Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

AFC Energy PLC well down the road to commercialisation

“Progress in developing and monetising partnerships continues unabated in our target markets," said chief executive Adam Bond.
Pylons
The company can generate electricity from waste hydrogen.

The boss of AFC Energy PLC (LON: AFC) put the quest to commercialise its breakthrough industrial fuel cell technology at the top of the priority list for 2016.

“Progress in developing and monetising partnerships continues unabated in our target markets," said chief executive Adam Bond.

He was quoted following the release of full-year results, which charted the progress made to date.

AFC has successfully tested 101 fuel stacks, completed most of the milestones of the Power-Up Project and has begun signing up partners.

It now has a 50 megawatt (MW) project development agreement with Samyoung Corp and Chang Shin Chemicals in South Korea, a 10 MW heads of agreement with Bangkok Industrial Gas in Thailand and a 300 MW outline deal with the Dubai Carbon Centre of Excellence.

“Having achieved a number of critical successes over this period, 2016 is now focused on delivery of international contracts for the deployment of our fuel cell system,” added CEO Bond.

In January, the firm raised £3.6mln from investors, which put the company on a sounder financial footing. The cash call also showed the company had strong shareholder backing for its plans.

Making money from waste hydrogen

As is common with companies at this formative stage of its development, AFC was lossmaking – to the tune of £4.8mln after tax in the 12 months to October 31. It generated income of £2.3mln, mainly from EU grants.

AFC’s technology is unique in that it turns waste hydrogen generated as a by-product from chlorine production into energy.

It is working on a system that harnesses the energy potential of this hydrogen to help power the chlorine plants.

Its KORE System is now commissioned and producing power at Stade in Germany.

AFC reckons that the waste hydrogen generated by the chlorine and caustic soda industry could support over 3,000 MW of capacity, providing nearly 20% of the industry's power needs.

Ian_55ae0ddd437b7.jpg


Register here to be notified of future AFC Company articles
View full AFC profile

AFC Energy plc Timeline

Related Articles

shutterstock_112786813.jpg
April 04 2016
Atlantis Resources Ltd is making big waves in global tidal power and advancing its MeyGen site...
sabein-tech--1.png
September 19 2016
Despite bumps along the way, boiler optimisation firm Sabien Technology is making headway with its revised sales strategy.
biomass.jpg
March 10 2016
Boilers are an area of the green fuel business that have come under increasing scrutiny from the Cameron government.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.