AFC Energy Plc Progress Update (6117Y)
September 10 2015 - 02:01AM
UK Regulatory
TIDMAFC
RNS Number : 6117Y
AFC Energy Plc
10 September 2015
10 September 2015
AFC Energy PLC
("AFC" or the "Company")
Progress Update
Highlights
-- AFC remains on target to deliver on each of its two final
Milestone's at Stade, namely Milestones 10 and 11, in accordance
with earlier timeframes
-- The Company continues to develop its commercial pipeline of
opportunities with its current and prospective partners
internationally
AFC Energy plc (AFC.L), the industrial fuel cell power company,
is pleased to announce the following progress update. AFC can
confirm that at this time, following the successful commissioning
of the KORE system in Stade, Germany on 31 July 2015 and the
associated power output achieved at the time of commissioning, it
remains on target to achieve Milestones 10 and 11 of the 11
Milestone programme announced to the market on 8 December 2014.
These Milestones, including the generation and sale of power into
the German electricity grid, and for the first time, generation of
the full nameplate capacity of the KORE system (240kW), are
expected to be achieved in accordance with earlier announced
timeframes in 2015. The Company's staff and subcontractors are
currently on site in Stade finalising works necessary to deliver
Milestone 10 and at this time, there is no reason to suspect this
will not be achieved within the announced timeframe.
The Company also wishes to confirm that it continues to make
progress in the development of its fuel cell catalyst and at this
time, has seen further recent improvements in the power output
generated from the cells as compared with that currently being
trialled in Stade; this provides further confidence that the AFC
fuel cell will be in a position to achieve its targeted capacity
output of the KORE by the end of 2015.
Furthermore, ongoing dialogue is occurring with existing and
prospective commercial partners and at present, we hope to be able
to make further updates to the market on the progress across these
opportunities over the coming months. We remain confident that the
scope of the Company's pipeline, being an expected 1GW of capacity
under development or in operation by the end of 2020 will be
delivered and indeed, most likely exceeded.
Mr Adam Bond, AFC's Chief Executive Officer, said: "At this
time, we wish to reassure shareholders that AFC remains on target
to deliver on its key milestones announced in December 2014. We
will provide further updates to the market on the KORE system at
Stade and other commercial developments in the near future."
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 20 3697 1209
Zeus Capital Limited - Nominated Adviser and Joint Broker
Phil Walker, John Treacy
Alex Davies, John Goold +44 (0) 20 7533 7727
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Lionsgate Communications - Public Relations
Jonathan Charles, Rachel Rigby +44 (0) 7855 946972
About AFC Energy
AFC Energy plc is fast approaching commercialisation for its
proven low-cost alkaline fuel cell system ("KORE"), which converts
hydrogen into 'clean' electricity. AFC's key project POWER-UP will
demonstrate the world's largest alkaline fuel cell system at Air
Products' industrial gas plant in Stade, Germany. The date for the
demonstration of the 240kW KORE system has been fast tracked to
December 2015, representing the final phase of AFC's
pre-commercialisation technical development programme and creating
the platform for the Company's global commercial fuel cell
deployment. For further information, please visit our website:
www.afcenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
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