AFC ENERGY PLC

Board/Management Information • Dec 1, 2014

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RNS Number : 4017Y

AFC Energy Plc

01 December 2014

1 December 2014

AFC Energy PLC

("AFC Energy" or the "Company")

Appointment of new Chief Executive Officer

The Board of AFC Energy plc (AFC.L), the industrial fuel cell power company, is pleased to announce the appointment of Adam Bond as Chief Executive Officer, with immediate effect.

Adam's appointment recognises the Board's renewed focus for AFC Energy as it transitions from a leading fuel cell research and development company, to a commercial business seeking to capitalise on the immediate opportunities within the emerging hydrogen economy. 

Adam has been a non-executive director of AFC Energy since May 2012, giving him a unique understanding of the business and its potential in the global hydrogen market.  His understanding of the AFC Energy business, coupled with 15 years of experience in the energy sector, most recently in a position responsible for the commercialisation of underground coal gasification technologies with Linc Energy Ltd, make Adam a valuable addition to AFC Energy's executive management team.    

During Adam's time at Linc Energy, he held positions which include President - European Operations, Vice President - Europe, Middle East and Africa, and as President - Clean Energy where he was responsible for leading a team of  industry leading technologists in the commercialisation of the company's underground coal gasification technology.  Prior to joining Linc Energy, Adam held positions with the British Government as Project Director for the United Kingdom's first carbon capture and storage programme and was key in the design of the commercial framework for delivery of the United Kingdom's offshore electricity transmission network. 

Adam Bond, CEO said: "I am delighted to take over as Chief Executive and look forward to leading AFC Energy as it transitions to a significant player in the international energy sector.  The business is at an important junction in its evolution and with commercialisation now firmly within sight, I remain confident of AFC Energy's future success in the industry and am excited to be a part of it in this way." 

Tim Yeo, AFC Energy Non-Executive Chairman, said: "I am delighted that Adam is taking over as Chief Executive at this time to lead the Company through the next phase of its development. His drive and experience will help AFC Energy exploit its technology and move to being a significant commercial business."

The outgoing Chief Executive, Ian Williamson, has taken the decision to resign from AFC Energy and will leave the Company immediately. During his three years at AFC Energy, he played a crucial role in stabilising the business and in forging a clear strategy to transition its low cost fuel cell technology into commercial-grade systems aimed at the global market for stationary power applications. During this period, the Company also raised significant new funds and launched demonstration scale commercial programmes in key markets.

Ian Williamson said: "AFC Energy has established itself as a global player in fuel cell systems designed for the industrial and chemicals markets. With a strong financial position and solid technical resources to deliver on its demonstration programmes now underway, I have decided the time is right for me to hand on the baton."

Tim Yeo said: "Ian has been made an invaluable contribution in guiding the Company through its most challenging period. We wish him well for the future."

In another board change today Gene Lewis, who has been Technical Director of AFC Energy since 2009, is leaving the main board. Gene remains Technical Director and continues to lead the Company's research and development work.

Lionsgate Communications has been appointed to provide financial public relations and investor relations advice.

For further information, please contact:

AFC Energy plc Christopher Tawney (Finance Director)	+44 (0) 20 3697 1209
Zeus Capital Limited - Nominated Adviser and Joint Broker Dan Bate, John Depasquale (Corporate Finance)                       Alex Davies, John Goold (Institutional Sales)	+44 (0) 20 7533 7727
M C Peat & Co LLP - Joint Broker Charlie Peat	+44 (0) 20 7104 2334
Lionsgate Communications - Public Relations Jonathan Charles, Rachel Rigby	+44 (0) 20 3697 1209

About AFC Energy

Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using platinum free, advanced materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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