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AFC Energy preps for commercial deployment
AIM-listed industrial fuel cell power company AFC Energy stressed the importance of improvements made to its fuel cell system throughout the fourth quarter of the calendar year as it began to build a "compelling case" for commercial deployment.
AFC believed the improvements made to the fuel cell system over the three months ended 31 January demonstrated a platform for future commercial deployment with performance of the system projected to be "well in excess" of objectives set by the firm back in 2017.
The Surrey-based group said its fuel cell system was now at a point where the level of operational data gained, both at the electrode and system level, helped it build a strong case for commercial deployment of the system.
In expectation of the positive results, AFC held advanced talks with several third-party technology providers regarding multiple near-term commercial deployment opportunities, as well as opening up a dialogue with several new and innovative hydrogen generation companies about integrating its proprietary clean energy fuel cell technology into their systems.
"In some cases, these negotiations have advanced to [an] agreement of terms which are now being progressed towards binding commercial agreements," the group said on Friday.
AFC's management remained confident that, with its progress made at a base technology level, integrated with upstream hydrogen generation and downstream power generation technologies, the market for its fuel cell would open into previously unexplored market segments in 2018.
As of 1040 GMT, shares had gained 11.63% to 12.00p.