“The regulatory platform and political will to address climate change has never been stronger”
AFC Energy PLC (AIM:AFC, OTC:AFGYF, ETR:QC8) expects the current turmoil in energy markets and need for action on climate change to give additional impetus to the adoption of hydrogen-based fuel alternatives.
“The regulatory platform and political will to address climate change has never been stronger, which can only help drive transition away from traditional technologies,” said Adam Bond, AFC’s chief executive.
The group, which helps to provide the power for the all-electric SUV Extreme E rally series, said it expects to deploy the first of a new more powerful hybrid fuel cell in the next few months.
An integrated system being developed with ABB is also expected to be operational by the end of 2022, Bond added.
The group generated its first commercial revenues from the Extreme E series in 2021, but is still in its development phase and operating losses rose to £10.4mln (£4.6mln) as AFC beefed up its staff and spent heavily on new products and manufacturing facilities.
Cash burn during the year was £10.7m, but a £36mln fundraise helped the group end the year with cash of £55.4mln.
Bond added: “In 2021 we established a stronger platform for accelerating growth. “We are already seeing this feed through into an increase in contracted revenues.
“We are well-placed to continue to make large strides in 2022 towards our goal of displacing pollutant diesel generators for off- grid power as part of the global transition to Net Zero.”
Source: Proactive Investors
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