Last checked at 13 Apr 2010 14:39
Result of AGM, Technical Review, NED Appointment
AFC Energy (AIM: AFC), the developer of low cost alkaline fuel cells, is pleased to confirm that all resolutions at the Company's Annual General Meeting ('AGM') held today, were duly passed.
Interim Technical Review
The positive outcome of the latest independent review of AFC Energy's technology by the Centre for Process Innovation ("CPI"), published today, was discussed at the AGM.
The Interim Technical Review, conducted on Thursday April 7th 2010 by Dr Jon Helliwell, Project Manager for Fuel Cell Applications at the CPI, follows his two more comprehensive annual reviews completed since November 2008.
Dr. Helliwell again reviewed AFC's fuel cell system including the electrodes, the catalyst systems, the current state of technological development, material science and the forward development programme. The main conclusions of the review were:
·; impressive additions to AFC's technical capability - both team and equipment
·; deployment of "elegant and iterative solutions" to rapidly progress from the 3.5kW alpha fuel cell system to a genuinely commercial 50kW beta system
·; development, in just a few months, of mass manufacturing techniques and a market-ready quality control system
·; major strides in electrode efficiency whilst significantly reducing cost of production
Appointment of Non-executive Director
The Board of AFC Energy also announces its appointment of Simon Hunt as Non-executive Director with immediate effect. Simon is a co founder and Executive Chairman of IPSO Ventures, which focuses on turning new technologies into commercial reality. He trained as a corporate lawyer, specialising in corporate finance, M&A and intellectual property law, before moving into venture capital management with Gartmore Investment Management Limited. He later added public company operational and investment banking experience with a further focus on corporate finance and M&A. Simon has worked with companies at all stages of their development both in the UK and the US. He is Non-executive Chairman of GEM Biofuels plc and Strathdon Investments plc, as well as a director of a number of private companies. Further details of these appointments are given below.
At the AGM, held in the London offices of the Company's legal advisors, Eversheds, Tim Yeo, Chairman of AFC Energy, said: "Today's technical report, the third to be issued on AFC's technology by independent fuel cell authority Dr Jon Helliwell, makes extremely encouraging reading. It comes at the end of an exciting year in which the Company has transitioned beyond R&D alone and into a commercialisation phase. Key milestones in the last 12 months include delivering and commissioning our first fuel cell system to the chlor-alkali industry for testing, signing up world class partners in new sectors such as municipal waste and clean coal, and developing our multi-megawatt 'SuperGreen' power station concept. This powerful validation by the Centre for Process Innovation strengthens our ongoing belief that AFC's alkaline technology will be the most commercially viable fuel cell system to reach genuine market readiness. I am proud to conclude from their report that, in a fuel cell sector full of "ifs," AFC is viewed by the Centre for Process Innovation as a "when".
"In addition, I am delighted to welcome Simon Hunt to the Company as a Non-executive Director. As individuals the AFC team has known Simon for several years and during that time have benefitted, in various roles, from his extensive sector knowledge as well as fundraising insight. We look forward to leveraging his deep experience in a formal capacity to the benefit of AFC, its development partners and its shareholders."
"As reported previously, Dr Mike Mangan is retiring as a director on 31 May 2010 and I would like to take this opportunity to thank him on behalf of the board for his proactive involvement in assisting the Company to reach the stage it is at now. We wish him a long and happy retirement."
- ENDS -
Regulatory information
Simon Dennis Hunt (59 years old)
| Current directorships:
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| GEM BioFuels Plc
| IPSO Capital Limited
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| Cornerstone Capital Limited | Axilica Limited
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| Strathdon Investments Plc | Polyfect Solutions Limited
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| IPSO Management Limited
| Strathdon Holdings Limited
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| IPSO Ventures Plc
| Strathdon Management Limited
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| Previous directorships (last five years): |
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| Fitzmaine Limited | Filtra UK Limited
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| Monet Brands Limited | Therakind Limited
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| Allura Plc
| Shackleton Secondaries General Partner Limited |
| Medermica Limited | Filtra Operations Limited
|
Simon Hunt was a non-executive director of FT Moneywise Limited, an investment of a venture capital fund managed by Gartmore Investments Limited, of which Simon Hunt was a venture capital manager, which went into creditors' voluntary liquidation in 1986.
For further information please visit www.afcenergy.com or contact:
| AFC Energy plc Tim Yeo, Chairman Ian Balchin, Chief Executive | Tel: +44 1483 276726 |
| Allenby Capital Brian Stockbridge Alex Price | Tel: +44 20 3328 5656 |
| Madano Partnership Michael Evans Sarah Mylroie | Tel: + 44 20 7593 4000 |