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AFC Energy
- BY: Andrew Hore |
- POSTED: 06/07/2009 |
- COMMENTS: Add yours
AFC Energy has decided to focus on the energy supply company (ESCO) model for its fuel cells.
This means that customers will supply hydrogen to AFC and it will convert that into electricity and sell it to the customer or the grid. The Chlor-alkali sector remains the initial target market.
AFC delivered a 3.5kW fuel system to AkzoNobel at Bitterfield in Germany on 16 April 2009. On the 22 June 2009 the system produced its first electricity. This system will be brought to full commercial operation. This will spark increasing interest from other Chlor-alkali companies.
The design of the fuel cell system has been simplified and made cheaper. Beta testing of electrodes will take place before the end of 2009.
There is £2.55m in cash in the balance sheet at the end of April 2009. That is down from £3.61m at the end of October 2008.
If Waste2Tricity raises funding for its operations then it will pay AFC an initial licence fee of £1m. Waste2Tricity is using AFC’s fuel cell technology for its system that converts municipal waste to energy.
The AFC share price rose 0.25p to 8.5p a share, which values the company at £10.9m.
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