http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

11 June 2007

AFC Energy plc

Low-cost, alkaline fuel cell company with clear route to commercialisation


MOU to produce clean energy signed (including US$13.5 million initial order),
exclusive supplier relationship and manufacturing JV with the government of
Indonesia.


AFC Energy plc ('AFC Energy' or 'the Company') has entered into a Memorandum of
Understanding ('M.O.U.') with the Government of Indonesia, and specifically with
the State Ministry for Development of Disadvantaged Areas of the Republic of
Indonesia.

The M.O.U. relates to the CIUP (Community Integrated Utility Program) project
that aims to provide 32 million households with the ability to produce
electricity and potable drinking water over the next 10 years. AFC Energy has
been appointed as the exclusive fuel cell supplier to this program, whether with
AFC Energy proprietary fuel cells or as an agent for third party fuel cells.

The M.O.U. contains an initial order totalling US$13.5 million for three
thousand 3.5kW systems at US$4,500 per system. Supplies are scheduled to begin
around the fourth quarter of 2008. The primary trial of 3,000 units will be in
the Nabire-Papua region.

The M.O.U. also confirms that both parties undertake to enter into a joint
venture to establish, within 18 months, a manufacturing facility in partnership
with a number of interested Indonesian corporations. The intention is that over
the following 8 - 10 years up to six million 5kW units could be manufactured.

A deposit of US$3.15 million will be paid within 30 days of the signing of the
M.O.U. in order to assist in financing and accelerating the new project.

It is intended that AFC Energy will fund the development of the manufacturing
facilities required to fulfil this project with funds provided by a number of
high profile public and private multinational companies. AFC Energy is engaged
in early stage discussions with several parties in this respect.

Ir. Tatag Wiranto MURP, Indonesia's Deputy Minister for the Development of
Disadvantaged Regions said: 'We are pleased to commence this program now that we
have identified a low-cost solution to the fuel cell component of the project.'

Howard White, AFC Energy's Business Development director said: 'We are delighted
to have been chosen exclusively to supply the fuel cell component for this
landmark. The project, developed by Prof. Dr. Ir. Reginald A. Theijs, Senior
Advisor to the Deputy Minister for Economic & Private Business Development, is
groundbreaking in that it addresses existing shortages of the fundamental
commodities in Indonesia, electricity and potable water.

'The program will utilise bio-mass and other renewable sources to produce
hydrogen for AFC Energy's fuel cell to convert the hydrogen to electricity, and
some of the electricity to run reverse osmosis potable water production units.'

'The program has been designed to achieve a payback period of between three and
five years on the installed equipment. This would mean that the program is
financially self funding after the initial build up period. This project will be
part of the CIUP.'

Gerard Sauer, Chief Executive, AFC Energy said: 'This M.O.U. is further evidence
of our strategy to develop and manufacture low-cost high volume fuel cell
products working well. There is ample evidence that the market place will expand
if the right commercial conditions can be created.'

Maxi Gunawan, co-chairman of the IBBC (Indonesian British Business Council)
said: 'This agreement is a showcase project that embodies the ideals that were
expressed in the joint statement made between the UK and Indonesian Governments
represented by Prime Minister Tony Blair and President Susilo Bambang Yudhoyono
in enhancing bi-lateral relationships in trade and investment.'

Nice 20% rise over the last three days.

Just wondered if AFC had come on anyone's radar? I've picked up a few a couple of weeks ago-kinda would like other's input.

hi Bugz got in at just under 24 for a small holding, liked what I saw about this float but been wrong before

Panic, nice to see someone else in! :-)

Yeah I picked some up at the IPO at 23. Seem a good management team (save for White's history at Stanelco!) but the real test will be when they deliver the first unit to Akzo Nobel-if that's a success with little technical problems (prob unlikely!) then we'll see some really good upside.

Generally though the stock hasn't been reported on much and I reckon the volume will pick up quite a bit in the following months. I hope anyway! :-)

I too have been wrong before, very wrong! But hey, we can only try!! lol

I also got in on the IPO for a large holding @ 23p

Do feel also that this is being overlooked although we should get an update on the Money being recieved soon together with the 5kw tests results in August.


LAL

AFC Energy Plc - Directorate Change
RNS Number:1876A
AFC Energy Plc
13 July 2007


13th July 2007


AFC Energy board change

AFC Energy plc ('the Company') was admitted to AIM following its successful IPO
in April 2007.

However, in accordance with Schedule two (g) of the AIM rules for companies the
following information on Mr Howard White should have been disclosed in the
Company's AIM admission document dated 18 April 2007:

* Mr White was a director of Zeldavale Limited when it appointed a
liquidator for a creditors voluntary liquidation on 3 April 1986
* Mr White was a director of William Boulton Limited when it appointed a
liquidator for a creditors voluntary liquidation on 1 December 1986
* Mr White was a director of Shopfitters (Lancashire) Holdings Limited when
it appointed an administrator on 16 December 1988

As a result, Mr White has tendered his resignation as an Executive Director of
the Company with immediate effect.

AFC Energy Plc - Re Agreement
RNS Number:4489B
AFC Energy Plc
02 August 2007

2 August 2007

AFC Energy plc

MOU with Indonesian government

AFC Energy plc ('the Company') announced on 11 June 2007 that it had entered
into a Memorandum of Understanding ('M.O.U.') with the government of Indonesia
relating to the CIUP (Community Integrated Utility Program) project that aims to
provide 32 million households with the ability to produce electricity and
potable drinking water over the next 10 years. The M.O.U. contains an initial
order totalling US$13.5 million for three thousand 3.5kW systems at US$4,500 per
system. Supplies are scheduled to begin around the fourth quarter of 2008.

The Company has not yet received the deposit of US$3.15 million which was to be
paid within 30 days of the signing of the M.O.U. However, the Company has not
incurred any costs other than minimal legal fees in respect of this M.O.U. and
AFC Energy will not incur any further costs until the full deposit has been
received. The Company will make a further statement about the project in due
course.

- Ends -


AFC Energy Plc - Directorate Change
RNS Number:5453B
AFC Energy Plc
06 August 2007



Appointment of Otto Carlisle to the Board as Technical Director

AFC Energy, ('AFC Energy' or the 'Company'), the low cost alkaline fuel cell
company, is pleased to announce the appointment of Otto Carlisle to the Board
as Technical Director.

Otto Franklin Carlisle, aged 33, joined Eneco in 2000 to work on its alkaline
fuel cell system having completed a degree in Mechanical Engineering with
Automotive Design at Brunel University. He is a member of the IMechE, a
Chartered Engineer, and completed a Masters in Renewable Energy Systems
Technology at the University of Loughborough in 2005. Otto has been with AFC
Energy since its inception, has been fundamental in the set up of the Company,
and has been responsible for all aspects of the development programme.

AFC Energy CEO, Gerard Sauer, said: 'Otto has been responsible for overseeing
all of the technical milestones that the Company has achieved both on time and
often achieving better performances than expected.

'Otto is key to the successful delivery of our agreement to supply Akzo Nobel
with fuel cells and we welcome him to the board.'

There are no other matters which are required to be announced with regard to
these appointments under paragraph (g) of Schedule 2 of the AIM Rules.

END

AFC Energy Plc - Change of Broker
RNS Number:2983C
AFC Energy Plc
17 August 2007


AFC Energy plc ('AFC Energy' or the 'Company')

Change of Broker


The Board of AFC Energy plc, the low cost alkaline fuel cell company, is pleased
to announce that Blue Oar Securities plc has been appointed as Broker to the
Company. Nabarro Wells will continue to act as Nominated Adviser to the Company.

Gerard Sauer, Chief Executive of AFC Energy plc said:

'AFC Energy has a clear strategy to achieve the commercialisation of its low
cost fuel cells. Blue Oar has an impressive team and by combining our efforts
with Blue Oar's own expertise we look forward to building on the progress we
have already made.'

Nick Redfern, Head of Equities at Blue Oar Securities plc said:

'Blue Oar Securities is delighted to have been chosen to work with AFC Energy.
In our opinion, AFC Energy is a company with both viable products and a
potential earnings stream that has placed it at the very forefront of this fast
growing industry.'

- Ends -

AFC Energy Plc - Technological milestone
RNS Number:7319C
AFC Energy Plc
24 August 2007


AFC Energy plc


Technological milestone - successful operation of first fully scaled single cell

AFC Energy, ('AFC Energy' or the 'Company'), the low cost alkaline fuel cell
company, is pleased to announce that it has successfully achieved its second
technological milestone, the operation of a fully scaled single cell, within the
projected timescale described in the Admission Document.

The scaled cell electrodes are the same size as the electrodes from the first
prototype system measuring 150mm by 250mm. The scaled cell is now being tested
under specific harsh operating conditions, designed to demonstrate durability
and corrosion resistance of the system.

The successful development of the scaled single cell unit is another important
step towards full commercialisation during 2009. The next expected milestone is
the 500 hours operation of the scaled single cell scheduled for October 2007.
These tests have already begun with the scaled cell being exposed to constant,
transient and no load conditions.

The scaled single cell unit successfully demonstrates the generation of
electricity, using both cathode and anode electrodes, from hydrogen and oxygen.
The Directors continue to believe that AFC Energy's fuel cell will have a
conversion efficiency of approximately 60%.

Gerard Sauer, Chief Executive, said: 'AFC Energy remains on track with the
development of its low cost fuel cell. Excellent progress continues to be made
with the electrode and results from initial tests show that power performances
are very encouraging and catalyst degradation is minimal.

'AFC Energy continues to work closely on the development of its technology with
its customer Akzo Nobel which produces substantial amounts on hydrogen from the
production of chlorine. We look forward to delivering our first fuel cells to
Akzo Nobel during 2008.'


ends

Bugz,

Thought I would join you on this quiet thread. Not in yet, just watching and researching AFC after coming across the company a few weeks ago.
The idea looks good and with the Akzo Noble connection it could be the start of something big. As with most sky high or bust shares, I tend to look far deeper than blue chips.

Regards Greek.

After watching this share closely for several months, decided it was time to take a punt.
I just hope my small foray into AFC is not the kiss of death.

Re RNS.

Would like to know why and to whom the nil rate transfer was to, as this transfer could be a possible tax move, or a reward system tax loop hole or both.
Just curious as it is only a small amount in value terms. Any idea's anyone.

Fuel cell shares are useless. Look at CWR, ITM, CFU. All going down - AVOID

Hi Hlyeo,

It depends on what type of fuel cells. AFC are the only such company that are taking the actual fuel cell system to the fuel source. There may be others, so I stand to be corrected.
IMHO fuel cell shares have to be looked at as a medium to long term punt. They are not going to make anyone loads of cash overnight.
Oil can't last forever, so some company perhaps already out there will come up with the equivalent of the Holy Grail, so to speak. Obviously most will fail but not all.
Not one for widows and orphans as they say, but, for those willing to bet on fairly long odds that might just pay off.
No risk no gain!

Results out. Not much to say except everything appears to be proceeding as planned. Cash in hand appears sufficient at present flow, hopefully to last re expected time frame regarding other future contracts

What's with so many late trades.
6 plus with 1 (after hours trade that was reported pre market opening so understandable) of total 1,488,270 shares out of 17 trades. That's a very big percentage reported late. Obviously there will always be trades reported late but with a percentage of such proportions, how the hell can anyone get a true real time picture.
Yet another case of market shenanigans, or am I being my usual suspicious self.

I am a mushroom!

Probable seeing something in nothing, but AFC opened level and now just a tad up with no trades. After 7 days of no movement could some info be starting to leaking out.
Or am I straw clutching.

Ops, Almost as soon as I posted the sp moved to level and now closed down so do I eat humble pie and let the above post stand, or do I edit it out hoping no one saw it. I know I will do what Gordon Brown would do, wait till tomorrow and will think about making a possible decision then.

Bugz,

Received your E-Mail, Thanks and agree re AFC possible prospects.

Regards Greek

RNS.

And yet another stage reached in time re delivery of the system to Akzo (6 out of 6 cant be bad) and the system will be switched on and tested sometime in mid-September. No doubt if this system has a successful run in mid Sept then that will no doubt be the start of something big. I can't see anything but success as no doubt the system has been tested in as full a way as you possibly can when running a trial 'off site'.
Still a gamble but not that much, IMHO.

Clarification re previous RNS.
Is this the first hint that AFC are not being straight with what they say. OK may be just a slip but, it's not that hard to get it right, is it? The problem is company statements are like talking things over with the wife, if they catch you out just once,trust, well you know!
Although it looks like someone was so keen to let the world know that they pressed the go button on a release already written.
Lets just hope the word imminent means just that.