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LONDON (Alliance News) - AFC Energy PLC on Wednesday said it has accomplished the fourth milestone in its 2016 strategic plan ahead of schedule, after completing the design and basic engineering of its new 10 kilowatt fuel-cell system.
Detailed engineering and procurement will now commence, AFC Energy said, ensuring the system will be deployable in 2016.
Meanwhile, milestone 5, which relates to AFC's larger 1 megawatt scale system, is progressing to schedule with the initial conceptual design phase completed in the last week of June and now subject to an internal review.
"We continue to hold discussions with commercial parties interested in the whole range of fuel cell systems currently being developed by AFC Energy, including this 10kW system. Delivery of the small-scale system's basic engineering in such a tight timeframe is further validation of the decision to collaborate with our strategic partner plantIng and moves the company further along the path towards commercialisation," Chief Executive Adam Bond said in a statement.
Shares in AFC Energy were trading up 13% at 15.40 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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