StockMarketWire.com - AFC Energy has received a further positive independent review of its progress from the Centre for Process Innovation.

The CPI last carried out a review of the company's technical activity in May.

The CPI's latest reports notes that there have been a number of important developments since the last review, which have given it further confidence that the performance targets agreed with AFC Energy's main customer will be achieved.

The CPI's fuel cell applications project manager Dr Jon Helliwell says: "This has been an extremely important period for AFC Energy.

"I am highly encouraged by the operational and technical developments since the last review and I firmly believe the Company is now in a significantly stronger position.

"AFC Energy is highly likely to deliver low cost, modular fuel cell systems to the stationary power industry in accordance with its technology and commercialisation plans.

"The systems are simple, as they use clever engineering and elegant design to minimise cost and complexity. "The cells themselves have been designed for manufacture and are capable of using a range of materials.

"The technology is no longer 'laboratory based' and in what has been a particularly exciting period for the company, it is clearly starting to deliver the promise of its robust, low cost fuel cell systems."

AFC Energy chief executive Ian Williamson said: "We are delighted and encouraged that Dr Helliwell's review recognises the important milestones reached by the company in the last few months and it is again a testament to the hard work of our development team.

"AFC Energy continues to optimise the performance of its Beta fuel cell system using the highly valuable data generated by the field trials currently underway and we remain firmly focussed on commercialising our fuel cell technology."

At 9:33am: (LON:AFC) share price was +1.5p at 32p


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