AFC Energy (AIM:AFC) says they have seen “clear and ever-growing momentum” behind hydrogen as a means of decarbonising the UK's current and future energy mix in the past year, as outlined in the release of the group’s final results for the year ended 31 October 2019.
The provider of hydrogen power generation technologies said they are well positioned to capitalise on this growth market as companies and governments look increasingly towards clean hydrogen-based alternatives.
“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,” said Adam Bond, Chief Executive of AFC Energy.
AFC said that it will commit to sell and deploy fuel cell systems into these key markets whilst focusing on manufacturing growth and sales and commercial targets, the statement detailed.
Shares in AFC Energy were trading 11.87% lower at 18.11p during Friday trading.
The company said it had spent £1.8m on R&D expenditure which they say demonstrates a ‘continued commitment’ to develop the fuel cell system.
Final results also saw the group narrow its losses with operating costs slashed from £5.0m to £3.6m.
Cash balances at 31 October 2019, excluding restricted cash, stood at £1.3m with AFC pledging continued tight control on spending.
Since its last annual report, AFC has raised £1.8m, via two small equity raises, and a further £2.5m in the current financial year.
“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,” added Bond.
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