The next milestone for AFC Energy (LON:AFC) is due before the end of this month, chief executive Ian Williamson told Proactive on Monday.
This is namely, that its fuel cell electrodes will hit 12 months of continued operation, he said.
The company chief also gave its non-executive chairman Tim Yeo his seal of approval after recent headlines about the Conservative MP, describing him as an ?excellent? non-executive chairman.
In April this year, AFC Energy said its scientists in Surrey, UK had been able to extend the life of its electrodes to more than nine months ? taking the technology a step further to commercial viability.
Now, Williamson hopes the firm will put a statement out towards the end of this month, saying it had broken the 12 month mark.
Williamson?s comments come following the firm?s interim results today, which he said said demonstrated the fuel cell specialist?s ?steady progress?.
Among a number of highlights in the six months to April 30, was the firm?s backing from a ?6.1 million EU grant to provide finance over four years to build the world?s largest alkaline fuel cell system in the UK.
It has also opened its first office in South Korea in a bid to tap into East Asian markets.
South Korea is a country is one that currently providing subsidies for electricity generated from fuel cells and therefore represents an attractive early opportunity.
The group?s fuel cells, using re-engineered proven technology, help create cheaper electricity from the by-product of the chlorine manufacturing process.
Meanwhile, away from the political background, the markets have been focused on the technical evolution of AFC.
Its shares have surged in recent weeks ? surging around 76% from the beginning of last month.
Williamson put the increased buying down to a wider audience becoming familiar with the AFC story, including from increased media coverage.
It?s been a difficult few weeks for chairman Tim Yeo, having stepped aside temporarily as chairman of the Commons Energy and Climate Change Committee amid lobbying claims.
He is currently under investigation from the Parliamentary Standards Committee.
Williamson said: ?Tim?s a public figure and we understand that.?
He added: ?He?s an excellent non-executive chairman and what we have him the company for hasn?t changed in recent times.?
The firm posted a loss before tax of ?2.55mln compared to a loss of ?2.1mln in the same period last year and had cash at ?8.9 mln as at April 30.
Earlier today, the company told investors: ?As expected our costs are slightly up on last year, due to the increased scale of AFC Energy?s development programme.
?We continue to maintain a tight rein on expenditure while developing important supplier and regional partnerships to underpin successful commercialisation of our fuel cells.
?The company is in a sound financial position and we look forward to reporting further material progress in the balance of the year,? it added.
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