Business
Repayment of Loan from Waste2Tricity
Repayment of Loan from Waste2Tricity.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 6439Y AFC Energy Plc 05 March 2012 \n \n\nAFC Energy plc \n('AFC Energy' or the 'Company')\n \nRepayment of Loan from Waste2Tricity\n \n05 March 2012: AFC Energy plc (AIM: AFC), a leading developer of low-cost alkaline fuel cell technology for industrial applications, is pleased to announce that it has received £152,500 in full repayment with associated interest of a loan made to Waste2Tricity Ltd (\"W2T\") in 2009. \n \nAs announced in February 2009, AFC Energy entered into an agreement with W2T to supply AFC Energy fuel cells for integration into W2T's system for the conversion of municipal solid waste to energy. Under the terms of the agreement AFC Energy received an option to acquire 25% of the share capital of W2T, which was exercised in June 2009 for a nominal fee. \n \nW2T was established to initiate waste-to-energy projects using the most economically viable technologies available. W2T selected AFC Energy's fuel cell systems as having the greatest potential to be the most efficient technology for generating electrical power from gasified waste. The repayment of the loan follows progress made by Waste2Tricity in the development of waste-to-energy projects within the UK. \n \nBoth companies will continue to progress waste-to-energy opportunities as they arise.\n \nIan Williamson, CEO of AFC Energy plc, said:\"Our relationship with W2T has already yielded tremendous benefits to AFC Energy. Since we entered into the partnership, commendable progress has been made to tailor our technology and we have also generated great interest in the sector. The purpose of the loan was to open up the excellent commercial opportunity offered by our fuel cells when they are deployed within the waste-to-energy sector. While lead times in both the development of projects and their delivery are long, we will continue to work with W2T to exploit those opportunities. \"\n \nPeter Jones, Chairman of Waste2Tricity, said:\"I am delighted that Waste2Tricity has received its first substantial revenue for its involvement in a large scale waste-to-energy plant. This income has enabled Waste2Tricity to meet its obligations to repay all of its outstanding loans and will enable the company to progress with its business plan. We really appreciated the supp...