HIGHLIGHTS

• Successful admission to AIM, raising net proceeds of £2.4 million

• Received contractual purchase order from Akzo Nobel Base Chemicals B.V. (“Akzo Nobel”) for the supply of fuel cells

• Shareholders’ funds of £3.909 million

Post-period events

• First technological milestone achieved with the operation for 500 hours of a small-scale single cell unit, within the projected timescale described in the Admission Document

• Intended delivery of fuel cells to Akzo Nobel on schedule 

• Signed a Memorandum of understanding to supply fuel cells to the Indonesian government

Gerard Sauer, Chief Executive, AFC Energy said:

“The successful admission of AFC Energy to AIM has significantly increased our visibility among potential customers and given us the capital we need to take our fuel cell through to commercialisation. 

“The applications for AFC Energy’s technology continue to grow as we identify more locations with hydrogen sources combined with a need for lower cost, clean energy.

“Our project with the Indonesian government is an excellent example of where clean energy can be produced cost effectively and we look forward to working closely with our partners in Asia.

“As we continue to drive down the cost of our components and streamline our manufacturing processes for mass scale production, we will capitalise on the increasing demand for commercially viable clean energy.”
 

For further information please visit www.afcenergy.com or contact:

AFC Energy plc
Gerard Sauer, Chief Executive
 01483 276726
Nabarro Wells & Co. Limited
Richard Swindells / Anthony Rowland 020 7710 7400
 
 
Madano Partnership
Mark Way / Graham Moonie 020 7593 4000