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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Afc Energy Plc | LSE:AFC | London | Ordinary Share | GB00B18S7B29 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.11% | 18.44 | 18.22 | 18.48 | 18.98 | 18.16 | 18.98 | 492,171 | 16:35:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Elec Indl Apparatus, Nec | 582k | -16.45M | -0.0220 | -8.26 | 135.67M |
TIDMAFC
RNS Number : 0526Z
AFC Energy Plc
08 December 2014
8 December 2014
AFC Energy PLC
("AFC" or the "Company")
POWER-UP Programme Status Update
AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to provide an update on the status of the POWER-UP project ("POWER-UP" or "the Project"), which will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany.
Highlights:
-- Fast tracking the date for demonstration of 240kW from the KORE to December 2015
-- Rapid deployment of the Company's in-line volume fuel cell fabrication processes will enable more fuel cells to be produced than was originally anticipated
-- First power generation in July 2015 of the KORE system: POWER-UP Phase 1
The Project, supported by the European Union's Seventh Framework Programme (the Fuel Cells and Hydrogen Joint Undertaking), provides an opportunity for AFC Energy to demonstrate for the first time the ability of the Company's alkaline fuel cell system (the "KORE") to achieve technical performance parameters reflective of an operational commercial facility.
POWER-UP reflects the final phase of AFC Energy's pre-commercialisation technical development programme and creates the platform for the Company's global commercial fuel cell deployment.
A detailed assessment of the POWER-UP programme over the last week has identified an opportunity to accelerate the date for commercial fuel cell demonstration of the KORE at its full design specification (expected to be 240kW) to the end of 2015; an acceleration of over eighteen (18) months. This will largely be achieved by;
1. Placing emphasis on achieving maximum output from the fuel cells in order to demonstrate the operability of the KORE. In parallel, AFC Energy will further refine its leading fuel cell technology such that once KORE design validation is achieved, the KORE will be operated with fuel cells designed to achieve high power and increased longevity.
2. Rapid deployment of the Company's in-line volume fuel cell fabrication processes that will enable AFC Energy to produce more fuel cells in 2015 than was originally anticipated.
The updated programme up to commencement of POWER-UP in July 2015, and the first six months of operation are contained in the Attachment.
Key highlights extracted from the schedule include:
1. First power generation in July 2015 of the KORE system at Stade: POWER-UP Phase 1;
2. Introducing a new phase to the Project which aims to produce commercial revenue from the POWER-UP KORE in Q4 2015;
3. Fast tracking the date for demonstration of 240kW from the KORE in December 2015.
There are a number of risks to the achievement of this ambitious schedule, all of which are normal for a project of this nature, including those relating to the successful phased delivery of the technical programme, logistical matters out of the control of AFC Energy, including project permitting and achievement of construction timelines agreed with EPCM contractors, and connection of the KORE to the grid which was not part of the original POWER-UP proposal.
In order to achieve the revised POWER-UP programme, AFC Energy is pleased to announce that this week, a contract was executed with Artelia, a leading European engineering, consulting and project management firm, and their sub-contractors, PlantIng, a leading German process engineering consultancy, for the undertaking of all engineering and design works associated with the delivery of the POWER-UP programme on site in Stade. This work has now commenced and is due to conclude with a facility capable of accepting the KORE in May 2015 (subject to permitting).
Adam Bond, AFC Energy's Chief Executive Officer, said: "Delivery of the KORE and POWER-UP programme is essential to the validation of AFC Energy's leading alkaline fuel cell technology. There is a lot of work still to be done before we are able to confirm achievement of our POWER-UP objectives, however, an operational reference project by the end of next year will significantly accelerate our plans for commercial deployment and market penetration."
Mr Bond further stated: "I have been greatly impressed by the enthusiasm of AFC Energy's technical team to identify opportunities to fast track the delivery of the KORE and POWER-UP by reducing the expected time for operation of the 240kW KORE module by 18 months. I believe this demonstrates the strong drive and focus that exists within AFC Energy to see commercial-scale fuel cells operating in the global market place as soon as possible following conclusion of the pre-commercialisation phase of development work."
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer) +44 (0) 20 3697 1209 Zeus Capital Limited - Nominated Adviser and Joint Broker Dan Bate, John Depasquale (Corporate Finance) Alex Davies, John Goold (Institutional Sales) +44 (0) 20 7533 7727 M C Peat & Co LLP - Joint Broker Charlie Peat +44 (0) 20 7104 2334 Lionsgate Communications - Public Relations Jonathan Charles, Rachel Rigby +44 (0) 20 3697 1209
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using platinum free, advanced materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
About Project POWER-UP
Project POWER-UP is supported by funding from the Fuel Cell and Hydrogen Joint Undertaking (FCH-JU). The FCH-JU was established by Council Regulations on 30 May 2008 and 6 May 2014 (FCH-JU2) as a public-private partnership between the European Commission, European industry and research organisations. Its objective is to accelerate the development and deployment of fuel cell and hydrogen technologies. The Seventh Framework Programme (FP7) was created by the European Union in order to support and encourage research in Europe. It has since been superseded by the Horizon 2020 programme, which brings together all the EU's research-funding schemes and plays a crucial role in securing European growth, competitiveness and employment.
Project POWER-UP will prove the ability of AFC Energy's alkaline fuel cell system to deliver the technical performance and economic viability that commercial end-users demand. Work in project POWER-UP is the final step in the development of AFC Energy's fuel cell system before full market deployment. This project will be the world's first demonstration of an alkaline fuel cell system on such a large scale.
Attachment
No. Milestone Timing Expected Outcome ---- ------------------------ --------- ----------------------------------- 1 Confirm that Dec 2014 1. Using a 25-cell cartridges cartridge, operate can achieve from ambient and demonstrate operating temperature that fuel cells can using heat self-heat to desired produced from operational temperature. fuel cell reactions -i.e. no external 2. Confirm time taken heat applied. to achieve operating temperature from ambient (KORE system is less than 15 hours start-up involves (as a first step towards the cartridges achieving an ultimate self-heating target of less than until they 3 hours for the KORE achieve operating system). temperature). 3. Operate the 25-cell cartridge under the above regime without loss of performance relative to earlier trials. 4. Freeze key aspects of the electrode design that will be used to commission the Kore System at Stade (see Milestone 3). ---- ------------------------ --------- ----------------------------------- 2 Appoint engineering Dec 2014 1. Execution of engineering consultant and design consultants to commence to commence permitting design package and engineering of for POWER-UP the Stade POWER-UP programme in site in Germany. Stade, Germany 2. Commence permitting activities necessary to commence site preparation and facilities construction at Stade. ---- ------------------------ --------- ----------------------------------- 3 Commence operational Jan 2015 1. Baseline operating performance performance of 50 cell monitoring stack utilising BETA of a 50 cell cartridge to compare stack within performance against an industrial 50 cell stack within gas plant environment. the new KORE cartridge (refer Milestone 4). 2. Confirm logistical methodologies to deliver commercial-scale cartridges overseas. 3. Confirm that time taken to achieve operating temperature from ambient is less than 12 hours (as a second step towards achieving an ultimate target of less than 3 hours for the KORE system). ---- ------------------------ --------- ----------------------------------- 4 Commence operational Feb / 1. Final design validation performance March of KORE cartridge that monitoring 2015 will commission KORE of a 100 cell system in July 2015. stack (up to 51 live cells) 2. Cartridges will within the be operated between new KORE cartridge 1.5 - 2.5kW and thermally (first time), cycled several times with this trial (to simulate KORE commissioning). to take place within an industrial 3. Commence automates gas plant environment manufacture of fuel cell stacks to be used in the KORE POWER-UP programme utilising newly commissioned stack assembly robot. ---- ------------------------ --------- ----------------------------------- 5 Commence construction Feb 2015 1. Site clearing and of POWER-UP preparation. facilities, utilities and 2. Confirmation of connections all building and construction at Stade, Germany approvals and permits. (subject to timely permitting 3. Laying of foundations and consents) and construction of all necessary buildings and structures ready to receive and house the KORE module. ---- ------------------------ --------- ----------------------------------- 6 Conclude construction May 2015 1. Delivery by AFC of POWER-UP Energy contractors facilities, of a fully permitted utilities and and constructed facility connections ready to accept the at Stade, Germany KORE and connect to requisite piping and hydrogen connection points. ---- ------------------------ --------- ----------------------------------- 7 Commence installation May 2015 1. Transfer of KORE of POWER-UP to Stade from the UK KORE system ready for installation. at Stade, Germany 2. Connection of the KORE to hydrogen sources and associated utilities. 3. Leak integrity of all fluid delivery systems. ---- ------------------------ --------- ----------------------------------- 8 Commissioning June 1. Validate safety of POWER-UP 2015 control system protocols. KORE at Stade, Germany 2. Software and comms. 3. Valve and pump sequence testing. 4. Deliver fuel cell cartridges. ---- ------------------------ --------- ----------------------------------- 9 Commence Phase July 1. Install cartridges 1 - POWER-UP 2015 that were validated programme in February 2015 and set flow and operational [Emphasis on settings. initial production of power and 2. Using automated associated sequence, operate single testing prior tier (x8 cartridge) to increasing operation and produce power output between 7.5 to 15kW in Phase 2] power from the KORE (the first time). ---- ------------------------ --------- ----------------------------------- 10 Commence Phase Q4 2015 1. Connect the KORE 2 - POWER-UP System to the local programme power grid for the purposes of exporting electricity into the German power grid for the first time. 2. Operate one of three tiers with x8 101-cell cartridges (40kW to 60kW production). 3. Fuel cells to be manufactured using high-volume manufacturing processes with improved performance characteristics. ---- ------------------------ --------- ----------------------------------- 11 Achieve first Dec 2015 1. Verification of commercial 240kW output from KORE scale operability system. of KORE module as part of 2. Independent verification POWER-UP programme of performance by POWER-UP partner "ZBT". ---- ------------------------ --------- -----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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