http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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.


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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.

Maybe, just maybe - I'm only @75% down on my holding!

50MW Project Development Agreement in South Korea

AFC Signs Milestone 50MW Deal with Samyoung and Changshin for the Commercial Deployment of Fuel Cell Technology in South Korea

AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to announce that it has signed a formal Project Development Agreement ("PDA") with two South Korean partners: Samyoung Corporation ("Samyoung") and Changshin Chemical Co. ("Changshin") for the deployment of an initial 50MW of fuel cell generation capacity in Daesan, Korea.

Highlights

· 50MW of installed fuel cell capacity across two phases
· Expected revenue of approx. US$1bn for the joint venture over 10 years of operation
· First phase of 5MW to be operational by end of 2016 (subject to permitting)
· Second phase of 45MW forecast to be operational by end of 2019 (subject to permitting)
· Joint venture between the three companies with indicative participating equity interests of: AFC Energy (40%); Samyoung (45%); Changshin (15%)

This landmark deal confirms AFC Energy's transition from research and development to a global energy company working in collaboration with two of South Korea's most reputable companies.

South Korea's strong incentives in the deployment of fuel cell technologies has brought significant investment and employment opportunities to the Daesan region, which AFC Energy is proud to support.

Assuming a gross output of 50MW from the fuel cell park, the joint venture is expected to generate revenues from the sale of electricity and Renewable Energy Certificates (RECs) over a 10 year period of just under US$1bn.

The project reflects the start of a partnership between the three companies, which is expected to see multiple projects developed beyond this first project. Negotiation of the suite of project agreements is expected to commence immediately having now established the framework principles for collaboration within the Joint Development Agreement. The exact details of the investment each party will make in support of the joint venture is still subject to negotiation but it is expected that each party will make an upfront contribution, either in cash or in kind. The parties also intend to secure project finance for the joint venture. The parties are set to commence development of a feasibility study for the project to establish the basis of design and economic analysis in support of a more detailed project engineering assessment, further details of which will be supplied in due course.

It is proposed that AFC Energy will sell its alkaline fuel cell equipment into the joint venture along with providing technical and operational advice to the joint venture participants. Between Samyoung, which will manage the development of the project as Engineering Procurement and Construction and permitting of the 50MW project, and Changshin, which will supply hydrogen, land and logistical support on site, and AFC, the partnership creates an environment, which will drive a successful and profitable enterprise in the execution of this project.

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Not knocking anything re this, but anyone any idea how much profit will be generated from 1bl$.

Strange to me that people sell at a time like this.

I think its just down to traders.
I think the sp will probably finish a tad lower than the current price, so it's just timing it right.
I actually thought of selling a few this morning and buying back later, but have changed my mind as I don't want to risk it.

Who knows, another contract could be just round the corner.

This one sentence to my mind is the most important, 'The project reflects the start of a partnership between the three companies, which is expected to see multiple projects developed beyond this first project'.

Don't you just love the word Multiple.

I prefer the words 'over fifty pence" :-)

How about Multiple 50p's.

Heard a rumour that AFC are looking for a center of operations headquarters in south Korea.

http://skyscrapercenter.com/building/tower-palace-three-tower-g/733