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AFC Energy Issues Interim Results for Six-Month Period: Narrows Losses and Makes Progress on Fuel Cell Products

By July 26, 2019 4   min read  (646 words)

July 26, 2019 |

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AFC Energy (AIM: AFC), a leading hydrogen power company, is pleased to announce its interim results for the six-month period ended 30 April 2019.

Highlights

  • Entry into the high growth Electric Vehicle (“EV”) charging market with the successful demonstration of CH2ARGETM prototype – the world’s first electric vehicle charger based on hydrogen fuel-cell technology 
  • Signing of collaboration agreement with Rolec Services Limited (“Rolec”), Europe’s largest EV charge point manufacturer, integrating AFC Energy’s CH2ARGETM system into Rolec’s charge point customer facing infrastructure
  • Finalisation of engineering and design for modular EV charger units for a national customer roadshow commencing with a demonstration hosted by Rolec before the end of 2019
  • Appointment of a dedicated sales team in response to emerging opportunities in the EV charger and off grid power genset market

Focussed investment in new manufacturing partners and tooling in advance of system deployment including:

  •  Appointment of Advanced Plastics Limited for mass manufacture of fuel cell flow plates
  •  Investment in new mass production flow plate moulding tools (expected delivery in Oct. 2019)
  •  Appointment of Innomech for new stack compression tooling (expected delivery in Sept. 2019)
  • Appointment of Multi Source Power Limited, a leading UK developer / supplier of on and off grid hybrid power systems

Expanding product range through ongoing development of auxiliary products with reduced footprint and operating costs, including:

  • Successful completion of an 18-month Ammonia to Power (“A2P”) project and confirmed plans to conclude work on the engineering of an integrated, scalable ammonia fuelled clean power generator – interest from international OEMs
  • New high-power density alkaline fuel cell technology with the potential for use in applications where space, weight and density of power generation are important considerations
  • Longest continued operation of electrode pairing delivered under the De Nora / AFC Energy Joint Development Agreement, now approaching targeted longevity targets (evidencing between 3-4 years longevity on extrapolated basis)
  • Strengthening balance sheet to fund ongoing product development and launch of Go-to-Market strategy:

 Convertible loan note facility agreed with Thalion Global Group for £4 million (before expenses) – facility currently undrawn.

 Raised £0.813 million before expenses on 12 April 2019 at 3 pence per Ordinary Share to support the Company’s Go-to-Market strategy.

 Raised £1.066 million before expenses on 24 June 2019 at 4.8 pence per Ordinary Share which is funding operating activities including investment in EV charger demonstration unit, roadshow of EV charging unit and engagement of dedicated commercial team.

 Continuing development of industrial scale projects complementing commercial product Go-to-Market strategy:

 Concluded initial engineering in advance of finalising detailed terms for supply of a fuel cell system into Southern Oil’s Gladstone Refinery.   

Adam Bond, AFC Energy’s Chief Executive Officer, said: The productisation of AFC Energy’s fuel cell system is now well underway.  Delivery of the first hydrogen fueled EV charger for deployment across the UK later this year, to be followed by modular stationary off grid power systems, highlights the corner AFC Energy has now turned in taking its hydrogen power units to market.  This in no small way has been driven by the acceleration of Government policy towards decarbonization of the transportation sector in parallel with the push for reduced air pollution from the off-grid power market.  

 

“The last six months has seen several important landmarks in our history, including the achievement of record electrode lives in collaboration with De Nora, further progression on the cost reduction of electrode manufacture, the bringing together of the supply chain for our systems’ mass production and the introduction of AFC Energy’s new high power density alkaline fuel cell system.  I am particularly excited about the growing success in system integration we are seeing, including the potential for the steps forward in the use of ammonia as a lower cost fuel for point of use hydrogen generation, which will allow us to target new growth markets for the fuel cell, seeing AFC Energy as a leading exponent of the rapidly emerging hydrogen economy, both in the UK and internationally.”    

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