AFC Energy reports significant progress and recent updates
AFC Energy, the industrial fuel cell power company, recently announced its interim results for the six month period ended 30 April 2012. Cash outflow of £1.5million ( compared to H1 2011: £1.7 million) resulted in a cash balance at 30 April 2012 of £4.49 million (compared to 30 April 2011 of £3.65 million)
The Board has been strengthened by addition of Ian Williamson as chief executive and Sir John Sunderland as a non-executive director
Highlights from AFC Energy during the 6-month reporting period include
- Installed two Beta systems, AFC Energy’s second generation fuel cell technology, at AkzoNobel’s chlor-alkali plant in Bitterfeld, Germany, and generating power.
- Beta+ system, engineered and optimised for volume production, commissioned and now installed for testing at Bitterfeld
- Technical and manufacturing teams strengthened
- Loan repaid by Waste2Tricity (“W2T”) and received first fee instalment of commercialisation agreement
- Awarded grant as lead partner in prestigious EU-funded Project LaserCell
Other Post Period achievements include :
- Electrode life extended past three months for the first time, a major milestone for commercialisation of fuel cells for industrial applications
- Implemented Production Unit investment in preparation of increased production of fuel cells
- In June 2012 announced intention with Industrial Chemicals Limited (“ICL”) to build UK’s largest industrial fuel cell facility at ICL in Essex
Tim Yeo, Chairman of AFC Energy, commented “The year to date has been a period of very significant progress for the Company on its road to commercialisation under our new chief executive Ian Williamson. From generating industrial power using the Beta system and extending the life of our electrodes we have moved rapidly to deploy our commercial Beta+ system for trialling on-site with AkzoNobel, our long-standing partner. The recent agreement with ICL is testament both to that evolution as well as the attractiveness of AFC Energy’s commercial model. We are working with a number of high quality partners who recognise the potential that AFC Energy’s fuel cell offers their businesses. We are fully focused on achieving our goal as quickly as possible and the Board continues to look to the future with increasing confidence”.