CPI reports strong progress with commercialisation strategy
AFC Energy, the industrial fuel cell power company, has received a further positive independent review of its progress by the Centre for Process Innovation ("CPI"), which concludes that the Company is making strong progress towards the commercialisation of its technology.
The CPI report is the second independent endorsement AFC Energy has received in as many weeks following the prestigious award received last week for 'Best Scientific Paper' at the European PEFC & H2 Forum, Europe's most respected Fuel Cell event.
AFC Energy commissioned the CPI, an independent UK government technology research organisation, in 2008 to carry out periodic progress reviews to provide an arm's length assessment of the Company's progress, and advice and support to the management team. The previous review was carried out in August 2012.
Key findings in the latest review by the CPI's Dr Jon Helliwell, project manager of Fuel Cell Applications, concluded that "an enormous amount has been achieved in a relatively short time" and that AFC has made "strong progress" in "all areas of its activities" including:
· Establishment of "a fundamental cell and system design" to provide a simple, robust, and easy to manufacture platform upon which to base its large power systems.
· Development of significant relationships with Ervington Investments and Foster Wheeler to improve its commercial prospects.
· "Very encouraging" commercial activity including a strong collaborative research and development portfolio and investigation of opportunities in the Korean market.
· The assembly of a highly integrated team, with "the correct structure and calibre of people", to give the Company "even sharper focus on the commercialisation of its technology".
Dr Helliwell concluded that AFC Energy had demonstrated that it would "deliver its systems successfully to the market."
AFC Energy provided Dr Helliwell with complete, unrestricted, access to all areas of the Company and its staff and he was able to examine each in detail. The report focussed on four key areas of activity aimed at the commercialisation of its technology.
A version of the full CPI report, edited to remove confidential technical details, will be made available on the Company's website later today.
Ian Williamson, Chief Executive Officer of AFC Energy, said: "I am delighted that our work over the past year has withstood the scrutiny of the CPI's rigorous progress review and passed with flying colours. As the CPI acknowledges, there have not been many dramatic changes as the parameters of our system are now established. We continue to put in a great deal of effort and focus on ensuring we have both the commercial opportunities and the manufacturing capacity we need to succeed. It is encouraging to receive this independent endorsement that we are on the right track." |
