AFC Energy gets strong independent review

AFC Energy, the British company using technology from space stations to develop alkaline fuel cells, saw a big spike in its share price this morning after announcing a positive independent technology review.

The review, by the quasi-governmental Centre for Process Innovation, gave AFC the thumbs up for demonstrating that its fuel cells could work outside of the laboratory and for separating its manufacturing and development divisions.

The inspector, Dr. Jon Helliwell concluded that: "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”.

Investors initially thought this was a big deal, with the stock gaining up to 6% in early trading. Since then it has fluctuated significantly. At 10.13 it spiked up further, to 32.95p or a gain of 8%.

Over the last year AFC shares have lost 51% of their value. Over the last five years the stock has gained 31%.