AFC Energy (AIM:AFC ) has looked back on a year of success after the group made its first high profile commercial sales and received more interest from future partners and clients.
The hydrogen power specialist said “all leading indicators” suggest that 2021 will be a strong year as it continues to provide critical solutions to the world's decarbonised energy needs.
In 2020, AFC developed commercial enquiries and new partnering opportunities through OEMs and global energy companies who see their role across the Hydrogen value chain as ‘increasingly important in delivering the Net Zero aspirations of their own customer base.’
In the 12 months to 31 October 2020, AFC secured several commercial agreements with overall value totalling more than £1m with income already being generated from them.
AFC successfully completed an oversubscribed fundraise of £31.6m before expenses, its largest investment to date, in order to help it deliver major projects such as Extreme E and ACCIONA, to deliver the new H-Power systems, as well as to fund a manufacturing scale-up.
Extreme E, an electric car racing series, is a high profile first contract for the Company which not only delivers revenue, but also ‘tremendous marketing opportunities with a projected worldwide audience of 200 million expected to watch the race series during 2021.’
Currently, AFC is working with world leading OEMs and partners to advance the H-Power system adoption within integrated off-grid power and ultra-rapid EV charging solutions.
Shares in AFC Energy have traded within a range of 16.52p and 19.13p in the past two weeks to open 2.82% higher this morning at 17.35p following the announcement.
Over the period, the group sold its bespoke 100kW H-Power fuel cell system to Forschungszentrum Jülich at its Living Lab Energy Campus showcase in Germany.
In addition, AFC made its first delivery of its membrane technology samples, AlkaMem® to industrial and research partners. Its results to date continue to confirm compatibility with ‘market leading alkaline electrolyser separators across several key performance metrics.’
"Achievement of AFC Energy's first high profile commercial sales this year, alongside growing interest from future partners and customers, highlights the end of what has been a highly successful year for the Company,” said Adam Bond, AFC Energy's Chief Executive.
He added, “Our balance sheet has never been stronger, our technology more ready, our pipeline more developed, the hydrogen market more validated and the need for sustainable energy more important.”
The company added that it had seen no furloughing or staff redundancies during the COVID-19 lockdown and that interruption to onsite activities had remained minimal.
AFC Energy told investors that it continues to further develop its own technology platforms and expects to deliver its first 160-Kilowatt containerised system to Spain next year.
Follow News & Updates from AFC Energy here: