http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Bit of profit-taking this morning....was bound to happen.....loads of buying again now.....

Are you still holding rf? Seems to have rum out of steam for the moment.

Yes......will stay put.....keep an eye also on Angle..(AGL)...steady rise...

POWER-UP Update - May 2015

AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to provide an update on progress towards delivery of the Company's first 240kW KORE system at Air Products' Stade facility in Germany.

Highlights

· POWER-UP schedule remains on track for initial power production in July 2015
· Successful completion of KORE HAZOP review
· Successful completion of initial HAZOP review of KORE buildings, utilities and facilities, follow up actions underway
· Successful completion of explosion protection study of KORE in Germany
· Concluding phases of final building permit
· Deep foundations and site preparation works completed on site
· KORE construction ongoing with completion expected in time for July 2015 start up at Stade


Significant developments over the past few months include:

· Following a process hazard assessment of the KORE fuel cell module design using the Hazard and Operability (HAZOP) methodology, the KORE has passed a further independent and rigorous examination of its design safety functions. This is a significant step in the design validation of AFC Energy's fuel cell technology and builds upon the HAZOP undertaken previously by Foster Wheeler in October 2013. The HAZOP review was organised and moderated by leading German process engineering consultancy plantIng GmbH, with the support of AFC, the consultancy firm Efficientics and industrial gas partner Air Products plc. It was performed in AFC Energy's Dunsfold offices during a two day session on 25-26.03.2015. In the HAZOP method used, the set of piping and instrumentation diagrams (P&ID) of the KORE module were examined in small sections. Each of these has a specified design intention. Parameters which describe the design intent were then evaluated systematically in order to identify deviations and evaluate their effect. During the review, experienced process safety engineers led a multi-disciplinary engineering team in a robust examination of all safety aspects and functions of the KORE balance of plant and cartridges design. The output of this process has been a HAZOP report with clear actions and responsible parties defined to maximise process safety. These actions have now been implemented by AFC.

· Following the KORE HAZOP review in March 2015, AFC commissioned and received an explosion protection report drafted by the German consultancy firm Efficientics according to German industrial health and safety regulations and relevant technical standards. This report has confirmed that the KORE system assembly is classified as a "safe area", i.e. there is no area within the KORE module where an explosive atmosphere may occur, i.e. an ATEX zone. This result, in conjunction with the recent successful conclusion of the KORE HAZOP review, establishes the inherent safety of the KORE module design for use in an industrial setting.

· A further process hazard assessment of the structure and facilities designed to house the KORE system in Stade was undertaken using the HAZOP methodology. This subsequent review took place in two sessions, in Cologne on 10-11.02.2015 and in Hamburg on 28-29.04.2015 and was again led by engineering consultancy plantIng GmbH. The results of this review again provided a positive response to the safety accreditation of the building and facilities designed to integrate with the KORE operations on site in Stade. All recommendations and actions arising from the facilities HAZOP are being addressed by AFC. This is the first time a HAZOP has been undertaken on the facilities set to house the KORE and further validates the robust design being adopted by AFC across the integrated hydrogen supply, facilities, structures and KORE system within an industrial setting.

· In addition to the KORE module and associated facilities, a HAZOP has also been completed regarding the Air Products hydrogen let down station and supply pipeline to the AFC facility. Orders have been placed for all key hydrogen supply components required for connection to the KORE plant.

· AFC and its advisers, Artelia and plantIng, are continuing to work closely with local regulatory authorities on the final building permit for the Stade facility. We are confident this process is drawing towards a successful conclusion over the coming weeks and will provide the basis for construction of the remaining aspects of the Stade facility necessary to house the KORE system and associated utilities and infrastructure.

· Work has now been completed with regards the deep foundations of the facilities that will house the KORE system. This work has been completed to schedule and to budget. Final activities are now being concluded with regards the shallower foundations for the plant; these are expected to be completed over the coming weeks.

· The KORE module itself continues to be developed and constructed in Coventry, UK, and is on target for completion in time to allow commencement of operations at Stade in July 2015.

In summary, the POWER-UP schedule of works continues in accordance with the schedule outlined in AFC's RNS dated 8 December 2014, with commencement of operation still anticipated in July 2015.

Mr Adam Bond, AFC's Chief Executive Officer, said: "We continue to make great progress towards the successful deployment of AFC's first KORE system in Germany in the second half of this year. The challenging target set in fast tracking the deployment timetable by 18 months, and having the KORE delivered and operational by July 2015, has to date proven deliverable and we continue to wait in anticipation of a successful demonstration of the KORE system in July."

Pretty much everything in that RNS is historic, so can see the sp drifting until KORE is up and running in July, assuming there are no setbacks. If it drifts as far as 32/30/28p then I would certainly be interested in reinvesting.

Still a delay in posts being accepted.

Analyst Tom McColm from Zeus Capital giving his view on AFC Energy: click here

Doing not too badly.....rns must be coming soon.....

Surely next meaningful RNS will be in July'ish when KORE should be comissioned?

of questionable value, but nevertheless ......

AFC secures deal with Thailand's BIG for 10mw of fuel cell development in Thailand. The first 2mw is to be installed by end 2016

Up nearly 10% this morning.

Just a thought, what with the move up yesterday and today's sp early indication (bid prices pushing ahead of the offer and narrowing the spread), I just wonder if there is an RNS lurking around.

Remember some countries AFC are dealing with are on a different time line to the UK, so watch for a RNS later in the day, (the MOU with Dubai Carbon was not released until 1344 hrs), just a thought.

The company is really doing well.....tremendous progress in the last 6 months and going global.....

And yet again the sp falls.

The mms want your shares!!!!!!!!!!!

Grant of Final Permit

AFC Receives Final Building Permit to Conclude Construction at Stade, Germany

AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to announce that it has received its second and final Building Permit from the Stade building and urban development authorities in Lower Saxony, Germany to conclude construction of what will be the world's largest industrial alkaline fuel cell facility.

This final stage building permit follows the First Partial Building Permit, announced to the market on 26 March 2015. Now it has been received, this final building permit will allow AFC and its contractors to erect all above ground infrastructure including the industrial steel frame building to house the KORE fuel cell system, all storage tanks, piping, connection points and ancillary above ground equipment.

Over the past few months, the final permitting review and approval process has been undertaken in parallel with early phase construction works with concrete being poured this week on the site, on top of the installed piled foundations and reinforcement base structure.

The final building permit has afforded approvals to AFC's:

· Civil engineering drawings
· Plant specifications and process description of operations
· Updated building structural load calculations and geotechnical survey results
· Landowner approvals, including lease and access to site contracts
· Approvals of other relevant state of Saxony departments on submitted documents, in addition to the Stade building planning authorities, as regards industrial Health and Safety, fire protection, emissions and noise level studies

This permit allows AFC to proceed with:

· Erection of the industrial steel frame building
· Erection of Liquid Nitrogen (LIN) tank, vaporiser and re-heater installation
· Hydrogen supply pipework
· Medium voltage grid connection substation
· Chemicals and product water tanks
· Above ground piping, electrical and control and instrumentation connections
· Ancillary structures and support work for the above


Adam Bond, AFC's Chief Executive Officer, said: "receipt of the final building permit from the Stade consenting authorities will now allow us to conclude our construction activities over the next few weeks and reinforces the Company's confidence in delivering an accelerated timeline for initial power generation from the KORE system in July 2015".

Shows the difference in how Germany treats new business compared to the UK.

The only way AFC would have obtained such a speedy grant of permit would have been if they had incorporated a wind turbine on top of the building.

Really promising share/company this....

We were 10'7d earlier!

Oh boy !...skinny...you want to leave the EU....

RF ?