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AFC Energy
- BY: Andrew Hore |
- POSTED: 27/01/2010 |
- COMMENTS: Add yours
Centrica has ordered 250kW of fuel cell systems from AFC Energy but the terms of the agreement won’t be finalised until 2011.
The fuel cell systems are for an unnamed “flagship project”. Alkali fuel cell developer AFC still needs to complete the development of its 50kW fuel cell system, which is expected in 2011.
Centrica was attracted to the electricity conversion efficiency of up to 60%. That is better than fossil fuel generation – in fact almost twice the efficiency of combined heat and power turbines. Centrica has backed Ceres Power in the domestic fuel cell boiler market.
The news sparked a 0.75p rise in the share price to 14.5p, valuing AFC at £21.6m. The shares are more than eight times the price they were one year ago.
AFC has already signed up Air Products as a partner in its SuperGreen Power Station product. This follows an outline agreement with WSP Group involving the setting up of a power station based on AFC’s fuel cells.
A 50kW demonstration power station will be built, then additional commercial backing will be needed to build a 1MW power station.
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