AFC Energy (AFC.L): Interim Results

30 Jun 2017

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce its interim results for the six-month period ended 30 April 2017. 

Highlights 

• AFC Energy is on track to reach initial demonstration of a commercially deployable fuel cell by the end of 2017 

• Industry de Nora S.p.A (“De Nora”) collaboration continues to evidence improved performance in fuel cell longevity without compromise in power output, availability, cost or efficiency 

• Significant technical progress made in performance of the fuel cell system against AFC Energy’s metrics of commercialisation: performance, longevity, availability, cost and efficiency 

• Engineering studies commenced in collaboration with Covestro AG in Germany and Peel Environmental in the UK for commercial fuel cell projects 

• Several other commercial projects under evaluation with local and international project partners, including those previously announced in Korea and the Middle East 

• Successful £8.1 million (before expenses) fundraise through a placement, subscription and shareholder open offer, with new institutional investors welcomed to the share register 

• Cash balance at 30 April 2017: £8.4 million (30 April 2016: £2.8 million) 

• Receipt of €0.9 million from EU’s Fuel Cells and Hydrogen Joint Undertaking (“FCH JU”) 

• Strengthened leadership team with appointment of Chief Operating Officer and Chief Financial Officer 

Mr. Adam Bond, AFC Energy’s Chief Executive Officer, said: “I am extremely pleased with the very strong technical progress made by AFC Energy during the first six months of this year, particularly underpinned by the collaboration agreement with De Nora. The Company has a strengthened balance sheet following the fundraise in March 2017, has commenced engineering studies on deployment projects, and strengthened its leadership team, positioning the Company well for the aggressive work programme set for initial demonstration of commercial operating parameters by the end of 2017."

AFC Energy | http://www.afcenergy.com