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AFC Energy tapped into growth of fuel cell systems

Last updated: 09:02 28 Mar 2024 EDT, First published: 01:36 18 Jan 2021 EST

Snapshot

  • AFC Energy on track to commercialise roadmap, says Liberum
  • Hydrogen sector gets boosts from government grants and BBC Springwatch
  • AFC entering a ‘year of delivery’, says Liberum
  • AFC Energy achieves milestone with first factory acceptance test of 30kW H-Power generator
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About the company

AFC Energy PLC is a leading provider of hydrogen fuel cell technology to generate clean off-grid energy.

The company is commercialising scalable “fuel flexible” fuel cell systems, to provide clean power for off-grid applications.

AFC's technology, pioneered in 2006 in the UK, is now deployable in electric vehicle chargers and for applications in the construction, data centre, and shipping sectors.

How it is doing

26 Mar 2024

Liberum's analysts hailed a steady operational year for AFC Energy PLC (AIM:AFC, OTC:AFGYF), marked by the successful deployment of ten first-generation 10kW H-Power Towers to customer sites in the construction sector.

AFC Energy reported a £27 million order book for its 30kW S Series H-Power Generators and a strong cash position of £27.4 million, exceeding Liberum's forecast of £23.8 million.

"AFC continues its commercialisation roadmap providing customers and partners such as Speedy Hire and Acciona with the assurance of a fuel cell generator product that is compliant with requisite laws and standards," Liberum said.

Liberum projects an 84% compound annual growth rate (CAGR) in revenue from 2025 to 2030, with the company expected to reach EBIT breakeven by 2027.

26 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF) hailed a year of significant progress that has resulted in a £27 million order book for its 30kW S Series H-Power Generators, and a pivotal hydrogen joint venture with plant and equipment group Speedy Hire.

In an update alongside full-year results, AFC, whose technology is being used to displace traditional diesel generators, said in 2024 the team would be 'focused on delivery'. In so doing, it will be targeting business from the Speedy Hydrogen Solutions JV and a tie-up with Acciona, the Spanish renewables giant.

14 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF) has made significant strides in enhancing the efficiency and reducing the costs of its S-Series fuel cell system, according to Peel Hunt analysts.

These strides were demonstrated during the 30kW H-Power Generator Factory Acceptance Test (FAT) with Speedy Hydrogen Solutions in March 2024.

Insight: Hydrogen sector gets boosts from government grants and BBC Springwatch

28 Jan 2021

UK hydrogen-focused companies have been given a major boost as the government unveiled new funding for several projects in the aviation sector to cap off a busy week for this corner of the clean energy market, including from Ricardo, AFC Energy PLC (LON:AFC) and GKN Aerospace.

The BBC’s Springwatch programme, a nature show fronted by Chris Packham, also delivered a world first as an episode of its Winterwatch series this week was entirely fuelled by green hydrogen power.

What the brokers say

28 Mar 2024

Liberum has reaffirmed its ‘buy’ rating on AFC Energy PLC (AIM:AFC, OTC:AFGYF) as the hydrogen fuel cell technology provider enters a "year of delivery”.

The boutique investment bank wrote: “AFC continues its commercialisation roadmap providing customers and partners with the assurance of market-leading fuel cell generator products.

“This year the focus will be on manufacturing and commercial scale-up and delivery of units to fulfil its newly stated £26.6m order book.

What management says

11 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond tells Proactive's Stephen Gunnion the company has reached a significant milestone with the factory acceptance test of its 30kW H-power generator, marking a step forward in its collaboration with Speedy Hire.

This achievement follows the deployment of its first generation 10kW generators from 2020 to 2023, from which the company gained valuable insights and made improvements. The demand for a larger, 30kW generator led to the partnership with Speedy Hire, culminating in the development and successful operation of the new generator, which meets all contractual requirements for performance and operation.

Bond said the milestone not only validates the technology but also initiates the sale of generators into the Speedy Hydrogen Solutions joint venture, with the first generator sold and minimum orders contracted through to 2025 and 2026 to maintain exclusivity in the UK and Ireland.

AFC Energy achieves milestone with first factory acceptance test of 30kW...

AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond tells Proactive's Stephen Gunnion the company has reached a significant milestone with the factory acceptance test of its 30kW H-power generator, marking a step forward in its collaboration with Speedy Hire. This achievement follows the...

2 weeks, 3 days ago