Receipt of ?2.052m from Joint Undertaking

RNS Number : 3295B

AFC Energy Plc

16 June 2016

 

16 June 2016

AFC Energy PLC

("AFC Energy" or the "Company")

Receipt of €2.052m from Fuel Cells and Hydrogen Joint Undertaking

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has received a net cash payment from the European Union's Fuel Cells and Hydrogen Joint Undertaking of €2.052m after taking into account net cash payments to other project partners within the POWER-UP programme. These funds are related to the POWER-UP project for the period ended 30 June 2015; a further claim for the period ending 30 June 2016 is due to be submitted shortly.

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone]
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker Andrew Craig Richard Salmond	[phone]
M C Peat & Co LLP - Joint Broker Charlie Peat	[phone]
Lionsgate Communications - Public Relations Jonathan Charles	[phone]

About AFC Energy

AFC Energy plc has developed and successfully operated an alkaline fuel cell system ("KORE"), which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016.  The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system.  For further information, please visit our website: www.afcenergy.com

 

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