http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Result of General Meeting & Open Offer

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that at the General Meeting held earlier today, all resolutions were duly passed.

AFC Energy further announces the result of the Open Offer which closed for acceptances at 11.00 a.m. on 29 October 2014. Valid acceptances, including excess applications, have been received in respect of 9,208,627 ordinary shares of 0.1p each (the "Open Offer Shares"), representing a total of approximately 23.7 per cent. of the Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of £920,862.70 through the Open Offer.

Application has been made for the Open Offer Shares and the 30,000,000 Placing Shares described in the circular dated 13 October 2014 to be admitted to trading on AIM at 8.00 a.m. on Friday, 31 October 2014 ("Admission").

Following Admission of the Open Offer Shares and the Placing Shares, the total number of ordinary shares and voting rights in the Company will be 285,683,534. The Company does not hold any shares in treasury.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

I wonder if any of the institutions involved in the placing will now be offered the 76.3% of shares that were not taken up in the open offer.

There you go Greekman - 8.75p to buy!

There are cr*p weeks and really cr*p weeks, as far as AFC are concerned its been a really cr*p week with a capital C.

Adam Bond to take over from IW as new CEO of AFC.

http://www.telegraph.co.uk/finance/markets/11263052/Abramovich-backed-AFC-Energy-to-unveil-new-chief-executive.html


I always thought that IW was genuine and had the companies interest at heart, he also came over as a very nice person and that could have been the problem.

Nice guys very rarely win, I just hope that the new CEO is more forceful, which I suspect because this is obviously RA's doing, he will be.

It has been suggested on another site that this could be a move pre a take over by RA, if it is I doubt us poor PI,s will feature in any considerations.

Bullet points to like.

Transitions from a leading fuel cell research and development company, to a commercial business seeking to capitalise on the..... 'immediate opportunities'........ within the emerging hydrogen economy.

15 years of experience in the energy sector, most recently in a position responsible for the ........'commercialisation of underground coal gasification technologies with Linc Energy Ltd'......., make Adam a valuable addition to AFC Energy's executive management team.

'Project Director for the United Kingdom's first carbon capture and storage programme'

Plus of course a new PR company.

http://www.moneyam.com/action/news/showArticle?id=4937865


This RNS makes me wonder if Ian Williamson was being too cautious re Power up, and that there had been some in fighting over the last few months.

Also I like most, received all details re the RNS by e-mail from Lionsgate Communications, something new, so good to see a PR firm actually doing their job.

http://www.moneyam.com/action/news/showArticle?id=4939614

More good news.

This is becoming like the 'waiting for a bus analogy', you seem to wait forever then along come three at once.

Blimey!

RNS,

I especially like this bit, 'We are assessing a range of alternative technology deployment models and opportunities which will see value delivered to shareholders in the shortest possible time frame. I hope to have a lot more to say in this regard over the coming months.'

In the shortest possible time frame.............Nice.

AFC 51 Fuel Cell Stack Trial - Results

AFC Energy Successfully Doubles Fuel Cell Stack Size in January Trial

AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to announce the successful trial of its first 51 cell stack cartridge at an industrial gas plant facility in Germany.

Highlights

· AFC's first 51 fuel cell stack successfully trialled at an industrial gas plant facility in Germany
· Operational baseline performance of 51 cell stack in BETA cartridge achieved
· Time taken to achieve fuel cell operating temperature from ambient delivered in four hours (target of less than 12 hours)
· Next trial of 101 cell stack scheduled for February - March
· Acceleration of POWER-UP programme remains on track

The successful trial of the 51 cell stack affirms delivery of the third key milestone in the 2015 POWER-UP programme (as articulated in AFC's RNS of 8 December 2014) and therefore, reaffirms AFC's confidence in the deliverability of the fast track execution timetable for delivery of the 240kW KORE fuel cell system scheduled for the second half of 2015.

The trial, which operated continuously for a period of approximately two weeks, focussed on the major challenge of scaling-up of the AFC fuel cell stack (from 25 to 51 fuel cells) and in particular, the management of the additional heat generated in order to avoid thermal over-run of the cell.


more....

Hi Skinny,

Looks real good.

I especially like this bit, 'Utilising AFC's self-heating strategy, the "heat-up" time for the fuel cell, from ambient temperature, has been further shortened in this trial to ~ 4 hours. It is expected that with further increases in power, this time will be further shortened.'

I would have thought that with further increase in power, it would take longer to 'heat up ', so the AFC system looks like it is contrary to the norm, or am I misreading/understanding this.

I agree - but as to the share price........

Yes, the RNs should make the sp rise a few points, but because of the way the sp has been acting of late, I ain't going to guess.

Utilising AFC's self-heating strategy, the "heat-up" time for the fuel cell, from ambient temperature, has been further shortened in this trial to ~ 4 hours. It is expected that with further increases in power, this time will be further shortened.

Adam Bond, AFC's Chief Executive Officer, said: "Achievement of the 51 fuel cell stack, which is now only half of the commercial scale 101 fuel cell cartridge designed for the KORE, is a massive step forward in the commercialisation of AFC's leading fuel cell technology. We are continuing to assess the results of this trial and incorporate the learnings into the next phase of the 101 cell stack scheduled for February - March. Importantly, we remain on track to deliver the 240kW KORE system by the end of 2015."

I'd almost given this one up.....2015...fuel-cell revival ?...

Final Results and Notice of AGM

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce its preliminary results for the year ended 31 October 2014.

FY14 Highlights

· Announced strategic partnership with Air Products PLC ("Air Products") at Stade, Germany, within the POWER-UP programme
· Invested in semi-automated manufacturing capability at Dunsfold facilities in advance of commercialisation
· Signed MoU with Allied New Technologies to evaluate feasibility of fuel cells in the US chlor-alkali market
· Foster Wheeler successfully completed HAZOP review of KORE system
· Saw initial commercial traction in South Korea with discussions ongoing
· Appointed Christopher Tawney as Finance Director and Company Secretary
· Revenue increased to £796k (2013: £768k).
· Net research and development expenditure decreased to £1.28m due to increased grant funding levels (2013: £1.48m)
· Diluted loss per share of 2.42p (2013: 1.88p)
· Net cash amounted to £4.9m as at 31 October 2014 (2013: £6.9m)
· Raised £6.1 million through placing and Open Offer

Post Period Highlights

· Appointment of Adam Bond as Chief Executive Officer
· Successful trials of 25 and 51 cell stacks and on-track for successful demonstration of 101 cell stack in Q1 2015
· Announced series of milestones to accelerate POWER-UP programme and delivery of KORE system by 18 months

All looks good.

I always like entries like this in results, Adam Bond,' In order to ensure that my interests are fully aligned with the wider shareholder base as well as underlining my confidence in the Company, I have agreed that a large percentage of my salary will be payable in shares and not cash'.

Roll on Dec 2015!!!!!!!!!!!!!!!!!!!!!!!!!!

AFC Achieves Breakthrough Success in Operation of 101 Cell Stack Trial

AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to announce the successful operation of its first 101 fuel cell stack cartridge at an industrial gas facility in Germany.

Highlights

· AFC's first 101 fuel cell stack was successfully trialled in the UK and then shipped, installed and has operated in Germany since 3 March 2015
· Initial gas flow, thermal management and consistency of individual fuel cell performance across the 101 fuel cells are all in-line with expectations
· 101 fuel cell stack, housed within the new KORE system cartridge, affirms the engineering of the fundamental building block of AFC's commercial fuel cell offering
· 100% increase in cell stack size (51 cells to 101 cells) in just 47 days
· Fuel cell electrodes assembled using state-of-the-art robot in recently enlarged electrode fabrication facility at AFC's UK headquarters
· Production of fuel cells for 101 cell stacks that will feature in KORE commissioning at Air Products in Stade, Germany in July 2015 are now being manufactured
· Acceleration of POWER UP programme remains on track

The successful operation of AFCs first manufactured 101 fuel cell stack affirms delivery of the fourth key milestone in the 2015 POWER-UP programme (as articulated in AFC's RNS of 8 December 2014) and reaffirms AFC's ongoing confidence in the deliverability of the fast track execution timetable for delivery of the 240kW KORE fuel cell system scheduled for the second half of 2015.

The 101 fuel cell stack was initially tested at AFC's UK facility in late February, then shipped to Germany, installed and has been operating continuously since 3 March 2015. AFC's technical team were highly encouraged that initial gas flow, thermal management and consistency of individual fuel cell performance across the 101 cells are in-line with expectations. The relative uniformity of fuel cell performance affirms the quality focus of AFC's increasingly automated manufacturing and production facilities.

Whilst the first successful 101 fuel cell stack trial demonstrates the operability of the fundamental building block of the KORE system, it also allows AFC to consider alternative products of varying capacities modularised at the size of the 101 cell cartridge, rather than a single focus on the previously scoped 240kW KORE system. In this context, AFC's market offering becomes increasingly flexible to meet the needs of smaller energy requirements (in integers of 10kWs). AFC is currently in discussions with potential customers and partners who are assessing opportunities sized at the single cartridge size which again widens AFC's possible market potential and commercialisation potential in the short term.

Adam Bond, AFC's Chief Executive Officer, said: "The rate of progress made by AFC's technical team over the past three months in progressing beyond the 25 cell stack, through the 51 cell stack and up to a full complement of 101 fuel cells is unprecedented in AFC's history. The milestone in our technology development places AFC in a strong position to now generate robust technical data that will support our aggressive commercialisation strategy."

"I'm exceptionally proud of our technical team for the focus and positive response they have given to the extremely challenging timelines set when I accepted the role of CEO back in December. It continues to reassure my confidence in AFC's leading alkaline fuel cell technology and positions us well for commercial deployment opportunities in the very near term," Bond added.

Morning Skinny,

They are certainly moving up through the gears, from being in first for many years (as expected) they are racing through at a far faster speed than most of us suspected.