Business
Preliminary Results - Amend
Preliminary Results - Amend.
About this update from H-power Plc
[{"type":"text","content":"\n RNS Number : 4236I AFC Energy Plc 11 March 2010 \n \n\n \nThe following replaces the Preliminary Results announcement released at 0700 under RNS number 4086i. \n \nThe eighth bullet point below has been amended to read \"Cash balances at end February 2010 of £3.19 million\" \n \nAll other details remain unchanged.\n \n \n \n \nAFC Energy PLC\n \n('AFC Energy' or the 'Company')\n \nPreliminary Results for the year ended 31 October 2009\n \nAFC Energy PLC (AIM: AFC), the low-cost fuel cell company, today announces its preliminary results\nfor the year ended 31 October 2009.\n \nHighlights of the year\n \n· Successful trial of initial Alpha fuel cell system at Akzo Nobel in April 2009\n· Second chlor-alkali partnership signed with Ineos ChlorVinyls\n· Significant progress in both electrode specification and system design.\n· 5 further patents applied for\n· Technical and management team strengthened to support anticipated growth\n· Operating costs further reduced\n \nSince the year end\n \n· £2.2 million raised through share placing and option/warrant conversions\n· Cash balances at end February 2010 of £3.19 million.\n· Heads of agreement signed with Linc Energy to exploit underground coal gasification\n· SuperGreen Power Station project initiated with WSP Group plc, CEL International and Air Products as confirmed world class partners\n· Agreement with Centrica plc for reservation of future capacity\n \n \n \nIan Balchin, CEO commented, \n \nOur objective is to develop and commercialise an alkaline fuel cell system for the 21st century at a significantly lower cost than any other fuel cell system. We have made considerable technical progress this year and have deepened and widened our commercial relationships with key partners. Our Alpha system fuel cell will be further tested by both Akzo Nobel and Linc Energy during 2010 and we remain on track to deliver our first 50kW unit in 2011\n \nTim Yeo, Chairman added,\n \nI am delighted that new management team has accelerated the te...