Alkaline fuel cell technology developer AFC Energy believes that it will be able to deliver a working fuel cell system to Akzo Nobel during 2009.
AFC reported an increase in losses from £1.87m to £2.96m in the year to October 2008.
AFC continues to move towards completing its project with Akzo Nobel, which has remained supportive. AFC has also agreed in principle to sell a licence to Waste2Tricity, which will use it as part of its system to convert municipal solid waste to energy. AFC is negotiating with other potential customers.
There was still cash of £3.61m in the bank at the end of October 2008. This has fallen to £2.9m. At 1.625p a share, AFC is valued at £2.07m. The NAV is £4.7m.
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