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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AFC Energy plc    AFC   GB00B18S7B29

AFC ENERGY PLC (AFC)
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AFC Energy plc : AFC Energy wins prestigious fuel cell award

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07/10/2013 | 08:40am EST

10 July 2013

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce it has been awarded 'Best Scientific Paper' at the European PEFC & H2 Forum in Switzerland, Europe's most respected Fuel Cell event. Now in its 19th year, the event is the largest and longest running fuel cell conference, attracting more than 5,000 delegates from 30 countries.

At the conference held earlier this month, AFC Energy's Senior Scientist, Dr. Naveed Akhar, presented the award winning paper, Extending Lifetime of Alkaline Fuel Cells via Efficient Water Management Strategies, which focused on the significant developments in longevity of AFC Energy's fuel cells through an innovative but simple, low cost approach - elements of which the Company has recently filed patent applications for.

The Chair of the event Prof.  Deborah Jones, Director of Research at the National Centre for Scientific Research in France, singled out the paper for high praise as it saw off stiff competition from over 190 leading industry peers to win the esteemed award.

The award is further validation of AFC Energy's leading and innovative technology, as well as a clear endorsement of the Company's technical team. It has been a long time since an award of this standing has been granted to scientific research in the field of Alkaline fuel cell technology, representing a significant change in how the global fuel cell community views Alkaline fuel cells.

Dr. Naveed Akhar said: "When I joined AFC Energy at the beginning of 2012, I was excited to be working with an extremely talented group of people and with technology that has enormous potential. In the time I have been here we have already taken great strides, driving forward innovation at the cutting edge of the fuel cell industry. The whole technical team should be applauded for harnessing that knowledge to bring together an excellent paper that I was proud to present on behalf of them all."

Dr. Gene Lewis, Technical Director at AFC Energy, commented: "We are immensely proud to have been awarded this prize and see our work recognised by our peers in this way.  The whole team deserves enormous credit for its contribution to the award winning paper and for the continued progress and innovative strides AFC Energy is making with its alkaline fuel cells towards commercialisation."

The primary purpose of the European Fuel Cell Forum is the promotion of fuel cell and hydrogen technologies through discussion and debate from leading industry figures across the globe. The conference covers a broad range of topics from the latest industry technology trends, worldwide strategic deployment projects to international programme targets.  


Ends

For further information, please contact:

AFC Energy plc
Ian Williamson, Chief Executive
Ian Balchin, Deputy Chairman
+44 (0)1483 276726

Luther Pendragon - Public Relations Adviser
Neil Thapar
Alexis Gore
Dan Wilson Craw
+44 (0)20 7618 9100

Peat & Co. - Corporate Broker
Charlie Peat
+44 (0)20 7104 2334

Allenby Capital - Nominated Adviser
Jeremy Porter
James Reeve +44 (0)20 3328 5656

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.

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Financials (GBP)
Sales 2018 4,10 M
EBIT 2018 -4,10 M
Net income 2018 -3,80 M
Finance 2018 3,70 M
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P/E ratio 2019
EV / Sales 2018 4,56x
EV / Sales 2019 1,83x
Capitalization 22,4 M
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