Last checked at 1 Dec 2011 07:00
01 December2011
Embargoed until 07:00
AFC Energy PLC
("AFC Energy" or the "Company")
Award of Grant
AFC Energy (AIM: AFC), a leading developer of alkaline fuel cells, is pleased to announce that it will lead a consortium of organisations that has been awarded a grant of €1.4 million towards a €2.9 million research and development project. AFC Energy's share of the grant is €405,600.
The project, known as LASER-CELL, begins today and will last three years. It is awarded funding from the fuel cells and hydrogen sub-programme of the European Union's 7th Framework Programme (FP7), which is managed by European Fuel Cell and Hydrogen Joint Undertaking (FCH JU).
Project LASER-CELL will run alongside AFC Energy's current development programme and will develop innovative technologies to enhance high-volume production of alkaline fuel cells, backed up by life-cycle and market analysis.
The consortium includes the following partners:
1. AFC Energy - project Coordinator and fuel cell developer
2. Cencorp Oyj - automation specialists of Finland
3. VTT - the Technical Institute of Finland
4. Air Products - leading global supplier of industrial gases and equipment, specialty and intermediate chemicals, and environmental and energy systems
5. Nanocyl S.A. - specialist material suppliers of Belgium
6. UDE - Energy and Environmental Engineering Institute of Duisburg-Essen University, Germany.
FP7 funding is prestigious and highly competitive, and comes in the form of a grant which does not have to be repaid. AFC Energy led an international consortium of business and academic partners, whose proposal scored very highly in the selection process.
The evaluators stated:
"The quality of each individual partner is excellent. Their combined expertise have complementary relevance to the project and the consortium as a whole is well balanced…"
"The project is likely to be successful and hence it will have a positive impact internationally. Apart from the benefits to the industry, including SMEs, the field of AFC [Alkaline Fuel Cells] will be revived …"
Ian Williamson, CEO of AFC Energy plc, commented: "We are delighted that this AFC led consortium project is being supported under the European Union's research funding scheme 'FP7'. This is not only a significant privilege but also, it further establishes AFC Energy as a world leader in its field."
For further information, please contact:
AFC Energy plc Tim Yeo, Chairman Ian Balchin, Deputy Chairman David Marson, Finance Director | +44 (0)1483 276726
|
Allenby Capital Limited Nominated Adviser and Broker Brian Stockbridge Dan Robinson | +44 (0)20 3328 5656 |
Threadneedle Communications John Coles Fiona Conroy | +44 (0)20 7653 9850 |
About AFC Energy
AFC Energy is a leading developer of low-cost alkaline fuel cells. AFC Energy's technology is focused on large scale industrial applications and the objective of producing the lowest possible unit cost electricity. Please visit our website www.afcenergy.com.
Notes:
The Seventh Framework Programme (FP7) was created by the European Union in order to support and encourage research in Europe. It brings together all of the European Union's research-funding schemes and plays a crucial role in securing European growth, competitiveness and employment.
The European Fuel Cell and Hydrogen Joint Undertaking (FCH-JU) was established by a Council Regulation on 30 May 2008 as a public-private partnership between the European Commission, European industry and research organisations to accelerate the development and deployment of fuel cell and hydrogen technologies. Further information is available on the official website: http://www.fch-ju.eu/
AFC Energy is an active member of the Industry Grouping of the FCH-JU. AFC Energy participates in the drafting of the fuel cell funding call, and a range of activities designed to advance the interests of the fuel cell sector at a European level.