Proactiveinvestors United Kingdom AFC Energy PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom AFC Energy PLC RSS feed en Fri, 24 May 2019 08:11:29 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - AFC Energy reports success in proof of concept trial using ammonia as feedstock ]]> https://www.proactiveinvestors.co.uk/companies/news/220572/afc-energy-reports-success-in-proof-of-concept-trial-using-ammonia-as-feedstock-220572.html AFC Energy PLC (LON:AFC) has established proof of concept for an ammonia-based off-grid fuel cell system following an 18-month trial.

Next steps will be to conclude work on the business case and engineering of an integrated, scalable ammonia fuelled clean power generator, said the AIM-listed group.

The system, AP2, will utilise existing ammonia cracking technology alongside AFC 's proprietary fuel cell system.

There was little difference in performance between hydrogen sourced from industrial plants or cracked ammonia, said AFC.

That means it can use "off the shelf" crackers and ammonia that is widely available from the production of fertiliser.

AFC wants to replace off-grid stationary diesel gensets with hydrogen fuel cells and the use of cracked ammonia solves the problem of how to get the gas to remote locations.

The trial was part of the European Union's Fuel Cells and Hydrogen Joint Undertaking (FCH JU) co-funded ALKAMMONIA project.

Adam Bond, AFC’s chief executive, commented: "The successful integration of the company's fuel cell system into an upstream hydrogen stream sourced from cracked ammonia is not only a unique selling point of the alkaline fuel cell but also is a logical means to the unlocking of the multi-billion dollar off-grid stationary power market.”

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Mon, 20 May 2019 07:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220572/afc-energy-reports-success-in-proof-of-concept-trial-using-ammonia-as-feedstock-220572.html
<![CDATA[RNS press release - Ammonia Integration ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190520070026_14079381/ Mon, 20 May 2019 07:00:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190520070026_14079381/ <![CDATA[Media files - AFC Energy expects big wins from its first mover advantage in EV charging ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13223/afc-energy-expects-big-wins-from-its-first-mover-advantage-in-ev-charging-13223.html Fri, 03 May 2019 12:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13223/afc-energy-expects-big-wins-from-its-first-mover-advantage-in-ev-charging-13223.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190503070102_14061834/ Fri, 03 May 2019 07:01:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190503070102_14061834/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190503070004_14061776/ Fri, 03 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190503070004_14061776/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190501120001_14059489/ Wed, 01 May 2019 12:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190501120001_14059489/ <![CDATA[News - AFC Energy shares jump as it inks deal with electric vehicle charging point specialist ]]> https://www.proactiveinvestors.co.uk/companies/news/219339/afc-energy-shares-jump-as-it-inks-deal-with-electric-vehicle-charging-point-specialist-219339.html AFC Energy PLC (LON:AFC) shares rose on Tuesday after the firm revelaled it has signed a deal with one of Europe’s largest manufacturers of electric vehicle (EV) charging points to create systems using AFC's fuel cell technology.

The AIM-listed group and Rolec Services hope to showcase the first demonstration product in the second half of this year.

READ: AFC Energy surges after unveiling technology breakthrough

The ultimate aim of the collaboration is to create an integrated system for sale across Rolec's existing and AFC emerging network of EV charging distributors and customers.

AFC chief executive Adam Bond said: “Our collaboration with Rolec is a recognition of the industry's desire to explore off grid EV charging solutions to meet a need already seen across several of Rolec's local and international clients. 

“AFC Energy's EV charger is now one of our key markets for revenue generation and gives us an early mover advantage in penetrating the off-grid market."

In afternoon trading, AFC Energy shares were 8.6% higher at 3.40p.

 -- Adds share price --

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Tue, 30 Apr 2019 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219339/afc-energy-shares-jump-as-it-inks-deal-with-electric-vehicle-charging-point-specialist-219339.html
<![CDATA[RNS press release - Collaboration Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190430070006_14056277/ Tue, 30 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190430070006_14056277/ <![CDATA[RNS press release - Posting of Annual Report and Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190425070007_14051010/ Thu, 25 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190425070007_14051010/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190424070006_14049260/ Wed, 24 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190424070006_14049260/ <![CDATA[News - AFC Energy raises funds to support delivery of its "go-to-market" strategy ]]> https://www.proactiveinvestors.co.uk/companies/news/218482/afc-energy-raises-funds-to-support-delivery-of-its--go-to-market--strategy-218482.html AFC Energy PLC (LON:AFC), the alkaline fuel cell power company, has raised money through a share subscription and entered into a convertible bond facility.

The company has conditionally raised £813,000 before expenses by way of a subscription for 27.1mln shares at 3p a pop; AFC’s shares closed at 3.775p last night.

READ: AFC Energy surges after unveiling technology breakthrough

The subscription, which follows news earlier this week of a technological breakthrough by the company, is not being underwritten.

Convertible loan note issue

As for the convertible bond facility, this is for up to £4mln and allows the company to draw down money in return for issuing unsecured loan notes to Thalion Global Group.

The company can draw down up to a maximum amount of £500,000 in any 60 day period. The maturity date of the convertible loan notes (CLNs) is 42 months from the date of the instrument.

The CLNS are issuable at £22,500 a throw but redeemable at £25,000, so the issue price represents a discount of 10% to the par value. AFC has the option to redeem the CLNs ahead of the maturity date, at a price of £26,250 each.

The notes can be converted into shares at a price equivalent to either a 25% premium to the volume weighted average price (VWAP) of AFC shares on the trading day before the draw-down or the lowest VWAP from the three trading days prior to conversion – whichever is the lower.

Proceeds from the issuance of CLNs and the share issue will supplement the company's cash position, which as of 31 March 2019 was £1.4 million.

"AFC Energy has made serious strides forwards over the past twelve months in the commercialisation of its alkaline fuel cell technology and is currently engaging with a number of prospective and strategic partners interested in supporting this effort,” said Adam Bond, the chief executive officer of AFC Energy.

“The facility entered into today allows the company to continue to develop these opportunities and capitalise on the value created over the past few years into the foreseeable future in collaboration with our prospective industrial and strategic partners without immediate dilution to existing shareholders," he added.

Full-year results

In addition to its fundraising news, AFC Energy released its results for the year to 31 October 2018.

As might be expected of a pre-revenue company, AFC made a loss; the loss was £4.96mln versus a loss the year before of £5.51mln.

"Progress has been made in a number of areas; new technology, product development, manufacturing readiness, commercial footprint and financing. The high-power density alkaline fuel cell technology complements our existing technology opening opportunities where space and weight influence the purchasing decision. This new technology also has the possibility to be monetised in the short term through joint development cost sharing and licensing agreements,” Bond said, making reference to the announcement earlier this week by AFC.

“Our manufacturing readiness is built around our industrial partners starting with De Nora, with whom we have now selected an electrode pairing, and welcoming Advanced Plastics as our mass manufacturing partner for flow plates.

“Our commercial activity continues to grow, both through prospecting and market studies. The latter has identified several addressable markets over and above our Chlor Alkali base principally in off-grid applications traditionally dominated by diesel generators. Our product development work has seen the installation of an EV [electric vehicle] charging demonstration unit at our Dunsfold facilities which has commanded much attention and demonstrated the role fuel cells can play in building a truly emissions-free environment,” he added.

Shares in AFC eased 0.46p to 3.31p following news of the discounted share offering.

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Fri, 12 Apr 2019 08:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218482/afc-energy-raises-funds-to-support-delivery-of-its--go-to-market--strategy-218482.html
<![CDATA[RNS press release - Unaudited Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190412071504_14039023/ Fri, 12 Apr 2019 07:15:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190412071504_14039023/ <![CDATA[RNS press release - Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190412070103_14038656/ Fri, 12 Apr 2019 07:01:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190412070103_14038656/ <![CDATA[RNS press release - £4 million Convertible Bond Facility ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190412070005_14038573/ Fri, 12 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190412070005_14038573/ <![CDATA[News - AFC Energy surges after unveiling technology breakthrough ]]> https://www.proactiveinvestors.co.uk/companies/news/218217/afc-energy-surges-after-unveiling-technology-breakthrough-218217.html Shares in alkaline fuel cell power technology company AFC Energy PLC (LON:AFC) surged in early deals after the company revealed it had improved its technology.

The new high-power density alkaline fuel cell technology has the potential to be used in applications where the space and weight of power generation are important considerations and will sit alongside and complement AFC's existing large-scale stationary fuel cell system.

READ: AFC Energy demos world’s first EV charger based on hydrogen fuel-cell technology

AFC expects the new fuel cell system will open up new markets for the company and the company has built up knowledge about potential applications of the new system, such as alkaline water electrolysis.

Initial testing has been completed using the anion (a negatively charged ion) exchange membrane in non-core fields and discussions are underway with potential partners to jointly commercialise elements of the technology in applications unrelated to fuel cells.

This system will undergo prototype development, which if successful will lead to scale-up over the course of the next 12 months, AFC said.

"At AFC Energy, we now have a fuel cell platform capable of delivering performance only previously seen in other membrane-based fuel cell technologies, and at lower operating temperatures. This is a major step forward in the alkaline fuel cell sector where AFC Energy continues to be at the cutting edge,” said Adam Bond, the chief executive officer of AFC.

“The ability to license parts of this technology to non-core applications would also give rise to an additional revenue stream potential without compromising existing fuel cell market potential," he added.

Shares in AFC were up 20.6% at 4.39p.   

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Tue, 09 Apr 2019 08:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218217/afc-energy-surges-after-unveiling-technology-breakthrough-218217.html
<![CDATA[RNS press release - New High-Power Density Alkaline Fuel Cell ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190409070010_14033348/ Tue, 09 Apr 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190409070010_14033348/ <![CDATA[RNS press release - AIM Rule 17 Notice ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190405104642_14030845/ Fri, 05 Apr 2019 10:46:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190405104642_14030845/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190405070005_14029990/ Fri, 05 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190405070005_14029990/ <![CDATA[News - AFC Energy chooses its preferred partner for fuel cell manufacturing ]]> https://www.proactiveinvestors.co.uk/companies/news/216737/afc-energy-chooses-its-preferred-partner-for-fuel-cell-manufacturing-216737.html AFC Energy PLC (LON:AFC) has made UK-based Advanced Plastics its preferred choice as the manufacturer of flow plates for its alkaline fuel cells. 

The flow plate regulates the flow of gases and liquids within the AFC Energy fuel cell system.

Advanced Plastic’s appointment follows months of computational fluid dynamics modelling and validation testing, said AFC.   

“Following a global tender, Advanced Plastics presented a very strong technical proposal which demonstrated innovation in the mass manufacturing process at a price point which was most competitive amongst its peers.”

The next step is to integrate the AFC Energy design work into a mass manufacturable product, said AFC.

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Tue, 19 Mar 2019 09:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216737/afc-energy-chooses-its-preferred-partner-for-fuel-cell-manufacturing-216737.html
<![CDATA[RNS press release - Selection of Flow Plate Mass Manufacturer ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190319070027_14006665/ Tue, 19 Mar 2019 07:00:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190319070027_14006665/ <![CDATA[RNS press release - Exercise of Options and Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190122134140_13942985/ Tue, 22 Jan 2019 13:41:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190122134140_13942985/ <![CDATA[Media files - AFC Energy successfully tests world first hydrogen electric vehicle charger ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11889/afc-energy-successfully-tests-world-first-hydrogen-electric-vehicle-charger-11889.html Fri, 18 Jan 2019 08:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11889/afc-energy-successfully-tests-world-first-hydrogen-electric-vehicle-charger-11889.html <![CDATA[News - AFC Energy demos world’s first EV charger based on hydrogen fuel-cell technology ]]> https://www.proactiveinvestors.co.uk/companies/news/212752/afc-energy-demos-worlds-first-ev-charger-based-on-hydrogen-fuel-cell-technology-212752.html AFC Energy PLC (LON:AFC) shares soared higher on Thursday after the alkaline fuel cell power technology developer said it has successfully demonstrated the world’s first electric vehicle charger based on hydrogen fuel-cell technology.

Dubbed CH2ARGE, the technology was put through its paces at Dunsfold Aerodrome, which will probably have infamous petrol-head, Jeremy Clarkson, spitting feathers as it is the home to the BBC Top Gear test track.

READ: The hydrogen market could ultimately be worth US$2.5trn

The demonstration was the culmination of 10 years of fuel cell research development at the AFC Energy laboratories.

Having now demonstrated proof-of-concept of the prototype, AFC Energy is preparing for the commercialisation of fuel cell-based electric vehicle (EV) charge solutions to meet the growing demand for environmentally friendly power in the EV market. Traditional charging causes pollution with electricity from fossil fuels, but AFC Energy's CH2ARGE system can be 100% emissions free.

“By 2030, it is estimated that there could be nine million electric vehicles on the road of Britain, up from 90,000 today,” said Adam Bond, the chief executive officer of AFC Energy.

"For this transition, we need charging stations to be embedded throughout the country, as well as seeking innovative solutions to overcome the severe limitations of centrally generated electricity. By developing and previewing the effectiveness of our CH2ARGE system in the application of EV charging, AFC Energy has shown it is ready to lead the way not only in solving the challenges of increased demand for electricity but also doing so in a zero-emissions approach,” he added.

In early afternoon trading, shares in AFC Energy were 47% higher at 8.32p.

 -- Adds share price --

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Thu, 17 Jan 2019 07:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212752/afc-energy-demos-worlds-first-ev-charger-based-on-hydrogen-fuel-cell-technology-212752.html
<![CDATA[RNS press release - World first hydrogen electric vehicle charger ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190117070003_13937310/ Thu, 17 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20190117070003_13937310/ <![CDATA[News - AFC Energy closes in on launch of commercial fuel cell ]]> https://www.proactiveinvestors.co.uk/companies/news/211982/afc-energy-closes-in-on-launch-of-commercial-fuel-cell-211982.html AFC Energy PLC (LON:AFC) has concluded the majority of engineering design for its first commercial fuel cell system as it closes in on bringing the product to market.

In a commercial update in November, the alkaline fuel cell developer said it will have a low cost per kWh (kilowatt hour) compared to alternative generating systems, partially as a result of its ability to use lower quality and less expensive hydrogen sources.

The company also said it was working with a leading clean-tech specialist consultancy to build on existing commercial activities and establish alternative distribution channels to accelerate future growth.

Hydrogen Revolution

AFC is one of the UK market leaders in what is becoming known as the Hydrogen Revolution, the development of technology that can transform hydrogen into a renewable energy source.

READ: The hydrogen market could ultimately be worth US$2.5tn

According to The Hydrogen Council, an industry group backed by companies such as BMW and Air Liquide, the hydrogen market could be worth around US$2.5 trillion by 2050 as part of a push to decarbonise transport and limiting global warming to safer levels.

First order

Strong emphasis is being placed by the company on the preparation for commercial deployment and the strengthening of its supply chain in response to an order from Australian waste oil refiner Southern Oil as well as growing interest for fuel cell systems from potential customers in Japan and the Asia-Pacific region.

AFC has established further improvements in electrode longevity and cost reduction through its joint development activities with Industrie De Nora and is in the final stages of confirming an electrode pairing for the Southern Oil project. These electrodes are expected to be supplied by Industrie De Nora to AFC in the first quarter of 2019.

READ: AFC Energy updates on Australian order

AFC added it expects to finalise its appointment of a mass-produced flow plate manufacturer by the end of 2018, following an international competitive tender. The process is expected to result in further cost reductions on a "per part" basis relative to earlier cost modelling conducted by the company.

The design of AFC Energy's new flow plate has all fuel cell components integrated within a single sub-assembly, which is expected to deliver not only material improvements in system performance but also a more streamlined and robust quality control function to help eliminate potential failure modes.

The company has also commenced discussions with a leading international engineering and fabrication company whose focus is on optimised low-cost containerisation solutions. This company is currently working with AFC on the design for a 40ft containerised fuel cell system that could deliver between 150 kW and 200 kW of power under a "plug and play" design system.

Rapid deployment

“This is an exciting development for AFC Energy as it should result in a productised fuel cell system capable of rapid deployment to any number of locations internationally, as is the case for carbon-emitting diesel generation,” the company told investors.

Completion of these key activities will also move AFC Energy closer towards achieving its commercial deployment goals.

Meanwhile, over the past twelve months, AFC has been developing a high-power density alkaline fuel cell that is a variant of the company's existing technology platform. This version of the fuel cell is highly complementary to the existing alkaline system but materially opens the market for deployment in new off-grid, or space and weight constrained environments, AFC said.

The company is also looking to host a hydrogen fuel cell micro-grid at Dunsfold Park in Surrey, working with the management and the owner of the neighbouring anaerobic digestion plant for the supply of fuel cell systems to the Park's development site.

A review of commercial opportunities at Dunsfold has identified an opportunity for the company's fuel cells to be used in place of diesel generation during the construction phase of the park’s redevelopment. While delays have occurred in the final permitting and consenting of the development site, the company is now working with the site's management to progress this project through to its next phase.

"It's been a busy but successful twelve months both in terms of AFC Energy's preparedness for commercial deployment and in its drive towards clear platforms for deployment in the massive off-grid power market,” said Adam Bond, AFC's chief executive.

“Our aspiration to become a leading supplier of hydrogen-based solutions across the value chain is now within sight and we look forward to consolidating and growing our existing pipeline of projects both in the UK, Australia and internationally.”

With shares trading at around 5p as of 4 January 2019, AFC carries a market cap of £17.5mln.

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Fri, 04 Jan 2019 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211982/afc-energy-closes-in-on-launch-of-commercial-fuel-cell-211982.html
<![CDATA[News - AFC Energy surges after upbeat review of the last 12 months ]]> https://www.proactiveinvestors.co.uk/companies/news/209262/afc-energy-surges-after-upbeat-review-of-the-last-12-months-209262.html AFC Energy PLC (LON:AFC) said it has now concluded the majority of the engineering design to bring to market its first commercial fuel cell system.

The alkaline fuel cell power company said its system will have a low cost per kWh (kilowatt hour) compared to alternative generating systems, partially as a result of its ability to use lower quality and less expensive hydrogen sources.

READ: AFC Energy picks up first fuel cell order from Australian partner

In a commercial update, the company said it has been working with a leading clean-tech specialist consultancy to build on existing commercial activities and establish alternative distribution channels to accelerate future growth.

Strong emphasis is being placed by the company on the preparation for commercial deployment and the strengthening of its supply chain in response to the Southern Oil order in Australia and growing interest for fuel cell systems from potential customers in Japan and other potential customers in the Asia-Pacific region, AFC said.

AFC Energy said it has established further improvements in electrode longevity and cost reduction through its joint development activities with Industrie De Nora and is in the final stages of confirming an electrode pairing for the Southern Oil project in Australia. These electrodes are expected to be supplied by Industrie De Nora to AFC Energy in the first quarter of next year, subject to agreement on the terms of a Strategic Electrode Supply Agreement.

AFC added it expects to finalise its appointment of a mass-produced flow plate manufacturer by the end of 2018, following an international competitive tender. The process is expected to result in further cost reductions on a "per part" basis relative to earlier cost modelling conducted by the company.

The design of AFC Energy's new flow plate has all fuel cell components integrated within a single sub-assembly, which is expected to deliver not only material improvements in system performance but also a more streamlined and robust quality control function to help eliminate potential failure modes.

The company has commenced discussions with a leading international engineering and fabrication company whose focus is on optimised low-cost containerisation solutions. This company is currently working with AFC Energy on the design for a 40ft containerised fuel cell system that could deliver between 150 kW and 200 kW of power under a "plug and play" design system.

Rapid deployment

“This is an exciting development for AFC Energy as it should result in a productised fuel cell system capable of rapid deployment to any number of locations internationally, as is the case for carbon-emitting diesel generation,” AFC told investors.

Completion of these key activities will move AFC Energy closer towards achieving its commercial deployment goals.

Meanwhile, over the past twelve months, AFC Energy has been developing a high-power density alkaline fuel cell that is a variant of the company's existing technology platform. This version of the alkaline fuel cell is highly complementary to the existing alkaline system but materially opens the market for deployment in new off-grid, or space and weight constrained environments, AFC said.

The company also gave an update on progress at Dunsfold Park, the site in Surrey where the company is looking to host a hydrogen fuel cell micro-grid.

AFC Energy has been actively working with the management of Dunsfold Park and the owner of the neighbouring anaerobic digestion plant for the supply of fuel cell systems to the Park's development site.

A review of commercial opportunities over the past 12 months at Dunsfold has identified an opportunity for the company's fuel cells to be used in place of diesel generation during the construction phase of the Dunsfold Park redevelopment. While delays have occurred in the final permitting and consenting of the development site, the company is now working with the site's management to progress this project through to its next phase.

The potential for AFC Energy to develop a commercial fuel cell alternative to diesel generation could open up a major market for the company in off-grid and temporary power applications, AFC said.

"It's been a busy but successful twelve months both in terms of AFC Energy's preparedness for commercial deployment and in its drive towards clear platforms for deployment in the massive off-grid power market,” said Adam Bond, AFC Energy's chief executive officer.

“Our aspiration to become a leading supplier of hydrogen-based solutions across the value chain is now within sight and we look forward to consolidating and growing our existing pipeline of projects both in the UK, Australia and internationally," he added.

Shares in AFC were up 14.3% at 6.625p in early deals.

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Thu, 15 Nov 2018 08:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209262/afc-energy-surges-after-upbeat-review-of-the-last-12-months-209262.html
<![CDATA[RNS press release - Commercial Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181115070009_13867569/ Thu, 15 Nov 2018 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181115070009_13867569/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181112164036_13864002/ Mon, 12 Nov 2018 16:40:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181112164036_13864002/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181112163515_13863987/ Mon, 12 Nov 2018 16:35:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181112163515_13863987/ <![CDATA[News - AFC Energy updates on Australian order ]]> https://www.proactiveinvestors.co.uk/companies/news/208300/afc-energy-updates-on-australian-order-208300.html AFC Energy PLC (LON:AFC) has updated on the progress with its first commercial order.

It said it has conducted “initial engineering and supply chain preparedness work” in advance of finalising terms for the delivery of fuel cells to customer Southern Oil’s Gladstone Refinery in Queensland, Australia.

The work has included several meetings with electrode supplier, Industrie De Nora.

AFC has also spoken to container firms, while it said it is working with to maximise the "plug and play" capability of the fuel cell system at Gladstone.

Meetings have also been held to discuss logistics, installation and “operational matters”, investors were told.

Final engineering design 

“Southern Oil is currently reviewing the final engineering design of their hydrogen solution at the bio-refinery which may result in an adjustment to the volume of hydrogen available for the fuel cell system in Gladstone,” AFC said in a stock exchanged statement.

“However, both parties remain ever focussed on the deployment of Australia's first industrial-scale fuel cell system.”

Southern Oil has created the world's most advanced re-refining plant for waste lube oil, as well as establishing Australia's only advanced biofuels pilot plant and laboratory at Gladstone.

The state-of-the-art operation is expected to be up and running next year.

“It is these types of facilities, together with companies such as Southern Oil, where the deployment of zero-emission fuel cell systems makes absolute sense,” said AFC chief executive Adam Bond. 

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Thu, 01 Nov 2018 08:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208300/afc-energy-updates-on-australian-order-208300.html
<![CDATA[RNS press release - Southern Oil Refining Fuel Cell System ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181101070003_13850402/ Thu, 01 Nov 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181101070003_13850402/ <![CDATA[RNS press release - Grant of Options and Director Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181024154429_13841256/ Wed, 24 Oct 2018 15:44:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20181024154429_13841256/ <![CDATA[RNS press release - ARSENAL HOLDINGS PLC - Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/PRNRNS_201809260809PR_NEWS_UKDISCLO_0071/ Wed, 26 Sep 2018 13:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/PRNRNS_201809260809PR_NEWS_UKDISCLO_0071/ <![CDATA[RNS press release - ARSENAL HOLDINGS PLC - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/PRNRNS_201809180509PR_NEWS_UKDISCLO_0035/ Tue, 18 Sep 2018 10:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/PRNRNS_201809180509PR_NEWS_UKDISCLO_0035/ <![CDATA[News - AFC Energy to join Hydrogen Council ahead of Global Climate Action Summit ]]> https://www.proactiveinvestors.co.uk/companies/news/204203/afc-energy-to-join-hydrogen-council-ahead-of-global-climate-action-summit-204203.html Fuel cell firm AFC Energy plc (LON:AFC) told investors that it has been invited to join the Hydrogen Council, a coalition for hydrogen technologies.

AFC will be a new ‘supporting member’ alongside five other members - Mitsubishi Heavy Industries, Re-Fire Technology, Sumitomo Mitsui Banking Corporation, Sumitomo Corporation, and SoCalGas.

The Hydrogen Council has a group of ‘steering members’ including Airbus, Air Products, Cummins, EDF, Johnson Matthey, KOGAS, SINOPEC and ThyssenKrupp.

After being launched eighteen months ago at the World Economic Forum it now ‘brings together’ a total of 52 companies - representing some 3.8mln jobs and €1.8 trillion of revenue.

READ: The hydrogen market could ultimately be worth US$2.5trn

"I am delighted that AFC Energy is joining the Hydrogen Council, supporting what represents a first-of-its-kind global CEO initiative to foster the role of hydrogen technologies in the global energy transition to a sustainable, cleaner future," said Adam Bond, AFC Energy chief executive.

"AFC Energy looks forward to working alongside so many of our industry-leading partners."

The Hydrogen Council is next due to meet at the Global Climate Action Summit in San Francisco later this month, between September 12 and September 14.

At the event, members will participate in strategic discussions, action planning and engagement with stakeholders.

Benoit Potier, Hydrogen Chairman co-chair and Air Liquide chief executive, said: “The level of interest in this initiative has exceeded all expectations and the group's composition - including world leaders in energy, transport, industrial gas and other key areas - shows that global business considers hydrogen a vital part of energy transition efforts. I look forward to a productive meeting in San Francisco."

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Wed, 05 Sep 2018 07:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204203/afc-energy-to-join-hydrogen-council-ahead-of-global-climate-action-summit-204203.html
<![CDATA[RNS press release - AFC Energy joins Hydrogen Council ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180905070015_13778940/ Wed, 05 Sep 2018 07:00:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180905070015_13778940/ <![CDATA[News - AFC Energy receives non-refundable deposit from Southern Oil ]]> https://www.proactiveinvestors.co.uk/companies/news/201610/afc-energy-receives-non-refundable-deposit-from-southern-oil-201610.html AFC Energy plc (LON:AFC) has received the non-refundable deposit from Southern Oil as part of the recent order of one of its hydrogen power units.

The AIM-quoted firm will now start working with Southern to confirm the final scale and cost of the unit, which is to be installed at the oil refiner’s advanced biomass facility in Queensland, Australia.

READ: AFC picks up first fuel cell order from Australia

This work is expected to take around two months to complete and AFC is confident in having the system, expected to be between 200kW and 400kW in capacity, up-and-running by the end of the first half of 2019.

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Thu, 26 Jul 2018 07:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201610/afc-energy-receives-non-refundable-deposit-from-southern-oil-201610.html
<![CDATA[RNS press release - Southern Oil Refinery Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180726070018_13731770/ Thu, 26 Jul 2018 07:00:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180726070018_13731770/ <![CDATA[News - The hydrogen market could ultimately be worth US$2.5trn ]]> https://www.proactiveinvestors.co.uk/companies/news/201345/the-hydrogen-market-could-ultimately-be-worth-us25trn-201345.html The hydrogen market could be worth US$2.5trn by 2050 and become instrumental in meeting greenhouse gas emission targets, according to a leading industry group.

The Hydrogen Council – backed by a group of businesses including Air Liquide and BMW – reckons the element might ultimately help the world generate 18% of its final energy demand, creating 30mln jobs in the process.

Its use in energy storage could be the key that unlocks large-scale energy storage projects, as well as “decarbonising” transport.

It could also be key in limiting global warming to just two degrees Celsius.

US$280bn investment required

However, the investment required to achieve the targets set out by the Hydrogen Council will be significant – a total of US$280bn between now and 2030.

“This ambitious yet realistic approach would deliver deep decarbonisation of transport, industry, and buildings, and enable a renewable energy production and distribution system,” the Council said.

“To realise this vision, investors, industry, and government will need to ramp up and coordinate their efforts.”

Two industry leaders in the UK 

Here in the UK, AFC Energy PLC (LON:AFC) is at the forefront of the hydrogen revolution.

It is developing technology that converts waste hydrogen produced by the chemicals companies into power.

ITM Power (LON:ITM), meanwhile, is active on two separate fronts.

It is developing hydrogen fuelling stations for the next generation of eco-cars alongside a technology that converts electricity to hydrogen that’s used for energy storage. 

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Mon, 23 Jul 2018 14:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201345/the-hydrogen-market-could-ultimately-be-worth-us25trn-201345.html
<![CDATA[News - AFC Energy gears up for commercial push of fuel cell technology ]]> https://www.proactiveinvestors.co.uk/companies/news/200829/afc-energy-gears-up-for-commercial-push-of-fuel-cell-technology-200829.html Hydrogen fuel cell group AFC Energy plc (LON:AFC) will focus on the commercialisation of its technology over the next twelve months.

Adam Bond, chief executive, said the company has appointed FTI Consulting to carry out a review and go-to-market strategy.

READ: AFC Energy focused on slashing cost of hydrogen power

This review will also identify other potential sectors where integrated fuel cell power systems can be used to cut electricity costs.

Results from integrating partner De Nora's manufactured electrodes were encouraging even though the design of the fuel cell stack had taken longer than hoped, Bond said.

AFC and De Nora are working on extending the life of the electrodes to four years, at which point the cost of producing electricity drops substantially.

On the research side, AFC said it had now integrated its fuel cell technology with hydrogen derived from a third-party ammonia cracker under the EU ALKAMMONIA programme;

Another EU-funded programme, POWER-UP in Stade, Germany, had concluded with AFC Energy receiving its latest funding entitlement in June.

Over the current year, Bond said AFC wants to finalise terms for the fuel cell installation just announced with Southern Oil in Australia; agree the fuel cell deployment programme at Dunsfold Park and sign a mass manufacturing agreement with De Nora.

Losses for the year to April were £2.75mln (£2.69mln) with cash of £4mln at the year-end.

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Mon, 16 Jul 2018 07:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200829/afc-energy-gears-up-for-commercial-push-of-fuel-cell-technology-200829.html
<![CDATA[RNS press release - Half-year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180716070005_13718205/ Mon, 16 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180716070005_13718205/ <![CDATA[News - AFC Energy picks up first fuel cell order from Australian partner ]]> https://www.proactiveinvestors.co.uk/companies/news/200663/afc-energy-picks-up-first-fuel-cell-order-from-australian-partner-200663.html AFC Energy plc (LON:AFC) shares rocketed higher on a first commercial order from Australia for a hydrogen power unit using its fuel cells.

Southern Oil will install the unit, expected to be between 200kW and 400kW in capacity, at its advanced biomass facility at Gladstone.

READ: AFC Energy appoints new chief financial officer

Details remain to be finalised though AFC Energy plans to sell the balance of plant for its hydrogen generation unit to Southern Oil and lease the system's stack and electrodes for an undisclosed sum.

Northern Oil, a subsidiary of Southern Oil, is building a large industrial scale pilot plant where surplus hydrogen generated from the system is to be made available for consumption within a fuel cell.

Hydrogen produced from the Gladstone refinery is expected to generate power at a lower cost than its existing grid tariff.

AFC will deliver the project in the first half of 2019. 

Adam Bond, AFC’s chief executive, said: “ The order received for the Company's fuel cell system reflects the first stages of a growing pipeline of commercial fuel cell projects in country and validates the opportunities we believe to be emerging in the Australian hydrogen market.”

Tim Ross, Southern Oil’s CEO, added: “In developing the Gladstone Advanced Biofuels Pilot Plant over the last three years, Southern Oil, has benchmarked cutting-edge renewable technologies from around the world. In my mind, AFC Energy's Alkaline Fuel Cell has great potential."

AFC and Southern Oil originally agreed to collaborate on how to integrate AFC Energy’s fuel cells into a commercial power system last year.

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Thu, 12 Jul 2018 08:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200663/afc-energy-picks-up-first-fuel-cell-order-from-australian-partner-200663.html
<![CDATA[RNS press release - Southern Oil Contract ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180712070006_13714741/ Thu, 12 Jul 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180712070006_13714741/ <![CDATA[News - AFC Energy focused on slashing cost of hydrogen power ]]> https://www.proactiveinvestors.co.uk/companies/news/200590/afc-energy-focused-on-slashing-cost-of-hydrogen-power-200590.html Fuel cell specialist AFC Energy plc (LON:AFC) believes its work with partner De Nora has the potential to slash the cost of hydrogen power.

Key to this is the ability to increase the life of the electrodes within the fuel cells.

"The ability to deliver this extended operational lifetime in our electrodes is the critical factor in reducing the levelised cost of power. 

"This would be an incredible outcome not only for AFC Energy, but for the fuel cell industry and the wider hydrogen economy, and will put our technology on a comparable footing with other low carbon, baseload power generation technologies,” Adam Bond, chief executive, said last year.

AFC and De Nora, an Italian firm, have a way to go yet, but an update in January reported that a new electrode pairing had gone on test in December and was expected to exceed the predicted life of one year and might even run for two years.

Electrode upgrades

Work has also started on a further upgrade to the electrode anode and cathode pairings to enable them to run for four years.

Getting the electrodes to run for that length of time would bring the electricity costs down to below the target of US$0.10/ kWh - excluding the cost of hydrogen.

In its full-year results, Bond told investors that the fuel cell company had completed its three-year plan as promised.

“The funding put in place early in 2017 allowed us to enhance the 10kW fuel cell system design to support scaling-up of this modular design basis, complete technical milestones to deliver the longevity and reliability required for power plant application and develop the strategic partnerships to underpin the future commercial manufacturing and supply of fuel cells,” Bond said.

“With these targets met, AFC Energy is transitioning to commercial exploitation of the significant value in intellectual property that it has created; thereby becoming a key new entrant into the ever-growing clean energy revolution."

In terms of financial results, the company reported a £5.5mln loss for the year and it ended the period with £6.7mln of cash.

Commercial developments

AFC’s focus is the generation of power from waste hydrogen produced by the chemical industry.

EU-backed, the POWER-UP project is the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany.

The first commercial sale of an alkaline fuel cell system (in 2017) was for PowerHouse Energy plc’s (LON:PHE) waste gasification system.

Heavyweight backing comes from Chelsea FC owner Roman Abramovich’s vehicle Ervington, which is the company's largest shareholder. 

First Australian contract

In July, the group landed its first commercial order from Australia for a hydrogen power unit using its fuel cells.

Southern Oil will install the unit, expected to be between 200kW and 400kW in capacity, at its advanced biomass facility at Gladstone.

Northern Oil, a subsidiary of Southern Oil, is building a large industrial scale pilot plant where surplus hydrogen generated from the system is to be made available for consumption within a fuel cell.

Hydrogen produced from the Gladstone refinery is expected to generate power at a lower cost than its existing grid tariff.

AFC will deliver the project in the first half of 2019.

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Wed, 11 Jul 2018 09:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200590/afc-energy-focused-on-slashing-cost-of-hydrogen-power-200590.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180612164337_13676917/ Tue, 12 Jun 2018 16:43:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180612164337_13676917/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180612163826_13676906/ Tue, 12 Jun 2018 16:38:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180612163826_13676906/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180530120341_13659988/ Wed, 30 May 2018 12:03:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180530120341_13659988/ <![CDATA[RNS press release - Exercise of Warrants and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180523154901_13652815/ Wed, 23 May 2018 15:49:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180523154901_13652815/ <![CDATA[News - AFC Energy appoints new chief financial officer ]]> https://www.proactiveinvestors.co.uk/companies/news/196320/afc-energy-appoints-new-chief-financial-officer-196320.html Hydrogen fuel cell specialist has AFC Energy (LON:AFC) has appointed Richard Dunkley as chief financial officer.

Most recently, Dunkley was Interim Head of Finance - Business Partnering at Boots Contract Manufacturing UK.

In addition, Percy Hayball replaces Eugene Tenenbaum as the appointed non-executive representative of Ervington Investments, Chelsea FC-owner Roman Abramovich’s investment vehicle.

Ervington has the right to appoint two non-executive directors so long as it and Eugene Shvidler own over 10% of AFC’s shares.

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Thu, 03 May 2018 08:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196320/afc-energy-appoints-new-chief-financial-officer-196320.html
<![CDATA[RNS press release - Directorate and Management Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180503070004_13628121/ Thu, 03 May 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/24/LSE20180503070004_13628121/