News blog
AFC Energy
- BY: Andrew Hore |
- POSTED: 11/11/2008 |
AFC Energy’s chief executive is leaving and the fuel cell developer has still not delivered the first system to Akzo Nobel.
AFC jumped the gun at the end of August 2008 when it announced it had delivered the first system and then had to correct that statement. A work programme is being undertaken by AFC’s technical team in order to assess the fuel cell system. This should be completed in the next few weeks. AFC will then be able to indicate when it will be able to deliver the first system to Akzo Nobel.
AFC has developed alkaline fuel cells and identified the chlorine sector as a key market. Hydrogen is a by-product of the production of chlorine therefore it makes sense for the producers to use that hydrogen to fuel their plants. AFC has designed its first product for this particular market. Akzo Nobel is testing the system and it has 12 plants in Europe and is the fourth largest chlorine manufacturer on the continent.
Chief executive Gerard Sauer is leaving and former Stanelco boss Ian Balchin will take up the position of interim managing director. He will be part time and a permanent appointment will be made later. Terry Walsh will become commercial director focused on chlor alkali, waste to energy and petrochemical sectors. Balchin and Walsh will not be on the board.
In May 2008 AFC raised £4.4m at 11p a share. At the end of October there was £3.8m in the bank.
At 4.5p a share, AFC is valued at £5.75m.
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