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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published