Fuel Cell Developer AFC Energy Announces Year End Shareholder Meeting and Positive Results
Fuel Cell Developer AFC Energy Announces Year End Shareholder Meeting and Positive Results
author Added by FuelCellsWorks, March 07, 2018

Final Results and Notice of AGM

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce its final results for the year ended 31 October 2017.

FY17 Highlights

  • Successful fundraising of £8.1 million before expenses, including support from significant UK institutional investors
  • Appointment of Jim Gibson as Chief Operating Officer and John Rennocks as new Non-Executive Chairman to drive the Company into its commercial growth phase
  • Extended the strategic partnership with Industrie De Nora S.p.A. ("De Nora") for electrode development and collaboration, with a strong ongoing commitment from De Nora into AFC Energy's technology platform
  • De Nora partnership demonstrating a significant increase in working lifecycle of electrodes with consequential reduction in the per kWh cost of power from the AFC Energy fuel cell system
  • Material reduction in fuel cell cost structure through removal of solid nickel plate from the enhanced fuel cell system design
  • Roadmap identified to a target Levelised Cost of Electricity from AFC Energy's fuel cell system below US$0.10/kWh (excluding the cost of hydrogen), one of the lowest in the industry
  • Completed basic engineering of >1MW AFC Energy fuel cell system 
  • Agreed to partner with Covestro Deutschland AG ("Covestro") on engineering and integration for a 1MW fuel cell deployment that will use surplus hydrogen from Covestro's German operations
  • Commenced engineering and design for up to a 1MW fuel cell system that could power 2,600 homes in a new residential and industrial development in Dunsfold, Surrey
  • Operating loss of £5.5 million (2016: £6.3 million)
  • Cash reserves at 31 October 2017 of £6.7 million (31 October 2016: £2.9 million)

Post Period Highlights

  • Successful development and operational validation of the enhanced fuel cell system and cartridge basis of design in December 2017
  • AFC Energy fuel cell system now achieving majority of P.L.A.C.E. (Power, Longevity, Availability, Cost and Efficiency) commercial metrics, positioning 2018 as an important year in taking the product to market

Adam Bond, CEO of AFC Energy, commented: "In 2017 we completed our three-year plan with the deliverables we 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. 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."

Notice of AGM

AFC Energy also today gives notice that its Annual General Meeting will be held at Chelsea Football Club, Stamford Bridge, Fulham, London SW6 1HS at 12 p.m. on Tuesday 24 April 2018.

The Annual Report and Accounts and Notice of AGM will be sent to shareholders in late March and will be available for download from the Company's website, www.afcenergy.com, at that time.