AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce its results for the year ended 31 October 2019.
· Investment of £ 0.35 million in EV charger demonstration unit to test commercial and technical feasibility of the product.
· Continued reduction in electrode running cost through support from Industrie De Nora resulting in electrode pairing demonstration achieving milestone 10,000 hours of continuous operation.
· First batch of mass manufactured flow plates received from Advanced Plastics, strengthening supply chain and reducing production costs.
· High power density alkaline fuel cell demonstration successfully achieves power density output comparable with leading existing technologies with prospect to open new commercial applications.
· Agreement signed with an international Original Engineering Manufacturer (“OEM”) to assess “Ammonia to Power” off-grid platform.
· Segmented commercial strategy launched with appointment of commercial sales coverage with relevant sector experience.
· Operating losses reduced from £ 5.0 million to £ 3.6 million (after £ 0.8 million reduction in share-based payments accrual).
· Strengthened financial position by focussing on immediate opportunities completing the year with no drawdown of equity financing facility.
· Appointment of former Rolls Royce Fuel Cell Systems and LG Fuel Cell Systems Chief Technical Officer, Dr. Gerry Agnew, as Non-Executive Director.
Adam Bond, CEO of AFC Energy, commented: “The past twelve months has seen a clear and ever-growing momentum behind the role of hydrogen as a means of decarbonising the UK’s current and future energy mix. With the successes and achievements delivered by AFC Energy over these same twelve months, we are well positioned to capitalise on this growth market, particularly in support of the transition away from diesel engines in both motive and stationary applications towards clean hydrogen-based alternatives.
The premium priced power achievable in both off-grid and convenience based rapid EV charging present market deployment opportunities as recently validated through feedback received following the Company’s EV charger demonstration roadshow throughout the UK earlier this month.
The next twelve months will see a concerted effort focussed on the sale and deployment of fuel cell systems into these key markets alongside growth in resources to deliver scaled up manufacturing capacity and also sales and commercial coverage of our key targets. We have the opportunity for clear first mover advantage in the EV charging market in particular and through the much-appreciated efforts of our employees and partners, look forwards to delivering on our commitments to support the UK’s and international efforts towards a net zero society”