Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

AFC Energy boss Adam Bond “extremely pleased” as fuel cell commercialisation nears

AFC is ‘on track’ for the unveiling of a commercially deployable fuel cell by the end of 2017.
Finger pressing power button, turn on
Initial commercial demos are expected later this year

AFC Energy plc (LON:AFC) boss Adam Bond has told investors he is “extremely pleased” with the group’s strong technical progress.

Specifically, AFC is working towards and is ‘on track’ for the unveiling of a commercially deployable fuel cell by the end of 2017.

It is collaborating with partner Industry de Nora to improve performance and longevity in its fuel cells. AFC said it is seeing ‘significant technical progress’ measured against its metrics of commercialisation – namely performance, longevity, availability, cost and efficiency.

In today’s half year results, Bond, the technology and engineering group’s chief executive said: “I am extremely pleased with the very strong technical progress made by AFC Energy during the first six months of this year, particularly underpinned by the collaboration agreement with De Nora.

“The company has a strengthened balance sheet following the fundraise in March 2017, has commenced engineering studies on deployment projects, and strengthened its leadership team, positioning the company well for the aggressive work programme set for initial demonstration of commercial operating parameters by the end of 2017."

AFC reported a cash balance of £8.4mln at the end of the six months, April 30, and noted that during the period it was supported by a successful £8.1mln fundraise and receipt of €900,000 under the European Union Fuel Cells and Hydrogen Joint Undertaking arrangements.

The company also noted its other development initiatives during the period including engineering studies in Germany and the UK, and highlighted there are several other commercial projects which are under evaluation.

View full AFC profile View Profile

AFC Energy PLC Timeline

Related Articles

Honda car
August 22 2018
Ceres has signed five collaboration deals in two years
July 12 2018
Work with partner De Nora has the potential to slash the cost of hydrogen power.
Uskmouth power station
June 27 2018
The City broker’s analysts noted the transformation of tidal power firm Atlantis Resources into a major renewable energy development company with a pipeline of strong assets following the acquisition of SIMEC Uskmouth Power Limited

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors 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.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use