Shares in alkaline fuel cell maker AFC Energy (LON:AFC) got a boost by the company’s announcement that it received a further positive independent review of its progress. By 11.05 am, the stock was trading up nearly 5 per cent from yesterday’s close at 32 pence.
The Centre for Process Innovation (CPI) has published the findings of a new review of AFC’s activities following nine months from the previous one.
According to AFC, 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.
The CPI was established by the Regional Development Agency, One North East, in 2004 to act as a Centre of Excellence for the Process Industry.
The CPI noted the successful installation of two commercial-scale Beta fuel cell systems at AkzoNobel's Bitterfield plant in Germany, announced last month, and a third on AFC’s own site in Dunsfold.
The company is thus demonstrating the robustness of its Beta-system outside the laboratory and generating important operating data, as well as delivering system enhancements in the field, the report said.
The group has separated its manufacturing and development activities, which demonstrates an increased maturity within the organisation which fits well with its desire to commercialise at the earliest opportunity, the CPI added.
Chief executive Ian Williamson said: "We are delighted and encouraged that (CPI'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 focused on commercialising our fuel cell technology."
AFC's technology is focused on large scale industrial applications.