CHF 24.10.
ABB Ltd shares (16 December)
(Source: Refinitiv, Thomson Reuters)
AFC Energy-ABB partnership
According to the details available, both the companies have agreed to develop and launch bespoke high-power electric vehicle (EV) charging products that will be distributed through the marketing channels of ABB from H2 2021.
Both ABB and AFC Energy are aiming to leverage their respective in-house technologies with the recently announced strategic association. The energy storage and market leading DC high power EV charge points along with the zero emission and high-efficiency fuel cell technology of AFC Energy will be incorporated in developing the new charging products.
As per the arrangement of ties between AFC Energy and ABB, both the companies will be investing into Commercialising and Marketing Agreement and Joint Product Development Agreement. The investments directed into the areas will be done to ensure and showcase the supply of reliable, flexible, and secure on-site power generation in the ultra-rapid EV charging market.
According to AFC Energy, the size of the global EV charging market is expected to surpass $140 billion by 2030. The Switzerland-based ABB has sold over 17,000 DC fast EV chargers across 80 countries since the company’s entry into the EV-charging market in 2010, AFC Energy said in a regulatory filing.
