AFC announces further EU funding

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has received notification that it has been awarded a European Union grant of up to Euro 1.96 million (£1.53 million) for the launch of its Alkammonia project to develop ammonia fed alkaline fuel cell systems.

The EU grant is being funded by the Fuel Cells and Hydrogen Joint Undertaking (FCH-JU), through the EU’s Seventh Framework Programme (FP7). It will provide AFC Energy and their European project partners with three years’ financial support for the development of ammonia fed alkaline fuel cells. The grant, which is subject to final negotiation and agreement, is expected to be in place to enable the project to commence from March 2013. If negotiations with FCH-JU conclude satisfactorily, AFC Energy will coordinate the project and expects its direct share of the project funding to be up to Euro 0.64 million (£0.52 million) with the balance to be received by the other project partners.

AFC announces further EU funding and the acquisition of assets from Diverse Energy | AFC Energy.

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