AFC Energy pleased with operational performance ahead of year-end
Industrial fuel cell power company AFC Energy released its pre-close operational update ahead of its year-end on 31 October on Monday, reporting that its hydrogen powered 72kWh, off-grid electric vehicle charging system was on target for commercial launch in December.
The AIM-traded firm said an agreement had been signed with an international original engineering manufacturer (OEM) to assess the ‘Ammonia to Power’ off-grid platform.
It also reported that its electrode pairing demonstration had achieved a milestone 10,000 hours of continuous operation, and said its first batch of mass-manufactured flow plates had been received from Advanced Plastics, strengthening its supply chain.
Commercial sales coverage and contact with new electric vehicle operators and users had been initiated, and the board reported that its high power density alkaline fuel cell demonstration had successfully achieved a “market leading” power density output, with the prospect to open up new commercial applications.
AFC Energy had also appointed former Rolls-Royce Fuel Cell Systems and LG Fuel Cell Systems chief technical officer Dr Gerry Agnew as a non-executive director.
“I am delighted to see the technology development, supply chain procurement and go to market strategy now coming together in a way that will allow AFC Energy to deliver on its various commitments to shareholders over recent years,” said chief executive officer Adam Bond.
“In working through the technology and manufacturing challenges, we now have a formidable and market competitive fuel cell which can compete against incumbent fuel cell technologies in terms of emissions, cost and performance.”
Bond said the company's new hydrogen-fueled electric vehicle charger was the focus of its business for the remainder of the year, adding that it would “set the benchmark” for sustainable, off-grid and reliable power supply to an industry with an estimated size of near £100bn in the UK.
“Alongside the wider catalogue of systems being preparing for deployment, AFC Energy is as confident as ever of the opportunities we and our world class partners are creating within the emerging hydrogen economy.”
As at 1510 GMT, shares in AFC Energy were up 11.51% at 4.99p.