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AFC Energy receives POWER_UP project funds

AFC has received net cash payments of €1.07mln from the EU's Fuel Cells and Hydrogen Joint Undertaking since December 2015
AFC Energy receives POWER_UP project funds
Further significant cash receipts from the FCH JU related to the POWER-UP project for the period ending 30 June 2015 are expected in due course.

AFC Energy (LON:AFC) has received net cash payments of €1.07mln from the EU's Fuel Cells and Hydrogen Joint Undertaking this year.

The sum is after taking into account net cash payments to other project partners within the POWER-UP and Alkammonia programmes, the industrial fuel cell company said.

The company undertook a fund raising exercise in December 2015 among existing shareholders to support AFC Energy's short-term working capital requirements in advance of the receipt of EU grant funds through reimbursement of expenditure for the POWER-UP project in Stade, Germany, the company noted.

The majority of the €1.07mln funds received from the fuel Cells and Hydrogen Joint Undertaking (FCH JU) relate specifically to work conducted on POWER-UP up to 30 June 2014. Further significant cash receipts from the FCH JU related to the POWER-UP project for the period ending 30 June 2015 are expected in due course.

The company notified investors that its results for 2015 will be released on 21 March.

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