Beta System Update & Notice of Results

RNS Number : 4140J

AFC Energy Plc

30 June 2011

 



30 June 2011

Embargoed until 07:00

AFC Energy PLC

('AFC Energy' or the 'Company')

Beta System Update & Notice of Results

First Installation of Commercial Scale System

AFC Energy PLC (AIM: AFC), the developer of low cost alkaline fuel cells, is pleased to confirm that it continues to make good progress and is currently commissioning its first Beta alkaline fuel cell system.

Highlights

·      Completion of first stage of Beta system commissioning at Dunsfold, Surrey;

·      Good progress on completion of HAZOP (see footnote) with no onerous re-design requirements;

·      On track to deliver its commercial-scale Beta system once the HAZOP study is successfully complete;

·      Shareholder open days to be held in September/October.

The Company has made significant progress on completing the hazard and operability ("HAZOP") study and has incorporated the emerging improvements from that study into its first Beta alkaline fuel cell system. This system, which is being constructed at Dunsfold, Surrey, will provide the test bed and demonstration for future developments prior to, or in parallel with, deployment at partners' premises.

AFC Energy is also pleased to announce that this Beta alkaline fuel cell system has successfully completed the first phase of the commissioning process.

The Board of directors of AFC Energy ("Board") considers that the investment of time and effort in addressing the HAZOP systematically will have long term benefits in terms of partner confidence and commercial deployment of future systems. The Board is pleased to confirm that none of the issues arising from the HAZOP require a significant re-design of the system but acknowledges that it slightly under-estimated the time required to address all points comprehensively.  

AFC Energy remains on track to deliver its commercial-scale Beta system once the HAZOP study is successfully complete.

AFC Energy is also pleased to advise shareholders that they will be able to see the first Beta system at the Company's premises in Dunsfold, Surrey during open days on 15 September and 12 October 2011. It is anticipated that this system will incorporate all of the improvements from the HAZOP.  Places at the open days will be limited and are offered to all shareholders on a first come first served basis through the Company's website.

Ian Balchin, AFC Energy's Executive Deputy Chairman, said: "We are pleased with the continued rapid progress of this modular, commercial-scale product. We have found the HAZOP process to be extremely valuable and believe that it will stand us in good stead for the future. We are working closely with our commercial partners on the first sites for field demonstration."

Notice of Results

AFC Energy expects to update shareholders with further announcements concerning its progress with the Beta system shortly. The Company will also be announcing its results, for the six months to 30 April 2011, on Thursday 7 July 2011.

ENDS

Note: HAZOP stands for hazard and operability analysis. A hazard and operability study is a systematic analysis of all foreseeable deviations from the normal situations (including disruptions of operations), the causes of these deviations, the consequences and the necessary actions.

For further information, please contact:

AFC Energy plc Tim Yeo, Chairman Ian Balchin, Deputy Chairman David Marson, Finance Director	[phone]
Allenby Capital Limited                   Brian Stockbridge Alex Price	[phone]
Threadneedle Communications John Coles Fiona Conroy	[phone]

About AFC Energy 

AFC Energy is a world leading developer of low-cost alkaline fuel cells that uses hydrogen to produce clean electricity. AFC Energy's technology is focused on large-scale industrial applications and the objective of producing the lowest possible unit cost electricity. AFC Energy's alkaline fuel cell has the capability to significantly reduce carbon emissions for businesses of all shapes and sizes. The technology is the most efficient method of converting hydrogen into electricity, and by-products, such as low grade heat and water, further increase energy efficiency and commercial value.

Please visit our website for further information, www.afcenergy.com.

 

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