http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

AFC's KORE Fuel Cell System Achieves Landmark Operation in Stade, Germany


Highlights
· Successfully commissioned and commenced operation of first KORE fuel cell system in Stade, Germany
· Historic Milestone 9 achieved - Phase-1 POWER-UP programme
· AFC still on target to achieve first full commercial scale operability of KORE module (final Milestone 11) in late 2015

This bit is fantastic news.

On Friday, 31 July 2015, a peak output of 7.56kW from a single operational cartridges (one of 24), with this cartridge intentionally operating at less than full capacity as envisaged within the POWER-UP commissioning programme. Importantly, when the original POWER-UP milestones were devised and announced to the market on 8 December 2014, the initial output target of the KORE by the end of July 2015 was set at 7.5kW to 15kW, however this was based on a forecast of two cartridges. To achieve this target with just one cartridge is great news for the technology.

So with a single cartridge achieving 7.56kw, that equals 15.12kw from 2 cartridges which is at the top of expectations.

So targets are not just being achieved, they are being met at the top envisaged.

Super share well done.

A bit disappointing. Was hoping for a better market reaction. Maybe just the time of year!

Hi Harrycat,

I think that most of this was already priced in although no doubt many like myself never count our chickens ect, so that's probably why the small increase in sp.

No doubt orders will now start to flow in with end of year showing that flow turning into a flood, with the proviso of course that things proceed as planed.

Mind you with 9 of the 11 targets reached, I can't see any reason why they won't.

Still don't count those chickens quite yet.

Regards Greek.

it's also a very lacklustre day with few blue

Well...it's a buy this share.....no doubt.....

Already bought loads, so it's a 'Hold' for me rf!

Ditto...but might add.....

Looks like the 'capacity' of the share price rise was short lived!

This share is like Marmite, you either hate it or love it; I think I'm beginning to hate it but on the other hand I like Marmite!

The market is playing silly burgers again with the sp again.

A level playing field my arris, I would bet good money that there will be a big order to fill sometime this week.

How the hell can a RNS such as todays warrant a fall in the sp, surely there is no way on earth that the company can be valued at a lower valuation after said RNS than before it, and remember the result of power output from one single cartridge was better than expected.

We can only be thankful that the power output was not 10 times as expected otherwise the sp would have dropped further.

But.........I am not worried as we all know where the sp will be in 12 months to 2 years and that is something the market can do nothing about.

I still keep my 100p end of year target.....in fact, crazy as it sounds : imagine if there were hundreds of stacks like the one in Germany !.....400p plus would be the order of the day.....we are not there yet but this looks like another GKP in terms of possible sp performance !....

GKP?????............the GKP sp has crashed & burned! Lets hope AFC does the opposite.

I meant when it (GKP) was in its ascendancy.....

Down 7% so far today. Rf.....no more mention of GKP please!!!! ;o)

G....ooopps...sorry......

sp has no doubt slipped away merely on "sell the news" syndrome ..... thus, if you believe in the product, then this could be seen as a buying opp, though certainly a share to tuck in the drawer

Difficult to know the best entry point.

if your're holding long term, i guess the odd penny doesn't matter much
if the product proves good, the sp will (eventually) zipp upwards, and if the reverse, then the reverse