Last checked at 25 Apr 2017 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
25 April 2017
AFC Energy PLC
("AFC Energy" or the "Company")
AGM Statement
AFC Energy (AIM: AFC), the industrial fuel cell power company, is holding its annual general meeting ("AGM") at 11.00 a.m. today, at which Adam Bond, Chief Executive Officer, will deliver a presentation including the following key points:
· Updating shareholders on the positive progress the Company has made against the three-year accelerated plan to commercialisation for the fuel cell technology platform announced in 2015
· Overview of the material advances made in delivering the AFC Energy technology platform across the past twelve months, including:
o achieving a material increase in longevity to the fuel cell stack and electrode performance without a necessary reduction in power and closing in on 2,000 hours of continuous operation at stack level;
o significant reduction in electrode failure rate;
o the importance of reducing hydrogen grade acceptance into the fuel cell system without compromising performance;
o consistent test results showing fuel cell availability over the internal 90% target;
o AFC Energy is analysing opportunities to reduce costs of fuel cells which relate positively to competing clean energy technologies;
o AFC Energy fuel cell electrical efficiency is higher than solid oxide, PEM, molten carbonate, phosphoric acid, diesel generators and gas turbines
· An update on the breakthrough successes achieved in collaboration with De Nora under the Joint Development Agreement and the next steps for this partnership;
· An overview of project development and MOUs
· An update on the new management team at AFC Energy
A copy of the presentation given to shareholders at the AGM will be available on the Company's website at www.afcenergy.com.
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer)
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+44 (0) 20 3697 1209 |
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker Andrew Craig Richard Salmond
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+44 (0) 20 7894 7000 |
M C Peat & Co LLP - Joint Broker Charlie Peat |
+44 (0) 20 7104 2334 |
Lionsgate Communications - Public Relations Jonathan Charles
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+44 (0) 20 3697 1209 |
About AFC Energy
AFC Energy plc has developed and successfully operated an alkaline fuel cell system ("KORE"), which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016. The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. For further information, please visit our website: www.afcenergy.com