AFC Energy Analyst Q&A: Pace of progress remains impressive

Brendan Long, Research Analyst at WH Ireland caught up with DirectorsTalk to answer a few questions on AFC Energy’s interim results.

Q. You published a note on AFC Energy plc (LON:AFC) regarding their latest interim results, can you give us a quick summary of the results?

A. The company’s pace of progress remains impressive, and, in our opinion, the key recent achievements have been i) the securing of a world-class partner, ACCIONA, to trial the company’s H-Power fuel cell system on a construction site and ii) establishing first sales with Extreme E, an electric vehicle off-road rally, which we believe provides a strong endorsement of the company’s technology

Q. What can you tell us about the fund raise?

A. The capital raise announced at the end of June reflects institutional recognition of the progress made by the company. The funds raised will i) support the manufacturing of new H-Power fuel cell systems for deployment in the next 12-24 months to meet projected customer demand, ii) allow the company to strengthen its sales and engineering staff and iii) to accelerate the development of the company’s AlkaMem product. In short, this sets the scene for a catalyst rich near-term outlook.

Q. How do you see AFC Energy in terms of fair value?

A. On balance, we believe AFC Energy is on a catalyst rich growth trajectory, which is reflected by recent commercial achievements. We maintain our 32p fair value estimate.

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