Member Info for Bananaman2

Gencell have a MCap of $668m and an EPS of -$0.69.

Would consider what they are selling and being bought in the market similar to what AFC have in the 20kw liquid system fed with ammonia.

Only their is 5kw.

A 12 tonne tank of ammonia will keep the 5kw system running 24/7 for a year at $280 per tonne.

I think this is correct !!!!

Only a 5kw system as well.

If this is a popular system for mobile telecoms then network operators would live the AFC system

https://www.gencellenergy.com/our-products/gencell-a5/

not sure how old this is but at $0.5 per kw is this not roughly 3 times what the AFC system can generate power at ?

https://www.gencellenergy.com/news/gencell-energy-unveils-worlds-first-affordable-off-grid-primary-power-fuel-cell-solution-to-replace-diesel-generators/

Newboy. Thats correct. Only £10m approximately was available to us PIs the remainder was done via a book build.

That shows that this was a done deal in the background.

Southernhay. I was just thinking the same thing.

Someone got out the wrong side of bed or had one of those dreams that puts you in a bad mood for the day.

Were all frustrated at the silence and lack of news.

Yes, a partner that can move the business forward would be great as per CWR with Bosch and ITM with Linde. However, AFC have a partner in De Nora who are partnered with ThyssenKrupp. They may or may not take a stake in the business but they are a partner who will benefit from the success of AFC.

Strategic partnerships do not have to involve taking a stake in the business they can be contractual in other ways. What AB is suggesting is that having the capital will support them in partnerships in the future. This way AFC can have many.

The wait will soon be over. There will have to be TR1 soon enough, assuming there is one investor with a stake greater than 3%.

At the time of the placing that would be an investment of circa £3m. Peanuts to a bigger strategic partner.

I am not sure what part of the fundraise a potential investor would have been buying in. Tax free shares? Conditional shares? Taxable shares?

Maybe someone can clarify. We are not yet over the line with the circa 100m conditional shares. This is resolution 1 to be passed at the EGM.

Maybe this would be accompanied by an announcement. 100m shares is what 15% of the enlarged share capital.

Would be a significant interest.

I am convinced the EV charger would be an ideal solution for a large delivery company such as Royal Mail, DPD or UPS. All seem to be switching fleets to EV. Where depots are sometimes in areas that the supply may need costly upgrades to support rapid charging.

I am not sure that customers will wait for the Acciona trial. If they like it customers may trial their own.

We are only making assumption. But looking on the positive can only help with overall moral and sentiment. It hasn't done CWR and ITM any harm !

The EGM will be accompanied by a statement or trading update ?

AFC already told us of the operational loss for the period which was to be expected and obvious really.

It is promising that following this silence and on acceptance of resolution 1, AFC will be fully funded with the full £31.6m. This alone should support customer confidence and hopefully, fingers crossed start the ball rolling with first adopters of the tech.

In general, manufacturers are finding that materials and supplies are becoming easier to get. A few months ago it was very difficult due to COVID.

I am not sure of how long it would take to assemble a 160kw system but when using of the shelf items with everything in stock, for a trained engineer i can't imagine it would take that long to load out a container, connect it up, test and certify the equipment.

Providing there are no supply chain issues, and given the relaxation in COVID lockdown, most if not all countries and manufacturers are more or less working as normal. If AFC receive orders now, supplies are delivered to Dunsfold withi the next few months (end of September for arguments sake), the first orders could be delivered by year end along with the Acciona system.

So can we expect more deliveries with the first 160kw deployment to Acciona ? I would think so !

Does that mean that orders must be imminent ? I would also think so.

Does that mean that following the EGM we will have newsflow ? Notes, I would think so.

yes. There is a licenced 10Mw per shift capacity at a Portugal facility.

Licencing was mentioned in the annual report as something they are pursuing with a number of facilities. It would certainly give them some flexibility above the 50Mw capacity they can achieve from Italy.

Maybe this week we can get a decent trading update along with the AGM statement.

Let's see how diverse they are!

£55m MCap doesn't make sense.

In the interview I believe PH stated that things just took longer than expected.

They have now spent the money on the factory and the product is certified and ready for sales and production.

Whe pressed by the interviewer about commercialisation PH said that 'commercislisation is now

That was in May/June and as you can see he was not joking !

Just listened to the Paul Harrison interview again. Some pertinent points

1Mw of verditek panels can save mining companies $3m dollars (assume AUS) per year in diesel costs.

Mentions imminent deal with one of the worlds largest trucking company for transport cooling

250kw can be deployed in 24 hours from a shipping container

AUS government offering a 50% tax break for next 12 months. This has become a target market for Verditek for obvious reasons.

Verditek PVs do not suffer from shading or dust. They have a 3M polymer coating which repells.

Output, longevity and durability allows Verditek Panels to be installed in markets not possible for traditional solar PVs such as offgrid and out of town retail and commercial units (roofing cannot take weight of traditional) out back off grid mining, theatre deployment for military exercise in war zone.

Ammortized cost of diesel in gulf war was $200 per litre due to shipping, convoys, protection etc. Cost of traditonal solar and lack of durability prevent use. Verditek panels can be velcro'd to the side of a tent. 6 x 9m tent with panels attached can produce 7-8kw of power. Huge saving for military.

Spent 2 years and millions developing, testing and certifying product. IEC certified by TUV.

Recently funded and capital previously spent to develop factory. 20Mw up scalable to 50Mw

JDP with Paragraf in phase 2 to improve efficiency of what was considered a worlds first successfully producing a working PV using graphene.

Phase 2 is to increase efficiency from 22% for traditional solar to 30 maybe as high as 40%. Markwt has not recognised importance of this or understand value.

Expecting 'Big developments over next 6 months

AGM will be accompanied by a statement. Looks to be a month later than last year so maybe the AGM statement will be combined with a decent trading update which was released this time last year.

They just seem to get in with business and update the website with news fairly regular.

Reading between the lines I think they will be exploring the electrolyser part of the business a little more. This could lead somewhere considering the current sector requirements.

Mucksy, Crocqman made a good point earlier. Effectively resolution 2 would allow them to raise funds from time to time up to an additional 33% of the share capital. This would raise the total share capital to approx 900m.

The BOD need this approval to be able to raise funds as they require. It does not suggest that they will raise funds immediately, in the near future or ever. I think it just gives them some head space should they need it.

Mucksy. From the Fundraise RNS

The General Meeting will be held at 11.00 a.m. on 17 July 2020, at which the Resolutions will be proposed for the purpose, amongst other things, of implementing Third Admission as follows:

· Resolution 1 - a special resolution to issue and allot the Conditional Fundraising Shares.



· Resolution 2 - an ordinary resolution to provide general authority for the Directors to issue and allot a further £2,219,965.48 in nominal amount of Ordinary Shares from time to time, being an amount equal to approximately 33 per cent. of the Enlarged Issued Share Capital.



· Resolution 3 - a special resolution to disapply statutory pre-emption rights in relation to the allotment by the Directors of a further £665,989.64 in nominal amount of Ordinary Shares, being an amount equal to approximately 10 per cent. of the Enlarged Issued Share Capital, pursuant to the authority to be granted pursuant to Resolution 2 above

Huge market for this $55bn

RR must have some history of H2S and Carbon Capture being ex Petrofac. Understands the market place and potentially some cross selling for oil and gas processing plants in remote off grid locations.

22.34% holding in Industrial Climate Solutions (ICSI): Many important industrial processes are governed by the effectiveness of mixing a gas with a liquid to bring about a separation or reaction of chemicals. The ICSI gas-liquid contactor does this significantly more efficiently than conventional reactors and is particularly effective when processes are influenced by precipitation. An extremely important example is that of Carbon Capture where typical flue gas streams (e.g. electricity generation, cement manufacture) must by treated to prevent carbon dioxide from entering the atmosphere. Another huge application is the treatment of natural gas (commonly contaminated with 2-5% of H2S) to meet sales gas requirements (<25 ppm). ICSI has developed a novel multiphase contacting process using a proprietary froth generator that can dramatically enhance mass transfer in gas/liquid absorption systems. We believe the reduction in capital costs, as well as operational burden, will revolutionize these markets, making access to the technology affordable to industry and protecting our planet

The investment in ICSI with its unique liquid gas absorption technology, is set to revolutionize the global CO2 capture market offers a longer-term blue-sky opportunity for investors

CO2 and H2S removal: The unique WES liquid gas absorption technology provides the opportunity to supply more space efficient absorption solutions to customers with lower running costs than existing solutions. Addressable market growth is driven by increased legislative pressure and growth in the underlying markets. Markets include fossil fuel power generation plants, cement production, oil refining, upstream management of sour gas, any precipitating solvent process and ultra-fine particular scrubbing. The sour gas market is growing rapidly and expected to be around $55 billion by 2022

No sense at all. But no guarantee they won't either.

This raise was to be put to good use. At the moment we have hope that the SP will rise on positive news streams. The fact that these resolutions can be passed now prior to any positive news is the worrying factor that AFC may have to raise capital in the future at an SP which doesn't reflect fair value. This would be an MCap online with sector peers.

It would have been appropriate to have stated that further fund raises were on the condition of increased shareholder value. The only shareholder value is an uplift in SP.

Future fundraises therefore should be conditional on a minimum SP being achieved.

They have certainly given themselves options with this condition before. Along time ago I would add.

How did you vote on the resolutions out of interest ?

Has anyone sent an email with questions ?

This is very important at this stage.

Oh. I cannot see them.

I thought that was the case. Best of not responding at all.

Saint. Of course they are meant for us. We are shareholders and therefore have the right to ask questions and attend the AGM. The AGM is closed and AFC have invited questions via email.