News blog

AFC Energy

BY: Andrew Hore |
POSTED: 07/01/2010 |

Alkali fuel cell developer AFC Energy says that it has a non-binding agreement with WSP for the possible construction of a power station based on AFC technology.

Shares in AFC rose 1.75p to 12.25p each, which values the company at £18.3m.

The initial intention is to demonstrate that a 50kW hydrogen fuelled station works and then to enlarge it to 1MW. AFC believes the power station will be twice as efficient as combined heat and power turbines.

AFC also has an exclusivity agreement with ASX-listed Linc Energy, which wants to use AFC’s technology in underground coal gasification projects.

AFC delivered a 3.5kW version of its fuel cell system using waste hydrogen from chlorine manufacturing to AkzoNobel at Bitterfield in Germany on 16 April 2009. On the 22 June 2009 the system produced its first electricity. The test also demonstrated the ability to use the electricity in AkzoNobel’s on-site grid as well as remote monitoring of fuel cell performance. A field test of lower cost, non-platinum electrodes has been completed.

An upgrade to AFC’s Surrey facility will cut the time taken to develop electrodes and give the company the ability to manufacture 1,000 electrodes a day. Dr Richard Dawson has been recruited from Ceres Power to work on developing new systems.

Ian Balchin was appointed chief executive in November 2009. At the same time Allenby was appointed joint broker. Astaire remains nominated adviser and joint broker. One month later AFC raised £2m net of expenses at 10p a share. All four executive directors and two non-executives invested in the placing.

The cash will be spent on development. AFC believes that it will have its first large scale commercial fuel cell system product available during 2011.

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