AFC Energy expects multiple new orders in second half of 2021
In an outlook statement accompanying its results for the six months to April 30, the hydrogen power generation specialist said it is also on track to complete the design and system architecture of an integrated high power electric vehicle (EV) charger unit, developed in partnership with ABB, by the end of June and to supply the first fuel cell to the ABB sit in the third quarter for physical integration with the EV charger.
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Meanwhile, AFC said discussions are currently underway for a strategic collaboration in the maritime sector, adding that it is preparing for the delivery of a full prototype high power dense AEM fuel cell by the end of the calendar year.
The company also said that its assembly and commissioning facility at Dunsfold Park will open this week, while it is continuing its recruitment of new product engineers, manufacturing and field technicians, fuel cell and polymer scientists, and commercial staff at an average of two new starters per week.
For the six month period, AFC reported revenues of £0.15mln, up from zero in the prior year as its received first commercial revenues from its involvement in the Extreme E racing series, while investment in product development and increased headcount saw pre-tax losses widen to £3.6mln from £2.1mln.
The group also said it had ended the period with a strong half year cash balance of £61.6mln compared to £2.8mln a year ago following an oversubscribed fundraising in April.
“AFC Energy continues to make great strides as a leading clean energy business, now with the successful deployment of our hydrogen power technology, the signing of international deployment partnerships and the recruitment of a world class Executive Team all essential elements in positioning ourselves for future growth”, AFC chief executive Adam Bond said in a statement.
“Our oversubscribed fundraising puts the business in a robust financial position, allowing us to increase investment during the remainder of the year in the people, technology and product development needed to grow our order book and commensurate revenue. With carbon emissions now returning to pre-pandemic levels and the UN stating that 2021 is a ‘make or break year’ in the fight against climate change, the need and demand for our emissions-free energy solutions has never been greater. In the year of COP 26, our growth plans are central to the ongoing decarbonisation of key global industries”, he added.