Business
Final Results and Notice of AGM
Final Results and Notice of AGM.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 1182T AFC Energy Plc 24 March 2016 \n\n24 March 2016\nEmbargoed until 07:00\n \nAFC Energy PLC\n(\"AFC Energy\" or \"the Company\")\n \nFinal Results and Notice of AGM\n \nAFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce its final results for the year ended 31 October 2015.\n \nFY15 Highlights\n \n· Successful testing of 25, 51 and complete 101 fuel cell stacks\n· Successful completion of Milestone 10, POWER-UP Programme with testing of entire tier of eight fuel cells\n· 50MW Project Development Agreement with Samyoung Corp. and Chang Shin Chemical Co., Korea\n· 10MW Heads of Agreement with Bangkok Industrial Gas Co., Thailand\n· 300MW MoU with Dubai Carbon Centre of Excellence\n· Income increased to £2.3 million (2014: £782k)\n· Diluted loss per share of 1.66p (2014: 2.42p)\n \nPost Period Highlights\n \n· Raised £3.6 million through placing and offer for subscription\n· Commissioning of KORE System and production of power at Stade, Germany\n· Heads of Agreement with global manufacturer\n· Heads of Agreement with DNR Industries Ltd., part of the Dutco Group of Companies, Dubai\n· Receipt of €1.07 million from EU's FCH JU\n· Strategic Partnership Agreement with plantIng GmbH\n· 2016 Strategic Milestones and Outcomes\n \n \nAdam Bond, CEO of AFC Energy, commented: \"2015 was all about driving our alkaline fuel cell technology platform to maximise the power output of the system for the first time at a third party industrial facility in Germany whilst in parallel delivering the requirements of the joint EU funded POWER-UP programme. Having achieved a number of critical successes over this period, 2016 is now focused on delivery of international contracts for the deployment of our fuel cell system whilst taking the wealth of learnings acquired over the course of 2015 and further enhancing the operability of the fuel cell system capable of meeting the requirements of our commercial partners.&nb...