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AFC Energy results statement marks progress as fuel cell products advance towards market

“The productisation of AFC Energy's fuel cell system is now well underway,” said Adam Bond.

AFC EV charge point
AFC is moving towards a product roll out in the EV charging market

AFC Energy PLC’s (LON:AFC) interim financial results statement reflects on a significant period for the group as it continues to advance programmes to ‘productise’ its fuel-cell technology.

During the six months to 30 April 2019 the company entered the electric vehicle (EV) market, with a prototype charger based on its hydrogen fuel cell technology, called ‘CH2ARGE’, and, it is now working to deliver the first version of the product to be deployed across the country this year.

It also inked a deal with Rolec Services which is Europe’s largest EV charge point manufacturer with a view to integrating the ‘CH2ARGE’ product into its customer facing infrastructure. A product demo is anticipated at a national customer roadshow later this year.

READ: AFC Energy closing in on launch of first commercial fuel cells

Also during the period the company advanced efforts to improve its product via investment in  new manufacturing partners and tooling.

Ongoing product development activities continued to make progress, across an expanding product range. Industrial scale developments also continued.

“The productisation of AFC Energy's fuel cell system is now well underway,” said Adam Bond, AFC chief executive.

“Delivery of the first hydrogen fueled EV charger for deployment across the UK later this year, to be followed by modular stationary off grid power systems, highlights the corner AFC Energy has now turned in taking its hydrogen power units to market.

“This in no small way has been driven by the acceleration of Government policy towards decarbonization of the transportation sector in parallel with the push for reduced air pollution from the off-grid power market.” 

Bond added: "The last six months has seen several important landmarks in our history, including the achievement of record electrode lives in collaboration with De Nora, further progression on the cost reduction of electrode manufacture, the bringing together of the supply chain for our systems' mass production and the introduction of AFC Energy's new high power density alkaline fuel cell system.”

“I am particularly excited about the growing success in system integration we are seeing, including the potential for the steps forward in the use of ammonia as a lower cost fuel for point of use hydrogen generation, which will allow us to target new growth markets for the fuel cell, seeing AFC Energy as a leading exponent of the rapidly emerging hydrogen economy, both in the UK and internationally."   

In regard to the financial results, the company reported a £1.92mln loss for the six months, and it ended the period with £1.89mln of cash and equivalents.

Quick facts: AFC Energy PLC

Price: 4.35 GBX

AIM:AFC
Market: AIM
Market Cap: £19.49 m
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