Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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The other thing that made me laugh was the question about fuel cells for aircraft and it was a straight no, Bond then went on to explain how long it takes and they don’t want to be distracted, yet they are exploring marine and rail which both have similar timescales !
I think if the shareprice attrition continues, Bond's position will become untenable. It was his Q&A session that precipitated the latest fall so that makes him directly responsible for it. The shareprice has been in the gutter for years now and it's time Bond was held accountable for that. Investors have lost lots of money thanks to being sucked in listening to his overly optimistic assertions over many years. Probably the biggest porky of all was the false hope propagated by Bond that AlkaMem was a realistic proposition. I suspect they knew it was never achievable at least not in an acceptable timescale. The 200kW unit seems to be taking a similar path. Enough is enough!
Finally people are starting to wake up
Questioning what's going on doesn't mean your going to lose your money. It means you want it to do better. Want them to work better. Some of us have read between the lines for a while now, and seen this situation
All can change in a moment. I'm just personally fed up being lied to and crap coming out of ABs mouth
Tell us how it is and let's get on with it
Git
It isn't so much an attack of the jitters, it is just that, as the project was supposed to be the start of a new dawn when released, and was touted as a pivotal moment, I am a little concerned that the initial headline income of £4.0 Million could potentially not arise.
As for the "Les" comment, very cruel, but quite humorous nonetheless.
Also this time next year we’ll have at least £5-6m of revenue having been received from the current orderbook
One tiny bit of possible light is that as Speedy are so open on social media we will know exactly when units are delivered to them and hired out, no NDA crap that Speedy hide behind ! So how are AFC going to supply hydrogen to site ? Anyone any wiser ?
And nothing projected in the £27m from ABB….not even a little bit, even if only stated as not committed (whatever that means, that’s on par with “cumulative output, remember that one, folks?)
Oh, and well done Thongthing for actually reading the reports and looking at it from a rational perspective. Starting to wake up and smell the coffee?
Wow! An Uber getting an attack of the jitters!
Anyone care to comment? My view is that the ABB thing is dead in the water, and has been since last year, when Les agreed to the 50% discount in the form of the shares, and a further so called discount on products they aren’t contractually obliged to buy. I foresee there being a further share issue to ABB for £1.4 m worth of stock at the current depressed level, which all of the Ubers will say is a triumph….
Good morning
I have only just had a chance to look at the annual report and then the presentation.
I must admit, I am now a little concerned. The basher Git has been rattling on for some time about the validity of the ABB deal, and whilst what he said did strike a chord (like or loathe what he posts, the arguments put forward do always have an element of logic, and can be difficult to disprove) but I had put this down to negative bias. However, the fact that there is still £1.4 million not yet recognised in respect of the ABB deal is a concern; I was under the impression that the £2.0 million fee related to delivery of the 200 KW unit, and thus one would expect that, if this were the case, then some of the deferred £1.4 million would have been released in the current year.
When reviewing the presentation, I noted that the financial chap mentioned that the deferred income related to the discount that ABB had been given on future orders, which seems at odds with the initial contract terms; so the question must surely be, at what point contractually does the deferred income get released, is it upon delivery of the working unit (in which case, one would expect that there would be partial releases upon achieving certain milestone performance points) or upon receipt of an actual contractually binding order? The problem I foresee is that if it is the latter, then as there is no tie in, then the £1.4 million that we were all rejoicing as it represented a sale may in fact not ultimately materialise if ABB do not ultimately buy into the product.
Conversely, if it is the former, I am concerned as to why there was no release in 2023.
My question therefore is, does anyone actually know what the contractual release points in the ABB contract are?
Your thoughts would be appreciated.
If this was a video game, Bond has just given us bashers a powerful weapon to shoot StockChump every time he rears his tiny little head above the parapit. I suspect we won’t hear from him for several weeks now, he’ll be shot down every time. Mr £200k buyer was OBVIOUSLY MR £100k SELLER as Bond CONFIRMED THAT IIs have been told to REDUCE THEIR HOLDING IN AFC, but we knew that too because every time Mr £100k buyer returned the SP WENT DOWN. What a pathetic loser 🤡 aka StockChump.
Let’s face it, Les can’t be trusted
Wow pulling all the stops out today bashers inc
One wonders what happened to the 100kw unit that was allegedly tested and exceeded 100kw. See below from RNS March 2023, a year ago!
"New S+ Series fuel cell stacks exceeded the cumulative 100kW target output over validation period.
The milestone is the first of a two-stage development programme first announced November 2021 that will now see a modular 200kW high power fuel cell system scheduled for first operation later this year, which will be followed by product certification immediately thereafter. The state of the art 200kW hydrogen power generator unit (and battery system) will then be sold to ABB E-mobility."
All BS of course! They seem incapable of perfecting higher power density fuel cells or being honest. Think AlkaMem!
Great bit of summarising Daz. The ABB unit is so far behind I wouldn't be surprised if it never happens and as for the £27 million order book, it's a work of fiction. I fear this company will run out of money and go bust before break even and I suspect Dixon Clarke will be off soon to salvage his reputation. His demeanor listening to Bond waffle on, spoke volumes. Jim Gibson got out as he could see where this was going i.e. nowhere fast! It's all very disappointing but predictable with Bond running the show.
What a completely disingenuous pair ! Is a fundraiser required in the future ? PDC yes if we want to scale up.
NO ! you already said we won’t break even for several years !!! That’s not scaling up, the current cash burn would continue without scaling up !!!
And PDC catching himself out as well ! If we deliver on the pipeline we’ve got, sorry on the backlog, haha, I mean the orderbook.
Embarrassing or what !
Clearly they’ve had discussions how to spin the orderbook and catching themselves out in what they call it in front of 350 investors, you couldn’t make it up !
One of the brokers estimated break even in 3 years time, Bond said it certainly won’t be in the next year or two, PDC said break even is not the way to look at it as we are constantly adding value. So broker forecast completely at odds with the AFC board - there you have it - and that means the SP forecast also completely inaccurate but we know that anyway
Several months until first operation of the ABB system and then another 6 months for certification and that will be a prototype unit….oh dear….
Once you start hiring out generators via Speedy how do you anticipate delivering the hydrogen to site ?
Answer: there’s enough hydrogen supply in the uk to meet demand 🤡. Question not answered !!! He doesn’t know !!!
Currently talking to a number of suppliers about the scaling up manufacturing of the stacks, I don’t want to give the impression that it will be this year or next but it’s certainly…
I can see the reason for the big drop today now…
😂😂😂 anyone else spot the slip up ? ‘The 200kw unit not included in the £27m pipeline, err, orderbook’. Bond expising himself big time!!!
Wow just wow, so my first question was the first one addressed, namely that uncommitted orders is orders that haven’t been placed yet, Bond citing Speedy as an example where they have a placed a £2m order and intend to increase to £4.7m ! I’m not sure how much more dishonest you can get than that. So the orderbook contains actual orders and orders they are hoping to get. I hope they have weighted the expected orders by % chance of being received rather than at the full price.
The only issue is... lol
If only!!
I watched the Q&A and am still none the wiser as to the genuine prospects of this company. The ABB 200KW unit is at best over a year away according to Bond so that's a big disappointment straight away. His staccato style of talking is very hard to follow and he tends to waffle. The contrast between Bond and Dixon Clarke was stark. Bond has done well out of AFC but the company needs a slicker more professional CEO to move it on. His poor performance on the Q&A is a major factor in the subsequent SP decline I believe. He needs to go. Simple!