18 July 2013
AFC Energy
("AFC Energy" or the "Company")
CPI reports strong progress with commercialisation strategy
AFC Energy, the industrial fuel cell power company, has received a further positive independent review of its progress by the Centre for Process Innovation ("CPI"), which concludes that the Company is making strong progress towards the commercialisation of its technology.
The CPI report is the second independent endorsement AFC Energy has received in as many weeks following the prestigious award received last week for 'Best Scientific Paper' at the European PEFC & H2 Forum, Europe's most respected Fuel Cell event.
AFC Energy commissioned the CPI, an independent UK government technology research organisation, in 2008 to carry out periodic progress reviews to provide an arm's length assessment of the Company's progress, and advice and support to the management team. The previous review was carried out in August 2012.
Key findings in the latest review by the CPI's Dr Jon Helliwell, project manager of Fuel Cell Applications, concluded that "an enormous amount has been achieved in a relatively short time" and that AFC has made "strong progress" in "all areas of its activities" including:
· Establishment of "a fundamental cell and system design" to provide a simple, robust, and easy to manufacture platform upon which to base its large power systems.
· Development of significant relationships with Ervington Investments and Foster Wheeler to improve its commercial prospects.
· "Very encouraging" commercial activity including a strong collaborative research and development portfolio and investigation of opportunities in the Korean market.
· The assembly of a highly integrated team, with "the correct structure and calibre of people", to give the Company "even sharper focus on the commercialisation of its technology".
Dr Helliwell concluded that AFC Energy had demonstrated that it would "deliver its systems successfully to the market."
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. The report focussed on four key areas of activity aimed at the commercialisation of its technology.
A version of the full CPI report, edited to remove confidential technical details, will be made available on the Company's website later today.
Ian Williamson, Chief Executive Officer of AFC Energy, said: "I am delighted that our work over the past year has withstood the scrutiny of the CPI's rigorous progress review and passed with flying colours. As the CPI acknowledges, there have not been many dramatic changes as the parameters of our system are now established. We continue to put in a great deal of effort and focus on ensuring we have both the commercial opportunities and the manufacturing capacity we need to succeed. It is encouraging to receive this independent endorsement that we are on the right track."
Ends
For further information, please contact:
AFC Energy plc Ian Williamson, Chief Executive Ian Balchin, Deputy Chairman |
+44 (0)1483 276726 |
Luther Pendragon - Public Relations Adviser Neil Thapar Alexis Gore Dan Wilson Craw |
+44 (0)20 7618 9100 |
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MC Peat & Co. - Corporate Broker Charlie Peat |
+44 (0)20 7104 2334 |
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Allenby Capital - Nominated Adviser Jeremy Porter James Reeve |
+44 (0)20 3328 5656 |
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
About CPI
The Centre for Process Innovation (CPI) was established by the Regional Development Agency, One North East, in 2004 to act as a Centre of Excellence for the Process Industry. It is now the Process Industry component of the UK's first Elite Technology & Innovation Centre in High Value Manufacturing. The UK Government is establishing these Technology Innovation Centres (or 'Catapult' centres) to help to create a critical mass for business and research innovation by focussing on specific technology areas where there is a potentially large global market and a significant UK capability.
