14th Dec 2015 08:17
LONDON (Alliance News) - Fuel cell power company AFC Energy PLC on Monday saw its share price decline in early trade as it said full commissioning of its KORE system at the Stade facility in Germany will not complete until early 2016.
The system build has now been completed, with pre-commissioning to start this week, but finalistion of the rest of the pre-commissioning activity is expected to take around six weeks, meaning the results from the full commissioning will not be available until the end of January 2016.
"Following the achievement of Milestone 10 in October 2015, we have continued to make solid progress towards Milestone 11," said Chief Executive Adam Bond.
"However, we still need to complete all pre-commissioning activities before we are able to undertake automated commissioning, and test the KORE system at the targeted 240kW design output," he added.
AFC shares were down 20% to 23.158 pence Monday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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