25 May 2012

AFC completes HAZOP study

08/08/2011 Ben Jaglom

Alkaline fuel cell developer AFC Energy (AFC) has completed the HAZOP (hazard and operability) study of its Beta (commercial scale) fuel cell system.

The AIM-quoted company says improvements highlighted in the study have been incorporated into the Beta system, currently being commissioned. However, AFC adds that of these improvements none 'have involved any significant redesign work,' adding it is 'on track with its plans to deploy a Beta system in the field for testing.'

Chairman Ian Balchin declares that the HAZOP process is 'extremely valuable' and argues it takes the company 'another step forward towards deployment and field testing.' On commissioning the Beta system, he observes that AFC expects 'shortly to report further news.'

Last recommended by Growth Company Investor last month at 42.75p the shares now trade at 36.5p. Today's milestone in AFC's development plans is likely to come as welcome news to shareholders who have been waiting for an update on the HAZOP study. The next stage is to develop its beta system for commercial roll-out with the latest news reducing the development risk. We retain our speculative buy rating.

Tags: Alkaline fuel cells, Beta system, HAZOP

Sector: Electronic & Electrical Equipment

Companies: AFC Energy

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