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LONDON (Alliance News) - Fuel cell power company AFC Energy PLC said on Thursday it has received a non-refundable deposit from Southern Oil Refinery Pty Ltd.
This will allow AFC to start the engineering activities necessary to confirm the scale and final costing of the fuel cell system located in Queensland, Australia. The proceeds from the deposit will be used to fund the conduct of the engineering activities and associated costs.
Initial work is expected to be concluded by early October at the latest, following which we will proceed to a confirmed purchase order for the installation of the system which is expected to be fully installed and operational by the end of the first half of 2019.
Earlier in July AFC Energy received its first commercial order from the refiner, for its hydrogen power generation unit which allows for the "supply of clean power back into the refining process".
The unit is expected to be sized between 200 and 400 KiloWatts and will be located at Northern Oil Pty Ltd, a subsidiary of Southern Oil, advanced biofuels refinery in Australia.
Shares in AFC Energy were down 2.7% at 9.25 pence on Thursday.
