http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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.

Greek - that's how I found it (google)!

Google - results.

I still can't get it that way, so going back to bed and starting again.
It must be the tablets.

Google - results.

Not sure if this is relivent tp AFC,[robablt not?

http://www.investegate.co.uk/Article.aspx?id=201202100700251701X

RNS Number : 2230X

AFC Energy Plc

13 February 2012

13 February 2012

AFC Energy PLC

("AFC Energy" or the "Company")

Independent Technology Review

'In field' trials demonstrating fuel cells' robustness

AFC Energy (AIM: AFC), a leading developer of low cost alkaline fuel cells, is pleased to announce that it has received a further positive independent review of its progress from Dr Jon Helliwell, Project Manager, Fuel Cell Applications at the Centre for Process Innovation ("CPI"). The CPI last carried out a review of the Company's technical activity in May 2011.

The CPI reports that there have been a number of important developments since the last review, which have given it further confidence that the performance targets agreed with AFC Energy's main customer will be achieved. In summary these developments are:

-- Established two Beta systems at a customer site in Germany and a third on its own site in Dunsfold. This is significant as AFC Energy is:

o demonstrating the robustness of its Beta-system outside the laboratory

o generating important operating data

o openly sharing data and planning progress with a prestigious partner

o delivering system enhancements in the field

-- Frozen system and electrode designs.
-- Separated its manufacturing and development activities demonstrating an increased maturity within the organisation which fits well with its desire to commercialise at the earliest opportunity.

-- Commenced a project in December, known as LASER-CELL, in which it is the lead of a consortium of European organisations (as announced on 1 December 2011).

-- Strengthened its management team through the appointment of Ian Williamson as CEO (as announced on 13 September 2011).

o Ian has a wealth of commercial experience in the hydrogen and energy fields and has established a clear plan for the business focussed on developing its commercial and production capability, whilst maintaining cost control.

AFC Energy provided Dr Helliwell with complete, unrestricted, access to all areas of the Company and its staff and he was able to examine each in detail. A version of the full CPI report, edited to remove confidential technical details, will be made available on the Company's website later today.

Dr Jon Helliwell, Project Manager, Fuel Cell Applications, CPI said:

"This has been an extremely important period for AFC Energy. I am highly encouraged by the operational and technical developments since the last review and I firmly believe the Company is now in a significantly stronger position.

"AFC Energy is highly likely to deliver low cost, modular fuel cell systems to the stationary power industry in accordance with its technology and commercialisation plans. The systems are simple, as they use clever engineering and elegant design to minimise cost and complexity.

"The cells themselves have been designed for manufacture and are capable of using a range of materials. The technology is no longer 'laboratory based' and in what has been a particularly exciting period for the Company, it is clearly starting to deliver the promise of its robust, low cost fuel cell systems."

Ian Williamson, AFC Energy's Chief Executive, said:

"We are delighted and encouraged that Dr Helliwell's review recognises the important milestones reached by the Company in the last few months and it is again a testament to the hard work of our development team.

"AFC Energy continues to optimise the performance of its Beta fuel cell system using the highly valuable data generated by the field trials currently underway and we remain firmly focussed on commercialising our fuel cell technology."

Not the news we were waiting for or expecting, IE the Akzo trial results, but this must be the next best thing.
As for a CPI, it looks 10 out of 10.

What with results out next Monday, looks to be an exciting end of month ahead.

As all know on here, I have had many a dig at AFC, for their 'Secret squirrel, treat like a mushroom attitude', but I do agree that the CPI is just that and nothing else.
Quite rightly,AFC had no input on how the CPI was worded, as any CPI that was not fully independent word be worth very little.
I look forward to AFC's updated web site and also the results, as I feel that they (results) must give us that bit more as to their progress on the Akzo trials.
Comments such as, progressing as expected will not be acceptable.

I feel the CPI timing of release would likely to be gauged for release near to the final test results.
I can't see much sense in AFC allowing access to the required data, say several weeks before the end of trials.
Now if these trials are near end, access to all the latest data would be very prudent indeed.
I appreciate that access would have to be timed to allow all data to be processed.
Perhaps the timing was a few days out.
Time as they say will tell, IE Next Monday!

Greekman - as you say - time, will indeed tell!

Preliminary Results and Notice of AGM

FY11 Highlights

· Installed first commercial-scale Beta System unit at Dunsfold, UK
· Installed two further Beta Systems with AkzoNobel at Bitterfeld, Germany
· Progressed with partners, including: AkzoNobel, John Lewis Partnership, Air Products, Waste2Tricity, N2telligence
· Made significant technological advancements, having frozen its system design, deployed it in the field and started to generate data that its customers can use.
· Increased activity on protection of intellectual property and registration of patents
· Completed a successful fundraising of £3.93m (net) in July 2011
· Cash as at 31 October 2011 £5.97m (31 October 2010: £5.35m)

Post Period Highlights

· Strengthened the Board through the appointment of Ian Williamson as Chief Executive Officer
· Generated first industrial power from Beta fuel cell system
· Bolstered the technical team with the recruitment of a renowned fuel cell scientist
· Awarded a grant of €405,600 as part of €2.9m European Union project "LASER-CELL"

Trying to look at this in the positive light that the RNS has been cast.
I do appreciate that there is so much they can't say, so won't give a list of moans.

I will though put one example of where I do think they could have been clearer.

Quote.......
Ian Williamson has ensured that the strategic plans have been set for the Company, having aligned the commercial and technical arms of the Company together via a set of business targets for the coming period. These are to etc, etc.

There then follows a list of targets, but 'No mention of dates, just for the coming period.

By period, does this mean the next quarter, the next reporting period, or what.

So reading between the lines, as we usually have to with AFC, I will stay invested for a while longer, but my confidence has been boosted by many sections, but not by parts of the RNS where I feel they could have been more open regarding time lines.

It's alright mentioning targets, periods and time lines, but unless they are accompanied by either actuals (difficult) or estimates of time then they don't really tell us anything.

Even with continuing R&D and ongoing field tests, surely they could have stated that commercial production is expected to start in ***** or by end of ***** roll out to an existing customer will commence.
Or perhaps an updated progress report will be released by end of *****.

As they haven't, it does lead to suspicions that things are taking longer than expected.
To take anything at face value is dangerous, to say the least!

So taking the pros and cons, I am fairly neutral regarding the RNS.

I think it will be seen in a negative light unfortunately.


Pre-tax loss of £4.3m for the year to the end of October - up from £3.0m last time.

Administrative expenses rose to £4.4m from £3.2m and operating losses increased to £4.4m from £3.0m.

I think without customers the operating loss was expected and bound to have increased, as was the administration expenses (due to increased R&D and the ongoing testing.
All this report required was defined or even estimated time lines.
Even if AFC were as restricted on releasing info as the RNS suggests, unless we get a big buyer today, I can only see the sp ending the day down.

You only have to look at the lack of posters on this thread to see the loss of interest in the company by PI's.