17 March 2008
AFC Energy plc
(“AFC Energy” or “the Company”)
Preliminary results to 31 October 2007
AFC Energy develops low-cost fuel cells for industries that produce waste hydrogen as a by-product. This
hydrogen is used by AFC Energy’s fuel cells to produce clean electricity.
AFC Energy’s fuel cells use reduced levels of precious metal and the Company has a clear route to
commercialisation by selling fuel cells directly to the end-user. Akzo Nobel is AFC Energy’s first customer.
Successful admission to AIM, raising proceeds of £3 million before expenses
Contract won with Akzo Nobel to provide financial support for fuel cell development and
commitment to purchase fuel cell systems
Development of fully scaled single cell prototype that will be used in the 3.5kW, 50kW and 200kW
Delivery of first fuel cells to Akzo Nobel scheduled for August 2008
Gerard Sauer, Chief Executive, AFC Energy said:
“The IPO of AFC Energy has given the Company greater visibility amongst industrial companies looking to
reduce their energy costs.
“We are experiencing increasing interest from potential customers who are keen to use our fuel cells to
produce clean electricity from their hydrogen that would otherwise be vented off into the atmosphere.
“As AFC Energy moves into a production phase ahead of delivery of our first fuel cells to Akzo Nobel, we
continue to make technological improvements to drive down the cost of our fuel cell components.”
For further information please visit www.afcenergy.com
AFC Energy plc
Gerard Sauer, Chief Executive
Blue Oar Securities
Shane Gallwey / Andrew Raca / Jerry Keen
020 7448 4400
Mark Way / Graham Moonie
020 7593 4000
It is a pleasure to report our first full year results, to 31 October 2007, which were in line with our forecasts at
the time of admission to AIM.
In a year of highly satisfactory progress, the Company secured its first contract with Akzo Nobel. During the
year, Akzo Nobel ma