Business
Technological Milestone
Technological Milestone.
About this update from H-power Plc
[{"type":"text","content":"\n AFC Energy Plc\n24 October 2007\n\n\n\n\nNEWS RELEASE\n\n\n24 October 2007\n\n\n Technological milestone achievement signals completion of phase one of AKZO\n Nobel agreement\n\n\nAFC Energy Plc, ('AFC Energy' or the 'Company'), the low cost alkaline fuel cell\ncompany, is pleased to announce that it has successfully achieved the 500 hour\ntrial of a fully scaled single cell unit as detailed in the Company's Admission\nDocument dated 18 April 2007.\n\nThe fully scaled single cell mirrors the size of the cells that will be used in\nthe 3.5kW, 50kW and 200kW systems where multiple cells will be connected to\ngenerate higher outputs.\n\nThe achievement of this third technological milestone, which has been reached\nwithin the timescale set out in the Company's Admission Document and with better\ndurability of the cell than forecast, completes the initial phase of the AKZO\nNobel agreement.\n\nThe Company will now progress to phase two with its next technological\nmilestone: the development of the complete fuel cell system, due to be completed\nby the end of January 2008. Following that, AFC Energy will move towards\nmulti-system production in order to fulfil the final part of its contract with\nAKZO Nobel later next year. AFC Energy expects to provide its first fuel cells\nto AKZO Nobel by August 2008.\n\n\nGerard Sauer, Chief Executive, AFC Energy plc, said:\n\n'AFC Energy is one of few fuel cell companies which has a focus on the\nindustrial sector and has a direct relationship with the product's end user; in\nour case AKZO Nobel. AFC Energy's fuel cells will reduce its customers energy\ncosts from the moment they are switched on. The electricity produced by the\nby-product hydrogen can either be sold or re-used making an immediate\ncontribution to the customer's bottom line.\n\n'Reaching this important milestone of the fuel cell systems' development means\nthat we have successfully completed phase one of our partnership with AKZO\nNobel, and we look forward to the next stage of our agreement as we move closer\nto delivery of our first fuel cells in August 2008. '\n\n\n\n - Ends -\n\n\n\nFor further information please visit www.afcenergy.com or contact:\n\nAFC Energy plc 01483 276 726\nGerard Sauer, Chief Executive\n\nBlue Oar Securities - Broker 020 7448 4400\nShane Gallwey\n\nNabarro Wells & Co. Limited - Nominated 020 77...