25 May 2012

AFC issues bullish Beta update

30/06/2011 Ben Jaglom

Alkaline fuel cell developer AFC Energy (AFC) has issued an update on its Beta alkaline fuel cell system.

The AIM-quoted venture says it has now completed the first stage of beta system commissioning at Dunsfold, Surrey, having also made 'good progress' on the HAZOP (hazard and operability) study and incorporated improvements from that study into its beta fuel cell system. The company adds that  addressing the study will have 'long term benefits in terms of partner confidence and commercial deployment of future systems.'

AFC also announced that it is to show its Beta system at two shareholder open days in September and October, by which stage 'it is anticipated that this system will incorporate all of the improvements from HAZOP.'

Chairman Ian Balchin remarks that AFC is 'pleased with the continued rapid progress of this modular, commercial-scale product'. He adds the company has found 'the HAZOP process to be extremely valuable and believe that it will stand us in good stead for the future.'

Shares in AFC have gained more than 10 per cent this morning to 44.5p. The news on its beta system is likely to cheer shareholders and we therefore reiterate our speculative buy rating.

Tags: AFC ENergy, Alkaline fuel cell technology, Ian Balchin, Shareholder events, Visits to Surrey

Sector: Electronic & Electrical Equipment

Companies: AFC Energy

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