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AFC Energy PLC well down the road to commercialisation

“Progress in developing and monetising partnerships continues unabated in our target markets," said chief executive Adam Bond.

The company can generate electricity from waste hydrogen.

The boss of AFC Energy PLC (LON: AFC) put the quest to commercialise its breakthrough industrial fuel cell technology at the top of the priority list for 2016.

“Progress in developing and monetising partnerships continues unabated in our target markets," said chief executive Adam Bond.

He was quoted following the release of full-year results, which charted the progress made to date.

AFC has successfully tested 101 fuel stacks, completed most of the milestones of the Power-Up Project and has begun signing up partners.

It now has a 50 megawatt (MW) project development agreement with Samyoung Corp and Chang Shin Chemicals in South Korea, a 10 MW heads of agreement with Bangkok Industrial Gas in Thailand and a 300 MW outline deal with the Dubai Carbon Centre of Excellence.

“Having achieved a number of critical successes over this period, 2016 is now focused on delivery of international contracts for the deployment of our fuel cell system,” added CEO Bond.

In January, the firm raised £3.6mln from investors, which put the company on a sounder financial footing. The cash call also showed the company had strong shareholder backing for its plans.

Making money from waste hydrogen

As is common with companies at this formative stage of its development, AFC was lossmaking – to the tune of £4.8mln after tax in the 12 months to October 31. It generated income of £2.3mln, mainly from EU grants.

AFC’s technology is unique in that it turns waste hydrogen generated as a by-product from chlorine production into energy.

It is working on a system that harnesses the energy potential of this hydrogen to help power the chlorine plants.

Its KORE System is now commissioned and producing power at Stade in Germany.

AFC reckons that the waste hydrogen generated by the chlorine and caustic soda industry could support over 3,000 MW of capacity, providing nearly 20% of the industry's power needs.

Quick facts: AFC Energy PLC

Price: 77.7 GBX

Market: AIM
Market Cap: £525.37 m

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