AFC Energy jumps as it extends electrode lifespan to nine months

AFC Energy, the AIM-listed industrial fuel cell power company, has extended the longevity of its electrodes to more than nine months of continuous operation.

The development, which was reached at the company's laboratory in Dunsfold, Surrey, last week, brings the company's fuel cell power generation technology closer to achieving full commerciality and potentially gaining lucrative opportunities with industrial partners, the company said.

AFC Energy added that, depending on incentives available in key markets, the first industrial applications require a minimum electrode life of three months to be economically viable, particularly in the Far East and in countries such as South Korea. It said that this minimum threshold was first achieved by the company in May 2012.

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Ian Williamson, Chief Executive Officer of AFC Energy, commented: "In the last year the technical team at AFC Energy have made great strides in improving both the power output and longevity of our fuel cells and we are now within touching distance of reaching our goal of 12 months electrode life. Achieving these targets will allow us to fully commercialise our product."

He added: "Our first large scale installation incorporating all of these developments will be at Industrial Chemicals Limited, a leading UK based chemical group, and it will be fuelled by harnessing surplus hydrogen produced as a by-product at ICL's Essex site."

AFC Energy's share price was up 10.48% to 29p at 10:10 on Monday.

MF