4th Apr 2014 07:28
LONDON (Alliance News) - AFC Energy PLC Friday said it has received the first order for its Beta+ fuel cell test system from PowerHouse Energy Group PLC, for a payment of GBP150,000.
The industrial fuel-cell power company said the fuel cell system, which is expected to be delivered to PowerHouse in late 2014, will be utilised along with PowerHouse Energy's ultra-high temperature gasification technology, to produce clean energy.
The gasification technology converts organic matter into a stream of syngas from which all potential toxins or pollutants are completely degraded and rendered safe, AFC Energy said.
The company said the order will consist of two fuel cell cartridges and further cartridges, additional maintenance or potential increases in capacity can be provided for an additional fee.
AFC Energy said the transaction was negotiated by Waste2Tricity under a licencing agreement it signed in February 2009, and the installation will be the first involving integration of AFC's fuel cell systems with hydrogen derived from the gasification of waste.
The company said the initial payment of GBP50,000 has been satisfied by the issue of 2 million shares in PowerHouse to AFC and the final balance of GBP100,000 is due for payment three months following the delivery of the technology, which is expected in December.
AFC Energy shares were down 1.5% to 30.05 pence, while PowerHouse shares were up 10% to 2.75 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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