Linc Energy Ltd
(ASX:LNC) says it has signed an agreement with UK-based Fuel Cell Technology company AFC Energy and its related company B9 Coal.
AFC Energy develops low cost alkaline fuel cells that generate clean electricity from Hydrogen.
The agreement gives Linc the exclusive right to test the AFC Fuel Cell Technology on Hydrogen produced from underground coal gasification.
Linc Energy says it will purchase the first Alpha Fuel Cell System for 200,000 pounds and has the option to invest 2.3 million pounds into AFC Energy stock to extend the exclusivity period in perpetuity.
Linc anticipates commencing testing of the system at its demonstration facility in Chinchilla by mid April 2010.
Linc Energy posted a $42.18 million loss for fiscal 2009.
