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It does say in the 26th July RNS re Southern contract;
"Further updates will be made concerning progress of this project in the fourth quarter of 2018." So AFC were expecting to do more than one update on this project this quarter.
AFC have had a lot of complaints about lack of news Southern, which allowed the more unscrupulous to bash the share. If there is a delay on Southern Oil's part then it does need to be passed on to AFC's investors, otherwise as a totally new tech it looks as though it's AFC's fault.
AFC Energy PLC
Southern Oil Refining Fuel Cell System - Update
AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to provide an update on its first commercial order in Australia for a proprietary hydrogen power generation unit from refiner, Southern Oil Refining Pty Ltd ("Southern Oil").
Over the past few months, AFC Energy has conducted initial engineering and supply chain preparedness work in advance of finalising the full suite of terms for supply of a fuel cell system into Southern Oil's Gladstone Refinery during the course of 2019. This work has included several meetings with electrode supplier, Industrie De Nora together with containerisation suppliers that AFC Energy is currently working with to maximise the "plug and play" capability of the fuel cell system in Gladstone.
In the week commencing 15 October 2018, representatives of AFC Energy met with Southern Oil management at the bio-refinery and advanced bio-fuels laboratory site in Gladstone and at Southern Oil's Brisbane based offices to progress the logistics, installation, operational matters and confirm commercial and contractual principles associated with the fuel cell system installation.
Southern Oil is currently reviewing the final engineering design of their hydrogen solution at the bio-refinery which may result in an adjustment to the volume of hydrogen available for the fuel cell system in Gladstone, however, both parties remain ever focussed on deployment of Australia's first industrial scale fuel cell system.
Tim Rose, Southern Oil's Chief Executive Officer, said: "We are delighted to continue our collaboration with AFC Energy. It is exciting for us to be the first mover in acquiring AFC's hydrogen alkaline fuel cell. This technology compliments our suite of renewable, waste to energy projects which is focussed on delivering economically viable, and environmentally responsible clean energy".
Adam Bond, AFC Energy's Chief Executive Officer, said: "It was great spending the week with Southern Oil and seeing the tremendous work being carried out in Gladstone, Queensland. Southern Oil have designed and built the world's most advanced re-refining plant of waste lube oil back into base lube oil - as well establishing Australia's only Advanced Bio-Fuels Pilot Plant and Laboratory. It is these types of facilities, together with companies such as Southern Oil, where the deployment of zero emission fuel cell systems makes absolute sense. We continue to collaborate closely with Southern Oil's technical team to ensure AFC Energy's fuel cell is fully operational within the timeframe of their advanced bio-refinery, expected to be mid 2019."
hotchips, There are fourteen mentions of de Nora in the 16th July Half Year Results RNS
https://www.investegate.co.uk/afc-energy-plc--afc-/rns/half-year-results/201807160700057001U/
I was just reading up Notes. I don't think they are available to buy until the first anniversary
Vesting Basics
When you vest . . .it means you've served enough time in your company to gain the right to own its stock. You typically vest over a five-year period, though the time it takes to vest may vary according to the company and the reason for the award. For example, if you receive an award of stock of 1,000 shares that vest over a five-year period, you may vest into 200 shares of stock on the first anniversary of the award. You can't do anything with the other 800 shares until you reach your second, third, fourth and fifth anniversary dates. On those dates, you vest into an additional 200 shares.
https://budgeting.thenest.com/vested-shares-mean-20594.html
Thoughts;
AlterNGR which didn't have very good tech was sold for 10 times its shareprice a couple of years back.
AFC have said that they already have a stack which works for over two years and they have a contract in the pipeline.
Any cash raise might involve selling a proportion of the company.
From what I can recall I don't think Ian Williamson knew what was going on and he was the CEO. He was expecting to be signing contracts in the Spring of 2015 so how AB would know better than IW before he took over is nonsense.