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AFC Energy
- BY: Andrew Hore |
- POSTED: 28/08/2008 |
AFC Energy expects to soon deliver its first fuel cells to Akzo-Nobel.
The two fuel cell systems will use the by-product of the chlorine produced by Akzo-Nobel as fuel.
AFC shares rose 0.25p to 7.25p, which values AFC at £9.26m.
In the six months to April 2008, AFC lost £1.28m. There was £952,000 in the bank at that time and, in May, AFC raised £4.4m gross at 11p a share. After this placing AFC had £4.7m in the bank.
Blue Oar forecasts AFC will lose money in the year to October 2008 and the following year. AFC could do better than that next year if it manages to sell more fuel cell systems to Akzo-Nobel. Blue Oar assumes 2008-09 revenues of £280,000.
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