http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

i have this stinker in my sipp where it shall lay until death or resurrection
certainly did not throw any money at the rights issue

AFC is my worst performing share. Well, apart from the other 50! :o)

Over Subscribed Open Offer and Director Shareholdings
AFC Energy, the industrial fuel cell power company, is pleased to announce that the Open Offer to raise up to approximately £2.1 million at 10 pence per share has been oversubscribed by 56.9% and that the Company has successfully raised £2.1 million through the Open Offer.

The Open Offer closed for acceptances at 11.00 a.m. on 2 March 2017 and the Company received valid acceptances in respect of the entirety of the Open Offer Shares from Qualifying Shareholders. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications under the Excess Application Facility will be scaled back in accordance with the terms of the Open Offer.

The Company has therefore raised aggregate gross proceeds of £2.1 million through the Open Offer.

RNS of first commercial order so to speak , lets hope it's the start of something .

Delivery of First Commercial Order for Small Scale Fuel Cell System from PowerHouse Energy
AFC Energy (AIM: AFC), the industrial fuel cell power company, wishes to announce it has received confirmation from PowerHouse Energy plc ("PowerHouse") of the Company's first commercial sale of a small-scale alkaline hydrogen fuel cell system. In accordance with the order from PowerHouse, AFC Energy will deliver the system once all parties are satisfied and it is confirmed that the PowerHouse G3-UHt Ultra-high temperature waste gasification system has been successfully recommissioned and is generating a hydrogen stream specification appropriate for the operation of the AFC Energy proprietary fuel cell system.

The confirmation of order is made in accordance with the agreement between AFC Energy and PowerHouse announced to the market on 4 April 2014 for a small scale (then Beta scale) fuel cell system. Subject to the successful recommissioning of the G3-UHt unit, the system is expected to be delivered to the Thornton Science Park in Chester in the fourth quarter of 2017 with the intention of demonstrating the technical integration of the AFC Energy fuel cell system with PowerHouse's G3-UHt system, which is presently en-route from Australia to the UK. AFC Energy will be able to access test data from the integrated system as it relates to the fuel cell once commissioned on an on-going basis.

If successfully demonstrated at the Thornton Science Park in Chester, PowerHouse's modular and distributed power generation from waste technology has the ability to be rolled out across a number of additional locations in the UK and internationally.

Adam Bond, AFC Energy's Chief Executive Officer, said: "Powerhouse Energy's order confirmation today for its first small scale fuel cell system builds on a number of significant opportunities AFC Energy is developing internationally for its fuel cell systems. It further evidences the growing number of opportunities for AFC Energy right here in the UK where growth in and momentum behind the hydrogen economy is becoming increasingly real".

market is markedly underwhelmed

Thornton Science Park is not far from me so I will nip down there in November to peer through the window, see what's going on. Probably filling jars with jam! :o)

Cantor has put a 68p target on it , down from 77p . Maybe when all this open offer stuff is out of the way ? .

Looks like it is about to break lower

Yes this could get a kicking today , the three monthly report supposed to appear end of March , if it's same old stuff then woosh .

this has always been a "lock away" stock
it may or may not come good in several more years

Well a good De nora update and quarterly newsletter just need those contracts , but to buy at these levels for someone new could be bargain in 18 months .

StockMarketWire.com
AFC Energy has announced an expansion of its strategic collaboration with De Nora.

AFC Energy and De Nora announced a joint development agreement in August 2016 which was undertaken with the principal aim of targeting technological advancements to AFC Energy's fuel cell system and to further accelerate commercialisation of AFC Energy's technology platform.

AFC Energy said the intense first phase work programme agreed between the two companies had now been successfully completed and they were now expanding the collaboration.

AFC Energy and De Nora said that as part of phase 2 they expected to finalise the design of a commercial fuel cell electrode and stack during the current year for commercial application which was capable of mass automated production with warranted performance metrics.

AFC chief executive Adam Bond said: "I am delighted to announce the continuation and indeed expansion of our strategic collaboration with De Nora.

"We have been most impressed at the quality and capability of De Nora since first meeting the organisation in 2016 and since then, our two organisations have worked tirelessly in progressing the Company's fuel cell platform.

"De Nora's manufacturing know how, scale up capability and ability to warrant electrode performance further validates AFC Energy's product offering and potential global reach."

AFC Energy also said it would update shareholders at the annual general meeting today on the positive progress the company had made against the three-year accelerated plan to commercialisation for the fuel cell technology platform announced in 2015 and give an overview of advances made in delivering the AFC Energy technology platform across the past twelve months, including: - achieving a material increase in longevity to the fuel cell stack and electrode performance without a necessary reduction in power and closing in on 2,000 hours of continuous operation at stack level;

- significant reduction in electrode failure rate;

- the importance of reducing hydrogen grade acceptance into the fuel cell system without compromising performance;

- consistent test results showing fuel cell availability over the internal 90% target

This looks more like the sort of news we need , todays RNS sounds good let's hope there's more to come .

peeps having been saying that about AFC for 2/3 years and will need to keep believing for at least another 4/5 years, meanwhile hoping the company does not collapse

AFC Energy Extends Presence into European Power Market at the Covestro Industrial Park Brunsbüttel

AFC Energy is pleased to announce it is expanding its position into the German power market following commencement of engineering works for the deployment of an initial 1MW proprietary fuel cell system at the Covestro Industrial Park Brunsbüttel, owned by the Covestro Deutschland AG ("Covestro").

Preliminary engineering work commenced in Brunsbüttel, Germany, on the 6th April 2017 with representatives from Covestro (formerly Bayer Material Science), plantIng GmbH ("plantIng") and AFC Energy present.

The engineering work, designed to review whole of system engineering, integration and project costing, is being led by AFC Energy and is framed around the installation of an initial 1MW alkaline fuel cell system at the Brunsbüttel site with hydrogen sourced from Covestro's hydrogen grid. Power generated would be sold into the local power grid under long term power purchase agreements. Proximity of the Company's fuel cell system to the hydrogen source also offers the potential to materially expand the project in due course.

This scheme is very much consistent with AFC Energy's focus on partnering with large energy intensive industrial partners to utilise surplus industrial grade hydrogen from localised facilities to generate long term, clean power with a resultant reduction in environmental greenhouse emissions.

Importantly, work conducted in recent months at AFC Energy to demonstrate acceptance of lower industrial grade hydrogen in the fuel cell, together with the material improvements evidenced in fuel cell longevity, power output and stack design, are all critical to the initiation of this project. It further validates the importance of these technical breakthroughs for AFC Energy in advancing commercial deployment opportunities.

The engineering work underway includes assessment of:

· the utilisation of hydrogen from Covestro´s hydrogen sources to generate an initial 1MW of power using AFC Energy's fuel cell systems;

· potential further expansion of the fuel cell plant into a larger-scale commercial installation and power output therefrom; and

· integration of the Company's fuel cell system with other innovative third party technologies.

The review will be conducted over several months with input from all partners.

Mr Adam Bond, AFC Energy's Chief Executive Officer, said: "AFC Energy is pleased to strengthen our position in the German power market at Covestro Industrial Park Brunsbüttel. Covestro and AFC Energy have been in dialogue for much of 2016 with regards the potential siting of an AFC Energy fuel cell system at the Brunsbüttel facility, one of the largest of Covestro's 30 industrial parks around the world, and we hope to see this relationship extend over many years and be a catalyst that will drive momentum behind fuel cell deployment not only in Germany, but also the rest of Europe."

New RNS strengthening the Board , let's HOPE that they are gearing up for something good soon , otherwise why add to the board .

dismal sums up this one
i have some tucked away in my sipp where it is classed among the stinkers

I'm trying to keep my chipper up .

Interim results out , getting closer to the crunch time , but encouraging .