Last checked at 13 Feb 2012 07:00
13 February 2012
AFC Energy PLC
("AFC Energy" or the "Company")
Independent Technology Review
'In field' trials demonstrating fuel cells' robustness
AFC Energy (AIM: AFC), a leading developer of low cost alkaline fuel cells, is pleased to announce that it has received a further positive independent review of its progress from Dr Jon Helliwell, Project Manager, Fuel Cell Applications at the Centre for Process Innovation ("CPI"). The CPI last carried out a review of the Company's technical activity in May 2011.
The CPI reports that there have been a number of important developments since the last review, which have given it further confidence that the performance targets agreed with AFC Energy's main customer will be achieved. In summary these developments are:
·; Established two Beta systems at a customer site in Germany and a third on its own site in Dunsfold. This is significant as AFC Energy is:
o demonstrating the robustness of its Beta-system outside the laboratory
o generating important operating data
o openly sharing data and planning progress with a prestigious partner
o delivering system enhancements in the field
·; Frozen system and electrode designs.
·; Separated its manufacturing and development activities demonstrating an increased maturity within the organisation which fits well with its desire to commercialise at the earliest opportunity.
·; Commenced a project in December, known as LASER-CELL, in which it is the lead of a consortium of European organisations (as announced on 1 December 2011).
·; Strengthened its management team through the appointment of Ian Williamson as CEO (as announced on 13 September 2011).
o Ian has a wealth of commercial experience in the hydrogen and energy fields and has established a clear plan for the business focussed on developing its commercial and production capability, whilst maintaining cost control.
AFC Energy provided Dr Helliwell with complete, unrestricted, access to all areas of the Company and its staff and he was able to examine each in detail. A version of the full CPI report, edited to remove confidential technical details, will be made available on the Company's website later today.
Dr Jon Helliwell, Project Manager, Fuel Cell Applications, CPI said:
"This has been an extremely important period for AFC Energy. I am highly encouraged by the operational and technical developments since the last review and I firmly believe the Company is now in a significantly stronger position.
"AFC Energy is highly likely to deliver low cost, modular fuel cell systems to the stationary power industry in accordance with its technology and commercialisation plans. The systems are simple, as they use clever engineering and elegant design to minimise cost and complexity.
"The cells themselves have been designed for manufacture and are capable of using a range of materials. The technology is no longer 'laboratory based' and in what has been a particularly exciting period for the Company, it is clearly starting to deliver the promise of its robust, low cost fuel cell systems."
Ian Williamson, AFC Energy's Chief Executive, said:
"We are delighted and encouraged that Dr Helliwell's review recognises the important milestones reached by the Company in the last few months and it is again a testament to the hard work of our development team.
"AFC Energy continues to optimise the performance of its Beta fuel cell system using the highly valuable data generated by the field trials currently underway and we remain firmly focussed on commercialising our fuel cell technology."
For further information, please contact:
AFC Energy plc Ian Balchin, Deputy Chairman Ian Williamson, Chief Executive
| +44 (0)1483 276726
|
Allenby Capital Limited - Nominated Adviser and Broker Jeremy Porter Dan Robinson | +44 (0)20 3328 5656 |
Threadneedle Communications John Coles Fiona Conroy | +44 (0)20 7653 9850 |
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
About fuel cells
Fuel cells generate electricity directly by reacting a hydrogen-rich fuel with oxygen to form water. Conventional engines and turbines combust fuel to produce mechanical energy prior to generating electricity. The direct generation of electricity allows fuel cells to be highly energy efficient. There are several different types of fuel cell, each with its own characteristic but they are all based around a common central design. Fuel cells are increasingly being deployed for applications ranging from vehicles, domestic boilers, powering portable equipment and large scale power stations.
About The Centre for Process Innovation
The Centre for Process Innovation (CPI) was established by the Regional Development Agency, One North East, in 2004 to act as a Centre of Excellence for the Process Industry. It is now the Process Industry component of the UK's first Elite Technology & Innovation Centre in High Value Manufacturing. Government is establishing these Technology Innovation Centres (or 'Catapult' centres) to help to create a critical mass for business and research innovation by focussing on specific technology areas where there is a potentially large global market and a significant UK capability.