AFC Energy plc (LON:AFC), a leading developer of hydrogen power generation technologies, has announced its Interim Results for the 6 months ended 30 April 2020.
Highlights
· Successful launch and demonstration of AFC Energy’s EV charging solution culminating in a national roadshow across the United Kingdom.
· Commenced negotiations with Extreme E for a bespoke H-Power unit with a binding contract being reached in July 2020.
· Reinforced sales staff to manage inbound prospects resulting from increased visibility to customers by having a physical demonstration. These negotiations laid the platform to conclude the strategic collaboration with ACCIONA.
· Raised £ 1.4 million when lockdown occurred to continue work unabated during the lockdown with no staff furloughed nor made redundant.
· Commenced product development work on HydroX-Cell(L)160 system for launch later this year.
· Invested in research and development staff in support of the AlkaMem product which has led to membrane samples being delivered to third parties for validation.
· As a result of the actions above after the end of the reporting period, a further £ 31.6 million was raised to fund further product development, scale up of manufacturing and reinforce sales coverage.
Adam Bond, Chief Executive Officer of AFC Energy, said “2020 continues to be a transformational year for the international Hydrogen economy. With unprecedented investment into the sector from both private and public institutions, AFC Energy remains focussed on the consolidation of its position as a leading developer of alkaline, zero emission fuel cell systems.”
“We anticipate that in the second half we will continue to make large strides forward benefiting from a wider technology platform, growing project pipeline across key target markets and new enquiries from strategic partners financed by a strengthened balance sheet. These factors, together with the commitment of AFC Energy’s management and staff, places the Company in a solid position for the realisation of its growth potential into 2020 and beyond”.
