http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Closed Position T +7 @ 26.94p

I always seem to sell too early, though a profit is always welcome, but think I will try and squeeze a bit more out of this. My target is somewhere between 29p-32p.....fortunately I can watch it most of the time if needs be.

The early spike this morning was a signal that could be the end of the rise for the moment being.

Why did not sell then?
I was not on the screen till 9.10am and by then everything did happen, up and down again, so I looked for the next good movement up to sell them.

Share price was well ahead of Bollinger Band top Band

I can't complain, bought at 16.025p and sold at 26.94p so a 66.70% gain on 13 days and I did not have to pay for the stock.

Good to see this rising at long last.....still cannot believe how the sp slumped like it did....anyway....long may the rise continue.....

AFC Energy said on Friday its finance director Christopher Tawney will step down from the board with immediate effect to pursue other business interests.
The company said it has appointed a senior financial controller who will absorb the roles performed by Tawney.
"Christopher joined AFC Energy in 2014 and the board would like to thank him for the contribution he has made to the business in the last two years," AFC said in a statement.

Well well, it looks like I did well on taking profits 2 weeks ago, is already well down since at 22.125p

With time will be a buy again

Seems to be on the rise.
Hopefully we will see 28p again!

AFC Energy Quarterly Newsletter - September 2016

Firstly, its OK looking for further prospective customer areas, but what we want is 'one of those customers from AFC's select list of around 6 to 8 that they mentioned a couple of years ago to sign on the dotted line, otherwise what's the point of chasing even more potential customers when the capacity to deliver would not be there.

But the following extract is by far the most important, 'during the past three months, through improvements in stack design and build quality delivered through the Gen2 development programme, we have achieved over 180% improvement in fuel cell stack continuous operating hours and over 320% improvement in total stack running hours over the past quarter'.

Perhaps my impatience is showing through once again, but if the product does as it says on the tin why can't they sell it.

18p - 3.50p

Jam tomorrow it seems for some of you holding for long term and waiting for the share price to do better.

My strategy to wait for the cycles of the share price and then take profits, has worked so far as the company strategy is not yet well clear.

Bought some at 20p

Chart of the last couple days is giving a signal of the low on this cycle has been reached on the spike last Friday ( 4 days ago).

AFC Energy shares could rally up to 30p says technical analyst Zak Mir - 12:10 31 Oct 2016

AFC Energy plc (LON:AFC) has recently been on the front foot in terms of its ‘fundamentals’ and that’s reflected in the fuel cell group’s share price, according to technical analyst Zak Mir.

The chartist says the chart shows a ‘quite encouraging situation’ and, significantly he reckons the price can rally nearly 50% before the end of the year.

Whilst in the immediate term he expects the price to consolidate at current level of 17p, he expects a move higher (above 19p) could spark a run up to around 30p per share before the end of 2016.

Http://www.proactiveinvestors.co.uk/companies/stocktube/6291/afc-energy-shares-could-rally-up-to-30p-says-technical-analyst-zak-mir-6291.html

AFC Energy Successfully Completes Generation 2 Fuel Cell Testing -
Achieves Milestones 1 and 2 of 2016 Strategic Milestones and Demonstrates Ability to Operate on Lower Grade Hydrogen

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has successfully completed the development of its Generation 2 ("Gen2") fuel cell system. The Gen2 system incorporates design changes to extend the operating life of the fuel cell stack whilst increasing stack availability* and reducing stack cost. These features represent three of AFC Energy's key metrics of commercialisation, relative to the KORE fuel cell system commissioned in Stade in January 2016.

The successful delivery of the Gen2 design follows testing of multiple fuel cell stacks at Stade, Germany and Dunsfold, UK, to deliver power continuously for a period in excess of one month, each at high levels of availability. Two of these stacks continue to generate power today.

Confirmation of the Gen2 stack design improvements, and testing multiple stacks continuously in excess of one month, have together successfully delivered Milestones 1 and 2 of the Company's eight 2016 strategic milestones (in addition to those achieved earlier in the year) announced in March 2016 and are therefore key to being able to meet the expectations of project partners.

The improved Gen2 technology platform reflects the efforts of AFC Energy's technical team this year and is the sole application of proprietary AFC Energy technology.

Collaboration with the Company's Joint Development Agreement ("JDA") partner Industrie De Nora S.p.A. ("De Nora") has created material opportunities for further improvements to AFC Energy's technology package, as demonstrated by work undertaken with De Nora since August 2016.

In addition to the Gen2 fuel cell stack demonstration, the Gen2 testing programme demonstrated a further two key incremental outcomes, which show that AFC Energy's fuel cell system is:
1. capable of accepting lower grade hydrogen relative to the laboratory standard hydrogen (99.999%) that has been used at the Company's testing facilities since 2006. This provides multiple key advantages including the opening up of new lower grade hydrogen source opportunities and partners internationally, thereby increasing AFC Energy's addressable market potential, whilst also lowering the likely cost of hydrogen in commercial applications. Lower priced hydrogen will directly affect the cost of electricity generation and the economics of AFC Energy's system across different market segments internationally; and
2. cycles (on and off) with total operation of a cycled stack for over one month at greater than 90% availability (albeit with expected gradual levels of degradation after each cycling event).

More details of each Milestone are provided in the Appendix.

Adam Bond, AFC Energy's Chief Executive Officer, said:
"The accelerated and diligent progress AFC Energy has made over the last nine months in delivering our Gen2 fuel cell system has been remarkable. The technical progression achieved materially supports our discussions with prospective commercial partners and in being able to utilise lower grade hydrogen has the potential to reduce the final cost of electricity generation from AFC's systems. These two milestones, in addition to those achieved earlier in the year, positions us for delivery of commercial contracts which we continue to pursue and in turn provides the traction needed with our partners for the deployment of units and the fulfilment of the outstanding 2016 milestones.

I would like to take this opportunity to thank AFC Energy's technology team, the Air Products team in Stade, and plantIng for their efforts in achieving these milestones and for their commitment to supporting AFC Energy's product development and validation at Stade."

⃰ Defined as the amount of time the fuel cell stack is available to generate power over a given period of time.

Not knocking this RNS, as there is nothing to knock, it's all good.

So my main worry is that AFC continue to advance the fuel cell, whilst holding back from putting it out to potential customers.

I would have thought that as there is a queue of such potential customers (according to RNS's years ago), it shouldn't be more than a couple of weeks before a contract is signed.

I think apart from the lack of such a contract along with the possibility of continuing to improve before becoming a commercially sold product, is what has stopped todays news resulting in an SP much higher than at present.

If AFC delay commercialisation every time an advancement in their fuel cell is achieved all they will end up with is the best fuel cell possible that is left sitting on a shelf, awaiting yet another improvement.

StockMarketWire.com
AFC Energy has signed an agreement with Peel Environmental Limited to assess the techno-economic feasibility of the UK's largest hydrogen fuel cell precinct at Peel's Protos industrial park.

Protos is located between Manchester, Liverpool and Chester and will deliver 250 hectares of industrial development in the North West of England.

It represents a strategic cluster of businesses encompassing energy intensive industries with associated supply chains and importantly, reflects Peel's vision for an energy generation hub that provides secure, low carbon and low cost energy generation to its onsite facilities.

AFC Energy will conduct the assessment in collaboration with Peel and other third party partners to review a range of hydrogen sources and offtake arrangements and work with local stakeholders that will see a proposed phasing of fuel cell projects at Protos commencing at 1MW through to an estimated 35MW to 50MW of installed capacity at the site.

I appreciate the patience required a bit more when I look at the following,

http://www.fuelcelltoday.com/history

Note that the timeline starts at 1801 and the final date is 2009.

Be nice if the next entry is 2016/17 'AFC Fuel Cell takes the world by storm', with ABs name credited to it.

Remember that classic Guinness advert 'Good Things Come to Those who Wait' where patience is rewarded.

Well I am looking more and more like that bloke on the surfboard as I wait.

Hopefully that long awaited wave is coming!


https://www.youtube.com/watch?v=Y9znA_dwjHw

If you have 8 minutes to spare, this is the CEO of AFC being interviewed:

http://www.proactiveinvestors.co.uk/companies/stocktube/6503/afc-energy-plc-to-play-its-part-in-the-northern-powerhouse-initiative-6503.html

I bought some at 16p a bit earlier there was only 10K on the offer side order book, so they were asking for premium of 16.2p at the platform, ask the broker to go to the Market at the limit 16p on a T+20 and got it.

Lets see if more of the losers can be recoup, before the end of the day

The last couple days large falls got the stock well under the lower Bollinger Band, at this point they say is buying opportunity, before it goes level with the band, though it can keep dropping