Member Info for Silures

Today was a wonderful respectful day to the men and women who paid the ultimate price for our freedom. I sincerely hope that the magnitude of the sacrifice is not lost on future generations.

..plans to develop a waste plastic to hydrogen plant in Cheshire
http://www.hydrogenfuelnews.com/uk-to-get-its-first-waste-plastic-to-hydrogen-recycling-plant/8537310/

At first, the facility will use the hydrogen it generates for onsite electricity production. Once upgraded, the hydrogen could then be distributed for other uses in the pipeline or used for vehicle refueling.

I'm sure Adam Bond stated at the AGM that Powerhouse Energy hadn't taken up delivery of a fuel cell after the RNS in 2014, but it looks like the joint partnership might commence before the end of 2019 if the hydrogen produced from the process is going to be used to generate onsite electricity.

13 Containerised contract should be soon. The chosen supplier can make one in a quick turnaround.

14 Chlor-Alkali ESCO agreements are effectively dead in the water according to JR. Protos/Peel realise that their hydrogen has value and would sell it to AFC so not free from venting.

15 South Korea government backed the POSCO deal which wasn't a success so are reluctant to invest in AFC without a warranty.

16 AB confirmed that 4-5 years ago we had a system that didn't work and didn't meet the commercial metrics. He said this is demonstrated by the fact that most of the scientists working at AFC at that time are now gone.

That's all I've extracted from my scribbles. I stand to be corrected on anything I've typed as it's not easy trying to scribble and listen intently at the same time.
I enjoyed the demonstration of the EV charging station although we weren't able to view the fuel cell as it was located in the laboratory under lab conditions and was connected by pipes to the outside.
Would liked to have stayed longer and met others such as BumbleB but had a 3-4 hour trip home.

Really enjoyed yesterdays AGM and left a bit bewildered by the confirmation that ChlorAlkali MW deals are now not the main focus, but was pleased that we do finally seem to have a vastly improved product with new markets that have the potential to match, if not outstrip the Chlo-alkali market.
I have read the reviews that others have written who attended and they accurately cover the meeting, so not much more to add:
1 Adam Bond regarded Stade as both a success and a failure, a failure in that the stacks didn't quite reach the 240kw output, but a success in that it had highlighted that there were catalyst and electrode problems.

2 AFC were invited to join the Hydrogen Council as it sees AFC's product has having relevance to the new hydrogen economy. As a result AFC are speaking to "top tier OEM partners" who will hopefully enable them to penetrate the target markets quicker than on our own.

3 AB commented that a high powered density PEM fuel cell has been described as "the Holy Grail of fuel cells" by 3 scientists working in this field. This is what AFC are working towards.

4 Although the new high powered density fuel cell is small (size of a shoe box) it is not being considered at this stage for use with vehicles.

5 the high powered density fuel cell will not replace the larger 10kw stack at this stage

6 Advanced Plastics were the cheapest and most technically competent out of the 3 tenders. The RNS was released to notify the other 2 companies that they were no longer in the running.

7 AB said that after the Jan RNS regarding EV charger, he received more phone calls in the first week from interested companies than he had from Chloroformed-Alkali companies over a much longer period.

8 The agreement with Rolec is non binding as AFC may want to work with other EV companies in the future. AB said that whilst AFC can supply electricity via the fuel cell, Rolec will work on the smart technology such as how the customer at the filling station is charged for the electricity etc.

9 AFC are hoping to penetrate the off grid market by also utilising Graham Lewis's (CFO) previous experience where he "ran the books" for the second biggest distributor of Caterpillar products.

10 JR stated that the Directors have not bought shares recently as it could have compromised the legalities of the recent funding. He may or may not decide to purchase shares but said "let's hope not" indicating that it would be deemed insider dealing with any potential news flow coming in the next 12 months.

11 AB stated that Thalion funding is not a death spiral as they would have no means of shorting the stock, although he was challenged on this by an investor and didn't convince me that what he was saying was accurate. Said that the names of some of Thalion investors may be familiar to some people and for that reason they'd asked for anonymity.

12 Dunsfold is still active and the developers and owners are in discussions which include AFC

My first AGM visit today and boy at points it was feisty! Several PI's gave AB and JR and good grilling and they are under no illusion how dissatisfied us PI's are with progress, communication and the share price.
Maine Man has included the majority of talking points in his earlier post, so after 7 hours of driving to and from the AGM I'm going to sleep and will post anything else that springs to mind tomorrow.
I did ask about the website still stating "1GW under development by 2020" (which prompted a few laughs from some PI's) but John Rennocks said he could neither confirm nor deny if this was still accurate as it depends on deals struck between now and then. Adam Bond did confirm that AFC still have interest from Dubai and DUTCO though.

Topped up this morning. Showing as a sell as usual. Schroeders increased holding is a definite endorsement for what they've been informed is happening at AFC. The Southern contract is unlikely to be installed in 2019 unless it is confirmed this quarter...so fingers crossed.

I read somewhere that HL charge a fee to provide proof of share ownership for AGM entry. Anyone know if this is true?

Yes BB I fear Trump is in league with the major fossil fuel companies who will still try to maximise profits even when the sea levels are rising above their heads. I also hope this program has the same impact as Blue Planet and in conjunction with the protesting in London makes our Government sit up and take notice...and action.

Just finished watching David Attenborough Global warming program and am quite frankly appalled at the lack of urgency being shown by most of the worlds governments. Parts of coastal America are sinking below sea levels but still Trump insists "it's all made-up"! WHAT A PR••K.The future is almost aplcolyptic if there is no change to our habits.
Solar and wind power were championed, but no mention of fuel cells as usual.

Yes granted Southern are a customer rather than a partner, but a contract with De Nora could be soon, which might also be eventual cash flow in if there is any upfront licensing revenue involved.
Yes IWTO you are probably right it is most probably a typo which isn't great if it's happened on two consecutive years!

From the Directors Report in the Annual Report:
The Directors have prepared a cash flow forecast for the period ending 30 April 2019 (the "forecast"). During this period, the Company will focus on concluding commercial negotiations with industrial partners.

This may be possible positive news that would be welcomed prior to the AGM i.e. a signed commercial contract with Southern??

A nice future accompaniment to the stationary fuel cell product but news and action on
- Funding
- PLACE
- Contracts
- De Nora manufacturing agreement

..are required to appease doubters and improve the SP. Otherwise it's just more Del Boy quotes from Adam!

Hope we don't re-enter into another Lanstead type contract, although if that's all that's left on the table then I'd rather that than bankruptcy. Let's hope there's something more palatable afoot.

If this is indeed the final moments of this company as some are stating, wouldn't AFC have tried one last roll of the dice with a public placing before turning the lights off?

Sturmtrupper, thanks for the link. I'm wondering where in the list of institutional investors does it show the Ervington investment?

Agree with that Cheekboy2. When do AFC have do release the annual report by that Desertwolf showed pics of recently

Not at all, but he's always be an extreme ramper so this is out of character.

Over on ADVN RTW has supposedly sold 1,000,000 of his shares over the last couple of days, and is now out.
If true, it could partially explain the drop.

So can we expect the end of year report in the morning?

AFC have dragged out commercialisation in order to achieve PLACE in order to have a fuel cell product that will actually achieve a profit, when there are other fuel cell companies winning multi MW contracts who don't have such a product but are still improving their products as they grow. For goodness sake AFC, surely your fuel cells are profitable in some regions of the world where we've previously been told companies are extremely interested, and there are generous subsidies. Something doesn't add up and it's time for AFC to update us with the truth, and cut the bullshit.