Notice of Results and Receipt of Funding

RNS Number : 9293P

AFC Energy Plc

24 February 2016

 

24 February 2016

AFC Energy PLC

("AFC Energy" or the "Company")

Notice of results and receipt of  €1.071m from Fuel Cells and Hydrogen Joint Undertaking

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it intends to announce its preliminary results for the year ended 31 December 2015 in the week commencing 21 March 2016.

In addition the Board is pleased to announce that the Company has received, since December 2015, net cash payments  from the European Union's Fuel Cells and Hydrogen Joint Undertaking ("FCH JU") of €1.071m after taking into account net cash payments to other project partners within the POWER-UP and Alkammonia programmes. 

The Company undertook a fundraise in December 2015 amongst existing shareholders to, in particular, support AFC Energy's short-term working capital requirements in advance of the receipt of EU grant funds through reimbursement of expenditure for the POWER-UP project in Stade, Germany.  The majority of the €1.071m funds received from the FCH JU relate specifically to work conducted on POWER-UP up to 30 June 2014.  Further significant cash receipts from the FCH JU related to the POWER-UP project for the period ending 30 June 2015 are expected in due course.  

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone]
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker Andrew Craig Richard Salmond	[phone]
M C Peat & Co LLP - Joint Broker Charlie Peat	[phone]
Lionsgate Communications - Public Relations Jonathan Charles Rachel Rigby	[phone]

About AFC Energy

AFC Energy plc is developing an alkaline fuel cell system ("KORE"), which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016.  The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the learnings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system.  For further information, please visit our website: www.afcenergy.com

 

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