(Alliance News) - Shares in hydrogen power firm AFC Energy PLC surged on Monday, after it reported positive progress in testing of its alkaline fuel cell product.
AFC shares were trading 31% higher at 9.20 pence each in London on Monday morning.
During testing of the AlkaMem membrane programme, an enabler of HydroX-Cell fuel cell product, AFC's partners Industrie De Nora SpA said its performance "exceeded internal expectations".
AFC said: "AlkaMem is set to be a truly disruptive technology in the field of alkaline water electrolysis with evidence supporting a sizable increase in hydrogen production efficiency."
The company said it has received commercial enquiries about a sale or licensing agreement of AlkaMem.
AFC explained: "The company's AlkaMem solid membrane acts in the same manner as similar acidic membranes used in proton-exchange membrane fuel cells, albeit with the distinct advantage of utilising a lower grade, and therefore lower cost, Hydrogen source."
Chief Executive Adam Bond added: "We have been working on the AlkaMem membrane over the past 24 months and have now made significant strides forward in demonstrating the commercial value this technology can bring to AFC Energy.
"From our technology development roadmap, we have been delighted by the number of commercial success criteria the AlkaMem technology has already evidenced both in fuel cell and alternative applications. We have also been encouraged by the early market interest shown in the product and its applications."
AFC said the AlkaMem solid membrane acts like acidic membranes used in fuel cells, though it is a more cost-effective hydrogen source.
By Eric Cunha; ericcunha@alliancenews.com
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AFC Energy (AFC)