Share Price
4.77 p
-0.025 (-0.52 %)
Market Cap
£21.37 m
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AFC Energy PLC

AFC Energy produces generating units that can be either used for large-scale electricity production, co-located in commercial or business premises or integrated into bespoke application units.

Market: AIM:AFC
52-week High/Low: 9.50p / 3.00p
Sector: Cleantech and Renewable Energy
Market Cap: £21.37 m
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Big Picture – A Deep Dive Examination of AFC Energy PLC

AFC Energy PLC Snapshot

Our aim is to install, own, operate and maintain stationary alkaline fuel cell systems that generate durable power at the highest levels of fuel efficiency for the future. AFC Energy seeks to be a world-class energy company that deploys low cost, high performance alkaline fuel cell technology to the global market.

AFC Energy targets co-ownership of projects through joint ventures, where our interests are aligned with those of our partners, by having “skin in the game”.

The building block of every AFC Energy fuel cell system is the 10kW stack. AFC Energy aims to provide clean power solutions from as small as 10kW up to multi megawatts – the only difference being the associated Balance of Plant. We use the same basic fuel cell stack in all systems.

The 10kW modular unit provides a low cost “entry option” for prospective partners, which offers a smaller scale demonstration plant that may lead to a large-scale plant development by our partners and customers. One of the trends in the global energy market is the movement towards off-grid, distributed power models where power demand may often be less than a “standard” 240 FC system but is open to pricing which is substantially higher than conventional wholesale power pricing. Diesel generation is one obvious example where our fuel cells have the potential to displace existing plants.

AFC Energy concluded the basic design and engineering on a 1MW capacity fuel cell system in 2018 and is now in the process of working with engineers to enable deployment.

Project joint venture graphic

Integrated Solutions Provider

We aim to provide our fuel cells not only for stand-alone power solutions, but also as a flexible building block which can be integrated with other related technologies, delivering a broad range of solutions for our customers.

Hydrogen Battery

The AFC Energy fuel cell can be deployed as part of a “hydrogen battery” scheme. When grid demand is low, excess power generated from renewable sources, such as wind or solar, can be diverted to a water electrolyser for hydrogen generation.

The produced hydrogen can then be stored and optimally released to our fuel cells at periods of peak demand (with higher tariffs), to support grid power requirements, when required.

The produced hydrogen can then be stored and optimally released to our fuel cells at periods of peak demand (with higher tariffs), to support grid power requirements, when required.

Waste Water Treatment

The AFC Energy fuel cell can also be deployed as part of a waste water treatment integrated solution. Following preliminary treatment, waste water can be electrolysed, to generate hydrogen and oxygen.

The by-product hydrogen and oxygen can then be delivered to the AFC Energy fuel cell system, to generate power and clean water, which can be re-used.

The electrolysis can be powered by, for example, renewable solar or wind power. Further, this system can be supplemented with hydrogen storage, to optimise delivery of power/water for peak demand periods.

Creating Value

AFC Energy is conscious of its obligation to effectively manage its relationships with a broad group of stakeholders which include:


AFC Energy acknowledges the importance of creating sustained long-term shareholder value, which ultimately hinges on commercialisation of the technology and maintaining a broad-based competitive advantage over substitute or near substitute offerings.


AFC Energy places high priority on the need to establish and nurture key strategic partnerships in which our partners can form a clear line of sight on how they will derive long-term exceptional value from their collaboration with us.


Without our employees, AFC Energy is not able to deliver on our technical milestones and execute the power projects which are required to utilise our technology – AFC Energy is focused on the long-term development of all our staff to ensure they remain motivated to deliver outstanding performance for the business.


We regard our customers as our partners – if they succeed, then so do we. The Company has identified priority performance metrics for a commercial product, which our customers will demand – it is our duty to supply this and ensure that our fuel cell system remains robust in divergent environments, reliable and available when power is required.


AFC Energy is primarily targeting large-scale industrial applications for the fuel cell system but is also considering distributed and related applications (such as water treatment), which has tremendous potential to serve communities. AFC Energy also highly values the relationships it has with those parties with common interests in our project locations and seeks to maintain a positive dialogue and transparency with its local communities and neighbours.

Our Projects

AFC Energy’s objectives are to secure value added partnerships with recognised industrial and institutional groups as well as commencing scoping studies and securing contracts for fuel cell projects.

With the POWER-UP programme, we now have a pilot plant system operating in Germany at an industrial plant owned by Air Products, which in turn accepts hydrogen from Dow Chemicals.

AFC has also signed MoUs in three of its key regions, including the Middle East (Dubai), South-East Asia (Thailand) and northeast Asia (South Korea).

EU-Funded Projects

POWER-UP is one of the EU Fuel Cell and Hydrogen Joint Undertaking’s stationary fuel cell demonstration projects.

The project has a budget of €11.5 million and a scheduled duration of 51 months, starting in April 2013 and concluding in June 2017.

Key highlights achieved for the project:

Delivery of an AFC system that converts hydrogen into electricity, water and heat

Successful scaled-up manufacture of fuel cell components

Demonstration of an automated process that assembles components into fuel cell stacks ready for incorporation within the system

Reduced installation and commissioning times (and costs) of the system through the development of a modular, containerised Balance of Plant

Effective recycling of substrate plates, catalyst materials and stack components

Understanding and quantifying the direct and indirect environmental burdens of the fuel cell system (including its hydrogen supply and component recycling) and the relevant socio-economic factors

Meeting end-user reliability requirements and compatibility with end-user’s plant maintenance schedules

Power successfully dispatched and sold to the grid

POWER-UP Consortium

To achieve the objectives of project POWER-UP, AFC Energy has put together an international consortium of world-class expertise:

AFC Energy plc (UK) – Project Co-ordinator

Air Products plc (UK) – World’s leading supplier of hydrogen and site host

GB Innomech (UK) – Automation specialists

Paul Scherrer Institut (Switzerland) – Independent technical, environmental and economic evaluation

ZBT Centre for fuel cell technology (Germany) – CE marking and regulatory compliance

European Hydrogen Association (EU) – publicity and dissemination of results


Throughout the duration of project POWER-UP, tens of thousands of fuel cells will need to be assembled. UK automation specialist, GB Innomech, has used a combination of established automation processes to develop and commission a pilot automation system.

Socio-Economic Assessment

As part of the project, technical, environmental and economic assessments of the POWER-UP system will be conducted by the Paul Scherrer Institut of Switzerland. This will be an objective study based on a broad range of indicators at the multi-disciplinary level of sustainability.

Regulatory Compliance and CE Certification

ZBT GmbH has joined the consortium to ensure that the POWER-UP system complies with all relevant national and European regulations and will ensure that the system is CE-compliant by the end of the project.

POWER-UP received generous funding from the European Union’s Seventh Framework Programme (FP7) managed by the Fuel Cells and Hydrogen Joint Technology Initiative under grant agreement No. 325356.

AFC Energy's proprietary AFC system is arguably the most cost effective fuel cell system available.

Project ALKAMMONIA will integrate three innovative and proven technologies: a highly efficient and low-cost alkaline fuel cell system, a highly efficient fuel processing system and a novel ammonia fuel system. The integrated system will be rigorously tested and the results shared with leading telecommunication end-users.

In order to meet the ever increasing demand for improved signal coverage and bandwidth for mobile telecommunications in remote parts of the world, project ALKAMMONIA will develop a commercially viable and reliably operating proof-of-concept alkaline fuel cell system as a real alternative to conventional, diesel-powered generators. These diesel generators pose several problems: greenhouse gas and pollutant emissions, high operating and maintenance costs, regular fuel and generator theft and noise. The shortcomings of generators can be overcome if they are replaced by highly efficient and low-cost alkaline fuel cells in combination with a novel, practically emission free ammonia fuel system.

The idea of using ammonia (chemical formula NH3) as a fuel is well known. The most significant advantage of using ammonia as a fuel is that local CO2 emissions are completely avoided. Ammonia is one of the most widely produced chemicals in the world, used for many processes and applications. Due to its many uses, ammonia is readily available in nearly all parts of the world.

Ammonia can be split into its constituents, nitrogen and hydrogen. This gas mixture can efficiently be converted into electricity using a fuel cell. In contrast to fossil fuels, which need a complex reforming process in order to produce a hydrogen rich gas, the splitting of ammonia – usually termed ‘cracking’ – is a very simple and efficient process. Ammonia has a very high energy density even at low pressures when compared to hydrogen. This makes it economic to transport and a very attractive energy carrier in the growing hydrogen economy.

Alkaline fuel cells (AFC) are ideally suited to run on ammonia since, in contrast to acidic fuel cells such as PEM, the alkaline nature of NH3 does not harm the AFC. AFCs can operate directly using cracked ammonia, avoiding the need for an expensive hydrogen ‘cleanup step’. This increases system efficiency and decreases capital and operational costs. With efficiencies of over 60% at full load conditions, AFC Energy’s proprietary AFC system will be a cost effective fuel cell system.

Project ALKAMMONIA received generous funding from the European Union’s Seventh Framework Programme (FP7), managed by the Fuel Cells and Hydrogen Joint Undertaking under grant agreement No. 325343.

Front-side view

Commercial Opportunities

Middle East

Dubai Carbon Centre of Excellence (“Dubai Carbon”)
AFC Energy signed a Memorandum of Understanding (MoU) with Dubai Carbon Centre of Excellence (“Dubai Carbon”) at the 2015 Water, Energy, Technology and Environment Exhibition (WETEX) in Dubai. The MoU provides a framework for the assessment and potential deployment of an estimated 300MW of fuel cell generation capacity in Dubai.

This landmark deal reaffirms AFC Energy’s transition to a global energy company working in collaboration with some of Dubai’s leading companies. Dubai Carbon and AFC Energy will initially assess the potential for deployment of the fuel cell within projects such as Dubai Expo 2020, The World Development by Nakheel, and major infrastructure projects including the Al Maktoum International Airport.

Dutco Group of Companies (“Dutco”)
AFC Energy has also signed a Heads of Agreement with DNR Industries Ltd., part of the leading Dubai-based investment and project developer, Dutco Group of Companies (“Dutco”) to jointly fund and develop a business plan for the large-scale deployment of AFC Energy’s fuel cells across the Middle East.

A joint venture between AFC Energy and Dutco is expected to cover the deployment of AFC Energy’s fuel cells across the United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, Qatar and Kuwait. Based on initial estimates from market soundings already undertaken in the region individually and collectively by AFC Energy and Dutco over recent months, this could present an opportunity on its own to deliver a large percentage of, if not in excess of, AFC Energy’s stated target for 1GW of fuel cell development by the end of 2020.

South Korea - Samyoung and Chang

AFC Energy has signed a Project Development Agreement Milestone 50MW Deal with Samyoung and Chang Shin in South Korea for the deployment of an initial 50MW of fuel cell generation capacity in Daesan, Korea.

South Korea’s strong incentives in the deployment of fuel cell technologies haves brought significant investment and employment opportunities to the Daesan region, which AFC Energy is proud to support.


Bangkok Industrial Gas Co. Ltd (“BIG”)

AFC Energy has executed its first Heads of Agreement (HoA) in Thailand to initiate a programme of commercial fuel cell deployment with a leading Thai industrial gas company, Bangkok Industrial Gas Co. Ltd (“BIG”).

HoA establishes a framework for the assessment and deployment of an initial 10MW of fuel cell capacity utilising surplus hydrogen from BIG-owned hydrogen pipelines and related facilities in the Rayong Province of Thailand.



John Rennocks

Chairman and Non-Executive Director

John brings a wealth of public markets and energy market experience to the Board of AFC Energy. With numerous senior board appointments including as Senior Non-Executive Director or Chairman at Inmarsat plc, Babcock International Group plc, Diploma plc, Intelligent Energy and currently Bluefield Solar Income Fund Ltd, and Utilico Emerging Markets Ltd.  John has broad experience in conventional and renewable electricity generation and biotechnology, support services and manufacturing, having previously served as Finance Director of three FTSE100 companies, Smith and Nephew plc, PowerGen plc and British Steel / Corus plc.  He is also a Fellow of the Institute of Chartered Accountants of England and Wales. 



Adam Bond

Chief Executive Officer

Adam has over 18 years’ experience operating within the international energy sector both in executive management positions for listed energy companies, and in advisory capacities to both Governments and the private sector. Adam is well networked internationally across the conventional and unconventional energy sectors and has a strong understanding of energy markets and deal making within that sector.

Adam’s mandate is focused on driving  AFC Energy’s transition to an industry leading alkaline fuel cell company, whose focus is on project execution in defined key global markets. Adam was a Non-Executive Director of AFC Energy  since 2012, and was formerly Director of both Waste2Tricity Ltd and JS Yerostigaz (Uzbekistan). He is qualified with Bachelors’ degrees in commerce and law and a Master in Laws ( Taxation).


Jim Gibson

Chief Operating Officer

Jim has almost 30 years’ experience in operations management and business development roles within engineering contracting sector. Jim spent 23 years at Foster Wheeler working in operational, business and commercial roles. This was followed by two years at ThyssenKrupp working in Process Technology/Business development.


Joe Mangion

Non-Executive Director


Joe Mangion, a Chartered Accountant, will bring to the Board over 20 years of operational experience within the environmental services and alternative energy sectors, including five years as an institutional investor and over five years as an independent consultant. He is Chairman of Labrador Ltd., a disruptive technology company operating in the Energy Supply sector and previously was the CEO of Swiss listed Leclanché, S.A. – a developer and producer of large format lithium-ion energy storage and energy management systems, Chairman of Solel Solar Systems Ltd., a private equity backed solar company, and a board member of Airtricity Plc., a private equity backed wind developer. Earlier in his career, Joe was the Group Finance Director of Veolia UK. He has invested over $500million in alternative energy, doubling returns and has executed over $10 billion of M&A and capital markets transactions.


Lisa Jordan

Non-Executive Director

Lisa has over 20 years experience of business development in the industrial gases and renewable energy space. Lisa was previously a director of Air Products Renewable Energy Limited (part of Air Products and Chemicals Inc), a global industrial gases business providing atmospheric and process gases where she led the development of its European energy from waste business which was focused on the use of advanced gasification technology to produce electricity and renewable hydrogen.

Lisa is currently Business Development Director at MHC (Services) Limited responsible for managing a portfolio of energy related investments and a representative of Ervington Investments Limited which originally invested in the Company in 2012 and has supported it since then.


Percy Hayball

Non-Executive Director


Percy brings to the Board a wealth of legal experience, currently being Legal Counsel at MHC (Services) Limited and a representative of Ervington Investments Limited, a long-standing investor in the Company. He is also a member of the board of directors of Medical Excellence International LLC, a New York based health-management company‎.

Prior to joining MHC, Percy worked at the London offices of the law firm Skadden, Arps, Slate, Meagher & Flom, where he specialised in advising companies and ultra high net worth individuals involved in high-value international commercial arbitration and cross-border litigation. He has advised clients in some of the world’s largest and most complex disputes, including a number of “bet the company” litigations and arbitrations involving claims in excess of US$1 billion.

Percy is qualified as a solicitor in England and Wales and has a first class degree from the University of Cambridge (Queens’ College).

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Principal place of business

Unit 71.4 Dunsfold Park
Stovolds Hill

Dunsfold Park is located 7 miles south of Guildford, and accessed via the A281.

The A3, 8.5 miles north, provides routes to the M25 (J10), and south to the ports of Southampton and Portsmouth.
Gatwick Airport is approximately 30 miles drive.

If using a Satellite Navigation System to find Dunsfold Park, please type in our street address which is “Stovolds Hill” instead of the postcode as this will not get you directly to the site.
Grid Reference : 502800,136700

Registered in England, company number 05668788
Registered office: Unit 71.4 Dunsfold Park, Stovolds HIll, Cranleigh, Surrey GU6 8TB
Date incorporated: 09/01/2006

Registered Office

AFC Energy plc
5-7 Cranwood Street

Company Secretary

Richard Tuffill
01483 276726

Joint Broker

Mc Peat & Co
118 Piccadilly
W1 7NW

020 7104 2334

Nominated Advisor and Joint Broker

Cantor Fitzgerald Europe

1 Churchill Pl
E14 5RD

Solicitors to the Company

Memery Crystal LLP
44 Southampton Buildings

+44 (0)20 7242 5905

Auditors and Reporting Accountants

Grant Thornton
Grant Thornton House
Melton Street, Euston Square
London NW1 2EP

+44 (0)20 7383 5100

Financial Public Relations Consultants

Lionsgate Communications
118 Piccadilly
W1 7NW

020 3697 1209


Computershare Limited
PO Box 1075
The Pavilions
Bridgwater Road
BS99 7NH
020 8676 2600

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