The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
26 July 2018
AFC Energy PLC
("AFC Energy" or the "Company")
Southern Oil Refinery Update - Receipt of Non-Refundable Deposit
AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to confirm receipt of a non-refundable deposit from Southern Oil Refinery Pty Ltd ("Southern Oil") as referred to in the Company's announcement of 12 July 2018.
The Company will now commence the necessary engineering activities with Southern Oil to confirm the scale and final costing of the AFC Energy fuel cell system to be located in Queensland, Australia. The proceeds from the deposit will be used to fund the conduct of the engineering activities and AFC Energy's associated costs.
We expect this initial engineering work to be concluded by late September / early October 2018 following which we will proceed to a confirmed purchase order for the installation of the system which we expect to be fully installed and available for operation and supply of clean energy to the Southern Oil refinery by the end of the first half 2019.
Further updates will be made concerning progress of this project in the fourth quarter of 2018.
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer) |
+44 (0) 20 3697 1209 |
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker David Foreman Richard Salmond |
+44 (0) 20 7894 7000 |
M C Peat & Co LLP - Joint Broker Charlie Peat |
+44 (0) 20 7104 2334 |
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Lionsgate Communications - Public Relations Jonathan Charles |
+44 (0) 20 3697 1209 |
About AFC Energy
AFC Energy plc has developed and successfully demonstrated an alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The Company is now building upon an already established pipeline of commercial opportunities and driving the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. For further information, please visit our website: www.afcenergy.com
About Southern Oil
Southern Oil is a privately owned Australian company operating two waste oil refinery facilities in Wagga Wagga (NSW) and Gladstone (QLD). Each day these refineries take in around 420,000 litres of waste lube oil that would otherwise be burnt or dumped.
The development of world leading processes in waste oil refining has led to investments into, and the opening of, Australia's first Advanced Biofuels Laboratory and Biofuels Pilot Plant in Gladstone, Queensland.
Southern Oil are testing renewable technologies from around the world to produce renewable crude, bio-hydrogen and 100 per cent renewable drop in fuels. For further information, please visit Southern Oil's website: www.sor.com.au
