Following the successful commissioning of the KORE system in Stade, Germany on July 31 2015 it remains on target to achieve Milestones 10 and 11 of the 11 Milestone programme announced to the market on December 8th 2014.
These Milestones, including the generation and sale of power into the German electricity grid, and for the first time, generation of the full nameplate capacity of the KORE system (240kW), are expected to be achieved in accordance with earlier announced timeframes in 2015. The company’s staff and subcontractors are currently on site in Stade finalising works necessary to deliver Milestone 10 and at this time, there is no reason to suspect this will not be achieved within the announced timeframe.
The company also continues to make progress in the development of its fuel cell catalyst and at this time, has seen further recent improvements in the power output generated from the cells as compared with that currently being trialled in Stade; this provides further confidence that the AFC fuel cell will be in a position to achieve its targeted capacity output of the KORE by the end of 2015.
Furthermore, ongoing dialogue is occurring with existing and prospective commercial partners and at present, we hope to be able to make further updates to the market on the progress across these opportunities over the coming months. “We remain confident that the scope of our pipeline, being an expected 1GW of capacity under development or in operation by the end of 2020 will be delivered and indeed, most likely exceeded,” the company states.
Mr Adam Bond, AFC’s Chief Executive Officer, said, “At this time, we wish to reassure shareholders that AFC remains on target to deliver on its key milestones announced in December 2014. We will provide further updates to the market on the KORE system at Stade and other commercial developments in the near future.”