http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

October 2011
Embargoed until 07:00

AFC Energy PLC
("AFC Energy" or "the Company")

Commissioning of Beta Systems at AkzoNobel

AFC Energy (AIM: AFC), a leading developer of alkaline fuel cells, is pleased to inform investors that it has completed the commissioning of two commercial-scale fuel cell systems (the "Beta System") without electrodes at AkzoNobel's chlor-alkali plant in Bitterfeld, Germany. This follows the completion of the HAZOP study that the Company announced on 8 August 2011 and the commissioning of the first Beta System in the UK that the Company announced on 11 August 2011. Over the next months these Beta Systems will be equipped with electrodes and used for trials using industrially produced hydrogen.
Ian Balchin, AFC Energy's Executive Deputy Chairman, said: "The Company will now be able to begin demonstrating electricity generation in the field from industrially produced hydrogen. We are grateful for the support and expertise we have received from AkzoNobel, and look forward to continuing our close working relationship with them to advance System performance. Electricity produced from the Beta Systems will be used by AkzoNobel in its own operations offering the prospect of reduced energy costs and lower carbon emissions by avoiding carbon- based fuels."

Ends

For further information, please contact:

AFC Energy plc
Tim Yeo, Chairman
Ian Balchin, Deputy Chairman
David Marson, Finance Director
+44 (0)1483 276726



Allenby Capital Limited
Brian Stockbridge
Dan Robinson
+44 (0)20 3328 5656


Threadneedle Communications
John Coles
Fiona Conroy
+44 (0)20 7653 9850


About AFC Energy
AFC Energy is a leading developer of low-cost alkaline fuel cells. AFC Energy's technology is focused on large scale industrial applications and the objective of producing the lowest possible unit cost electricity. Please visit our website afcenergy.com


About AkzoNobel
AkzoNobel is the largest global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are a Global Fortune 500 company and are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow's Answers Today.

Industrial Chemicals
AkzoNobel Industrial Chemicals produces and markets salt and energy, chlor-alkali products and derivatives like monochloroacetic acid (MCA) and metal salts. It is Europe's largest producer of vacuum salt and a leading supplier of chlorine, caustic lye, hydrochloric acid and MCA used in the chemical, detergent, construction, food, pulp and paper and plastic industries. Its products are essential in daily life and used in the manufacture of among others vehicles, glass, performance plastics, pharmaceuticals and textiles, and in disinfectants for swimming pools.

Employing approximately 1,700 people, Industrial Chemicals has production sites at Rotterdam, Hengelo and Delfzijl in the Netherlands, Ibbenben, Frankfurt and Bitterfeld in Germany, Mariager in Denmark, LeMoyne in the USA, and Taixing in China. The business is headquartered in Amersfoort

Whilst most on here feel that at todays price, AFC is 'very under valued', that is purely based on what we expect and hope for the future.
We can bandy prices of 1 to 10 around all day, but how many actually feel that even a price of 33P is worth a punt now.
Not many by the look of things, because even at an offer price of 33p, volume is very low.
It always comes down to 'what people are prepared to pay.

Personally, with the present world financial situation, and AFC's position of being at least 3 months away from any defining price improving news, I feel the sp is just about right, IE very few people are prepared to pay me 31p for any shares I hold.
If buyer of these shares were queing up at the door, then we would know about it, but there not.

As to the future, I consider the value per share in relation to prospects ridiculously low, but until the markets do, we will be stuck at or around the present share price.

I have seen many AIM companies being towted as 'can't' fail and seen most of them go under.
I am not saying AFC are such a company, as those who have seen my previous posts will know, I feel that they will be one of the very few AIM companies that shine through the dross.

The point of my post is that we can't let our future beliefs blind us to the true value of a share at its present price, IE what it will sell for.

Greek.

DIRECTOR DEALING


AFC Energy plc (LSE: AFC), a leading developer of alkaline fuel cells,announces that it received notification on 19 October 2011 that on 5 October 2011, Mitchell Field, a non-executive director of the Company, purchased 80,000 ordinary shares of 0.1 of one penny each in the capital of the Company ("Ordinary Shares") at a price of 27.5 pence per Ordinary Share. Following this purchase, Mitchell Field is interested in 2,197,027 Ordinary Shares representing approximately 1.2 per cent of the Company's total issued share capital and voting rights.

http://www.iii.co.uk/articles/19559/british-innovation-six-exciting-prospects

Posted on another site.

Vacancy at AFC (Probably a safe bet it is).

http://www.indeed.co.uk/m/viewjob?jk=f212c98f4de37fba

Todays spread.

There having a laugh!

We often see posts having a go at the MM's, with other posts defending them stating that it is their job to create a market, which is correct, but creating a market should be their priority, but with a spread of over 14% their priority can only be a scare tactic to induce selling.
How many PI's will buy at a spread like this, whilst the institutional buyers will be doing very advantageous deals with pre order block buys.
Obviously they are looking after the big boys at the cost of us PI's, but unless AIM market rules tighten up, who can blame them.
I appreciate this also occurs on the main markets, but not to the extent it does on AIM.
A level playing field, I don't think so!

Found on another site.

Linc Energy Limited (ASX:LNC) Exxaro Resources and LNC explore UCG Opportunities in Africa.

http://alturl.com/3ijqg

GM i could not get the link to work,i think this might be what it's about?? i'


http://www.asx.com.au/asxpdf/20111125/pdf/422tkzjg7y042b.pdf

Hi Niceonecyril,

I have altered the link, so mine should work, but if not it is the same article as your link.

Thanks Greek.

Linc MOU in poland.

http://www.lincenergy.com/data/asxpdf/ASX-LNC-389.pdf

Poland is desperately need more coal to be mined.
Energy in Poland
Fracking heaven.

http://www.economist.com/node/18867861

Extract from the article.

It could also mean that Poland no longer has to rely on Russia, the neighborhood bully, for most of its natural gas.
Other countries qualms may make fracking more attractive for Poland. If others wont frack, they will probably buy Polish gas.

Award of Grant.

AFC Energy (AIM: AFC), a leading developer of alkaline fuel cells, is pleased to announce that it will lead a consortium of organisations that has been awarded a grant of 1.4 million towards a 2.9 million research and development project. AFC Energy's share of the grant is 405,600.

The project, known as LASER-CELL, begins today and will last three years. It is awarded funding from the fuel cells and hydrogen sub-programme of the European Union's 7th Framework Programme (FP7), which is managed by European Fuel Cell and Hydrogen Joint Undertaking (FCH JU).

Project LASER-CELL will run alongside AFC Energy's current development programme and will develop innovative technologies to enhance high-volume production of alkaline fuel cells, backed up by life-cycle and market analysis.

Great news.

Just looking at a few bits of the release notice.

I will lead a consortium of organisations that has been awarded a grant of 1.4 million.
Enhance high-volume production of alkaline fuel cells, backed up by life-cycle and market analysis.
FP7 funding is prestigious and highly competitive.
The quality of each individual partner is excellent.
Likely to be successful and hence it will have a positive impact internationally.
Establishes AFC Energy as a world leader in its field.

No doubt some will open the RNS and be slightly disappointed that it was not the trial results, surely they can only be just round the corner, so with this 'grant' RNS out now, the timing is great.
This must have a positive sp effect.

An excellent read mentioning AFC, posted on another site.

http://www.waste-management-world.com/index/display/article-display/7429231556/articles/waste-management-world/volume-12/issue-6/features/fuel-cell-technology-gasification-game-changer.html

Whilst I still agree with the camp that feel PR and attending energy conferences
and energy other platforms where AFC can bring their technology and level
of progress to the fore is probably not cost or time effective, I do feel very
frustrated at the lack of news/updates and progress reports to us, the shareholders.
The crux of this will come when the final beta tests are released.
That is when I will be looking for the tortoise of progress (understandable
to some extent) to turn into the hare.
Orders will need to be shown to be flowing in at a decent and accepted
speed, with the accompanying PR.
What we have at present is the understandable impatience of investors
wanting and 'deserving' to know how the beta tests are progressing.
Surely without giving secrets away, AFC can inform us of the state of play.
As investors it would be stupid of us to accept that 'no news is always good
news'.
When you have money invested in anything, lack of information, especially
when no doubt the management must be aware that investors are becoming
edgy and nervous is not acceptable.
A here we are now, steady as she goes release would suffice, after all there
was an anticipated time scale (was it 6 months on site), so an update of how
much output, down time, cost comparison against alternatives and expected
end period is the least that should be reported.
I like many have a very big percentage of my share portfolio in AFC, and with
so much riding on the beta results, no news is beginning to look like there may,
and I repeat may, be problems we are not being told about.
So come on AFC, at least calm our frayed nerves a bit.
Its not too much to ask.
IS IT!

Generates First Industrial Power.

AFC Energy (AIM: AFC), a leading developer of alkaline fuel cells, is pleased to announce that further to its announcement on 3 October 2011, it has commenced electrical power generation at AkzoNobel's Bitterfield plant in Germany.

AFC Energy's Beta fuel cell systems have been generating electrical power at the AkzoNobel site since late last year.

The two Beta commercial-design fuel cell systems, installed since October 2011, have since been equipped with electrodes for trials, and are fuelled using AkzoNobel's industrially produced hydrogen. This work follows a series of trials that the Company has been carrying out using a Beta system installed at its UK facilities. AFC Energy uses its own in-house pilot manufacturing to fabricate electrodes required for testing.

This is the first commercial reference site for the generation of data and demonstration of the whole Beta system. The Company expects to be able to publish results from the trials after their completion.
Ian Williamson, CEO of AFC Energy, said: "This development is significant because it confirms our route forwards and paves the way for the commercialisation of the technology for industrial power generation in our primary target markets. We are collecting data to demonstrate the successful operation of the fuel cell in this industrial application."

Although lacking in detail, I look at this in a very simplistic way.
Before taking the decision to link into the commercial system, the beta
testing would have had to prove itself to at least the accepted standard (hopefully surpassing this).
You would not dream of putting a new designed engine into a vehicle until
it had gone through all the test bed and bench trials, probably pushing it
to the limits.
i would think that the current beta trials have been carried out in a similar
way, with even scenario where things could go wrong being tested.
I would have liked a time line on how long this new trial is planned for, but
I would think it will be very easy to look at daily, weekly and monthly figures,
so I doubt that we will have more than a month before figures are published
giving required information.
The system must have been proven as to reliability, maintenance and
most importantly cost v output.
That first race finish line is not just in sight, but about to be crossed.
As the Olympics is almost on us, I thought the last line is quite apt.
Gold medals for AFC.
Not if, but how many!

RNS Number : 7577W

AFC Energy Plc

06 February 2012

Embargoed until 07:00

AFC Energy plc

("AFC Energy" or the "Company")

Notice of Results

AFC Energy (AIM: AFC), a leading developer of alkaline fuel cells, will be announcing Final Results for the year ended 31 October 2011 on Monday 20 February 2012.

Ends

Put AFC Energy into google this am.
Their site is not showing, or is it me!

Its you! :-)

http://www.afcenergy.com/

Thanks Skinny,

I had forgot the site heading so put AFC Energy into Goggle with no success which I thought was very strange.
I am sure putting AFC Energy into goggle before today alway bought it up on the first page.