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AFC Energy

AFC Energy in a solid position for realisation of growth potential into 2020 and beyond

AFC Energy plc (LON:AFC), a leading developer of hydrogen power generation technologies, has provided its Interim Results for the 6 months ended 30 April 2020.

Highlights

·    Successful launch and demonstration of AFC Energy’s EV charging solution culminating in a national roadshow across the United Kingdom.

·    Commenced negotiations with Extreme E for a bespoke H-Power unit with a binding contract being reached in July 2020.

·    Reinforced sales staff to manage inbound prospects resulting from increased visibility to customers by having a physical demonstration. These negotiations laid the platform to conclude the strategic collaboration with ACCIONA.

·    Raised £ 1.4 million when lockdown occurred to continue work unabated during the lockdown with no staff furloughed nor made redundant.

·    Commenced product development work on HydroX-Cell(L)160 system for launch later this year.

·    Invested in research and development staff in support of the AlkaMem product which has led to membrane samples being delivered to third parties for validation.

·    As a result of the actions above after the end of the reporting period, a further £ 31.6 million was raised to fund further product development, scale up of manufacturing and reinforce sales coverage.

Adam Bond, Chief Executive Officer of AFC Energy, said “2020 continues to be a transformational year for the international Hydrogen economy.  With unprecedented investment into the sector from both private and public institutions, AFC Energy remains focussed on the consolidation of its position as a leading developer of alkaline, zero emission fuel cell systems.” 

“We anticipate that in the second half we will continue to make large strides forward benefiting from a wider technology platform, growing project pipeline across key target markets and new enquiries from strategic partners financed by a strengthened balance sheet.  These factors, together with the commitment of AFC Energy’s management and staff, places the Company in a solid position for the realisation of its growth potential into 2020 and beyond”. 

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