11 November 2019 16:39
Shares of AFC Energy Plc (LON: AFC) have rallied after internal expectations were smashed on the testing of a new fuel cell, as the company reported on Monday morning. Shares of AFC energy rallied 28.7% to 9p after the announcement was made. 11/11/19 11:27BST. The AIM (INDEXFTSE: AXX) listed firm reported positive progress in testing of its alkaline fuel cell product. During testing of the AlkaMem membrane programme, an enabler of HydroX-Cell fuel cell product, AFC's partners Industrie De Nora SpA said its performance "exceeded internal expectations".
FC said: "AlkaMem is set to be a truly disruptive technology in the field of alkaline water electrolysis with evidence supporting a sizable increase in hydrogen production efficiency." The company said it has received commercial enquiries about a sale or licensing agreement of AlkaMem. The energy market continues to become more competitive, as i3 (LON: I3E) made a new discovery a few weeks back and Hurricane Energy (LON: HUR) exceeded their interim expectations. AFC explained: "The company's AlkaMem solid membrane acts in the same manner as similar acidic membranes used in proton-exchange membrane fuel cells, albeit with the distinct advantage of utilising a lower grade, and therefore lower cost, Hydrogen source." Chief Executive Adam Bond added: "We have been working on the AlkaMem membrane over the past 24 months and have now made significant strides forward in demonstrating the commercial value this technology can bring to AFC Energy. "From our technology development roadmap, we have been delighted by the number of commercial success criteria the AlkaMem technology has already evidenced both in fuel cell and alternative applications. We have also been encouraged by the early market interest shown in the product and its applications." The announcement by AFC Energy will spark shareholder appetite, but this is only the start for the young firm, there will still be future tests and whether AFC can get through them will be seen. Hydrogen power generation technology provider AFC Energy updated the market on its proprietary 'AlkaMem' anionic exchange membrane development programme on Monday, as used in its high-current density alkaline fuel cell, 'HydroX-Cell(S)'.
"Based on internal De Nora testing standards, the AlkaMem membrane technology exceeded internal expectations and has demonstrated the ability to offer significantly lower voltage drop when compared to widely implemented industry standard diaphragms." At 1551 GMT, shares in AFC Energy were up 36.39% at 9.55p. AFC Energy develops Anionic Exchange Membrane AFC Energy, a provider of hydrogen power generation technologies, has progressed in its AlkaMem™ anionic exchange membrane development programme. The UK-based company's new HydroX-Cell(S)™ fuel cell platform is an anionic exchange membrane, AlkaMem™, featuring a solid membrane which offers a lower grade, lower cost, hydrogen source. AFC Energy unveils new product lines The technology was validated and tested at Industrie De Nora S.p.A research facilities in Japan earlier this year in an Alkaline Water Electrolysis application. Commenting on the testing, Christine Urgeghe, Chief Technical Officer at De Nora, said, "A highly conductive and stable anionic exchange membrane opens up an array of technologies which De Nora current have under development." "Based on internal De Nora testing standards, the AlkaMem™ membrane technology exceeded internal expectations and has demonstrated the ability to offer significantly lower voltage drop when compared to widely implemented industry standard diaphragms." The AlkaMem™ membrane will be available in three different thicknesses for the needs of different applications. With a prototype membrane manufacturing capability in Surrey, AFC Energy will now continue initial integration testing and development with the HydroX-Cell(S)™ fuel cell programme.