AFC Energy Plc
24 October 2007
NEWS RELEASE
24 October 2007
Technological milestone achievement signals completion of phase one of AKZO
Nobel agreement
AFC Energy Plc, ('AFC Energy' or the 'Company'), the low cost alkaline fuel cell
company, is pleased to announce that it has successfully achieved the 500 hour
trial of a fully scaled single cell unit as detailed in the Company's Admission
Document dated 18 April 2007.
The fully scaled single cell mirrors the size of the cells that will be used in
the 3.5kW, 50kW and 200kW systems where multiple cells will be connected to
generate higher outputs.
The achievement of this third technological milestone, which has been reached
within the timescale set out in the Company's Admission Document and with better
durability of the cell than forecast, completes the initial phase of the AKZO
Nobel agreement.
The Company will now progress to phase two with its next technological
milestone: the development of the complete fuel cell system, due to be completed
by the end of January 2008. Following that, AFC Energy will move towards
multi-system production in order to fulfil the final part of its contract with
AKZO Nobel later next year. AFC Energy expects to provide its first fuel cells
to AKZO Nobel by August 2008.
Gerard Sauer, Chief Executive, AFC Energy plc, said:
'AFC Energy is one of few fuel cell companies which has a focus on the
industrial sector and has a direct relationship with the product's end user; in
our case AKZO Nobel. AFC Energy's fuel cells will reduce its customers energy
costs from the moment they are switched on. The electricity produced by the
by-product hydrogen can either be sold or re-used making an immediate
contribution to the customer's bottom line.
'Reaching this important milestone of the fuel cell systems' development means
that we have successfully completed phase one of our partnership with AKZO
Nobel, and we look forward to the next stage of our agreement as we move closer
to delivery of our first fuel cells in August 2008. '
- Ends -
For further information please visit www.afcenergy.com or contact:
AFC Energy plc 01483 276 726
Gerard Sauer, Chief Executive
Blue Oar Securities - Broker 020 7448 4400
Shane Gallwey
Nabarro Wells & Co. Limited - Nominated 020 7710 7400
Adviser
Richard Swindells / Anthony Rowland
Madano Partnership 020 7593 4000
Mark Way / Graham Moonie
This information is provided by RNS
The company news service from the London Stock Exchange