Preliminary results to 31 October 2007
March 17th, 2008
AFC Energy develops low-cost fuel cells for industries that produce waste hydrogen as a by-product. This hydrogen is used by AFC Energy’s fuel cells to produce clean electricity.
AFC Energy’s fuel cells use reduced levels of precious metal and the Company has a clear route to commercialisation by selling fuel cells directly to the end-user. Akzo Nobel is AFC Energy’s first customer.
HIGHLIGHTS
- Successful admission to AIM, raising proceeds of £3 million before expenses
- Contract won with Akzo Nobel to provide financial support for fuel cell development and commitment to purchase fuel cell systems
- Development of fully scaled single cell prototype that will be used in the 3.5kW, 50kW and 200kW systems
- Delivery of first fuel cells to Akzo Nobel scheduled for August 2008
Gerard Sauer, Chief Executive, AFC Energy said:
“The IPO of AFC Energy has given the Company greater visibility amongst industrial companies looking to reduce their energy costs.
“We are experiencing increasing interest from potential customers who are keen to use our fuel cells to produce clean electricity from their hydrogen that would otherwise be vented off into the atmosphere.
“As AFC Energy moves into a production phase ahead of delivery of our first fuel cells to Akzo Nobel, we continue to make technological improvements to drive down the cost of our fuel cell components.”
Read the full press release - Preliminary results to 31 October 2007 (PDF)