Last checked at 10 Sep 2012 07:00
10 September 2012
AFC Energy PLC
("AFC Energy" or the "Company")
Latest Independent Technology Review Highlights Progress at AFC
Beta+ systems deployed and delivering in real-world conditions
AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has received a further positive independent review of its technical activity and progress from Dr Jon Helliwell, Project Manager, Fuel Cell Applications at the Centre for Process Innovation ("CPI").
CPI is part of the UK Government-funded technology innovation centre ('Catapult') tasked with supporting companies seeking to manufacture new and innovative products and Dr Helliwell has a particular expertise in fuel cells. AFC Energy draws on this resource as an independent review of progress in development of its fuel cells and last asked CPI to carry out a review of the Company's technical activity in January 2012.
During July and August, 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 area in detail.
In his report, Dr Helliwell recognised that AFC has moved quickly in refining its Beta+ system for production. Dr Helliwell said: "The pace of development within AFC Energy appears to be accelerating and the company has clearly moved a long way from a proof of concept phase into demonstration and production. The company is delivering on both its technology road map and its commercial business plan."
Dr Helliwell also welcomed some of the recent changes in the day-to-day running of the business. "The new CEO, Ian Williamson, has successfully addressed the challenge of establishing himself within the company and is clearly a respected member of the team. Of particular note is the working relationship with Dr Gene Lewis which is very strong. He is also providing much of the focus on the essential areas of development for the business and will be key in establishing the financial framework for the next stages of company development. I still strongly believe that the company will achieve its technical and commercial objectives and this belief has been strengthened by the very positive developments made since my last review."
In the report, Dr Helliwell also highlighted the main areas in which AFC had progressed since his previous review.
The key highlights identified in the report reiterate AFC Energy's own announcements on progress, stating that AFC Energy has:
·; Completed its Beta cartridge test programmes at Dunsfold and Bitterfeld; ·; Completed development of the Beta+ cartridge technology; ·; Established three operational demonstration systems based on the Beta+ technology; ·; Created a dedicated production facility and a team that has already produced cartridges that are currently under long-term test; ·; Developed these systems to the point at which they can be interrogated and operated (started/stopped) with ease, even from a remote location; ·; Supported successful operation of three Beta+ systems simultaneously; ·; Run the Beta+ demonstration systems for a combined total of several thousand hours; and ·; Continued to build a very strong relationship with its first key customer, AkzoNobel
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Ian Williamson, AFC Energy's Chief Executive, said:
"Once again it was a pleasure to host Dr Helliwell. He is now extremely knowledgeable about our product, people and progress. Internally we recognise that we have made great strides but it is always good to get an informed industry opinion. This strengthens our opinion that we are doing all the right things and addressing all the issues. We are delighted with the progress made and our technical staff continue to deliver. Integration of our production team and equipping of our pilot production facility has been a priority during this period.
"The Beta+ is delivering. We have used the data generated by our previous systems to good effect in the design revisions we have made. We are continuing to optimise the system's performance and are extremely encouraged by the improvements coming through. This further underpins our confidence that the company has an exciting commercial future ahead."
Gene Lewis, AFC Energy's Technical Director, said:
"Dr Helliwell's assessment of the technical progress being made at AFC Energy reflects the hard work done by a gifted team working with a technology that is ripe for commercial exploitation. Both the morale and commitment of the technical team is very high at this extremely exciting stage in the Company's development".
A copy of the CPI report, edited to remove confidential technical details, will be made available on the Company's website later today.
Ends
For further information, please contact:
AFC Energy plc Ian Williamson, Chief Executive David Marson, Finance Director
| +44 (0)1483 276726 |
Luther Pendragon - PR Neil Thapar, Leigh Marshall, Alexis Gore | +44 (0)20 7618 9100 |
MC Peat & Co. - Broker Charlie Peat | +44 (0)20 7104 2334 |
Allenby Capital - Nominated Adviser Jeremy Porter, James Reeve | +44 (0)20 3328 5656 |
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.