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AFC Energy narrows loss as it progresses towards revenue generation

Fri, 12th Apr 2019 11:13

(Sharecast News) - Pre-revenue alkaline fuel cell power company AFC Energy announced its unaudited preliminary results for the year ended 31 October on Friday, confirming the development of new high-power density alkaline fuel cell technology with potential use in applications where space and weight were "key" considerations.The AIM-traded firm said that opened opportunities for early revenue generation through licensing or joint development in existing markets.Its operating loss had narrowed to £4.96m from £5.51m year-on-year, with its basic and diluted losses per share falling to 1.1p from 1.36p.The company said it concluded a funded engineering study for the deployment of a fuel cell system in Australia at Southern Oil's Gladstone refinery during the year.It had also continued its joint development with De Nora, with further improvements in electrode longevity and performance while reducing cost, and completed a global tender process and chosen Advanced Plastics to be its flow plate mass manufacturing partner.AFC said it had "successfully developed" an electric vehicle charging solution and installed a demonstration unit at its Dunsfold facilities, and completed detailed 'go-to-market' studies confirming addressable markets, distribution strategy, product benchmarking and the resources required.The firm said it was invited to join the Hydrogen Council, and was "actively participating" in the debate to promote the hydrogen economy and develop long-term strategic relationships with like-minded global industrial companies.It said it had commenced engagement with international industrial partners to discuss joint product development and market initiatives.Cash reserves as at 31 October stood at £2.6m, down from £6.7m year-on-year.Post period-end, the company had arranged a £4m convertible loan facility to fund working capital and develop its commercial strategy, and had improved its liquidity by raising a further £0.81m in an equity placement"Progress has been made in a number of areas; new technology, product development, manufacturing readiness, commercial footprint and financing," said AFC Energy chief executive officer Adam Bond."The high-power density alkaline fuel cell technology complements our existing technology opening opportunities where space and weight influence the purchasing decision."This new technology also has the possibility to be monetised in the short term through joint development cost sharing and licensing agreements."Bond said its manufacturing readiness was built around its industrial partners, starting with De Nora, with which the firm had now selected an electrode pairing, with Advanced Plastics being welcomed as its mass manufacturing partner for flow plates."Our commercial activity continues to grow, both through prospecting and market studies."The latter has identified several addressable markets over and above our Chlor Alkali base principally in off grid applications traditionally dominated by diesel generators."AFC's product development work had seen the installation of an electric vehicle charging demonstration unit at its Dunsfold facilities, Bond explained, which had commanded "much attention" and demonstrated the role fuel cells could play in building a truly emissions-free environment."Finally, the fundraising concluded provides us with £4.8m which, together with existing cash reserves, funds the continued development of our technology base, range of products, manufacturing readiness and commercial presence."
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1 Dec 2022 11:01

AFC Energy's new finance chief starts his role

(Sharecast News) - Hydrogen power generation technology specialist AFC Energy's new chief financial officer stepped into his role on Thursday.

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23 Nov 2022 14:26

AFC Energy hails deployment of hydrogen fuel cell at HS2 project

(Alliance News) - AFC Energy PLC on Wednesday said one of its hydrogen fuel cells has been deployed at Euston station in London, in the latest of a series of field trials of the product on UK and European construction sites.

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7 Nov 2022 11:30

IN BRIEF: AFC Energy shares up on completion of fuel tower field-trial

AFC Energy PLC - Surrey-based hydrogen power generation technologies provider - Successfully completes field trial of first prototype methanol fuel tower with infrastructure firm Acciona SA in Spain. The tower successfully generated on-site hydrogen from methanol, powering the site compound at Alcala del Valle.

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7 Nov 2022 11:12

AFC Energy reports success in methanol 'fuel tower' trial

(Sharecast News) - Hydrogen power generation specialist AFC Energy updated the market on the development of its 'flex-fuel' methanol development and methanol 'fuel tower' concept line on Monday.

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3 Oct 2022 10:39

IN BRIEF: AFC Energy deploys first Power Tower in Spain

AFC Energy PLC - Surrey-based hydrogen power generation technologies provider - Says the first S series Power Tower has been successfully deployed in mid-August with partner Acciona SA in Spain. Says it has completed 300 hours of operation to date with an avoided 1.8m tonnes of CO2 from entering the atmosphere, compared to diesel.

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29 Sep 2022 12:28

AFC Energy announces new finance chief

(Sharecast News) - Hydrogen power technology company AFC Energy announced its intention to appoint Peter Dixon-Clarke to its board on Thursday, as chief finance officer.

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29 Sep 2022 10:33

IN BRIEF: AFC Energy to hire Invinity Energy Systems CFO as new CFO

AFC Energy PLC - Surrey-based hydrogen power generation technologies provider - Intends to hire Peter Dixon-Clarke as its new chief financial officer. Says will announce when his appointment will be effective in due course. Dixon-Clarke has been involved in equity fundraising, debt financing and refinancing and strategic roles and reorganising financial teams and systems, AFC Energy says.

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11 Jul 2022 14:18

AFC Energy inks deal to deploy 'Power Tower' in London

(Sharecast News) - Hydrogen power technology developer AFC Energy announced on Monday that an agreement has been reached for the deployment of a further 'Power Tower' fuel cell generator system, in support of the decarbonisation of a London-based construction site.

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11 Jul 2022 08:59

IN BRIEF: AFC Energy agrees to deploy Power Tower to Mace Dragados JV

AFC Energy PLC - Surrey-based hydrogen power generation technologies provider - Agrees to deploy Power Tower fuel cell generator system to support the decarbonisation of a London-based construction site. The firm says the Power Tower will be leased to the Mace Dragados JV during the second half of 2022. "This agreement is the basis for a longer-term collaboration to support Mace Dragados' sustainability aspirations through adoption of zero emission energy where grid supply is constrained," AFC notes.

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29 Jun 2022 09:38

AFC Energy shares fall as interim loss widens, CFO Lewis to resign

(Alliance News) - AFC Energy PLC on Wednesday reported its interim pretax loss widening as it announced the resignation of Chief Financial Officer Graeme Lewis in April 2023.

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20 Jun 2022 09:37

AFC Energy partners up with Kier on hydrogen power generator lease

(Alliance News) - AFC Energy PLC on Monday announced a partnership with Kier Group PLC, with an initial lease of AFC's new Power Tower hydrogen power generator units to a construction site in south west England for deployment.

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20 Jun 2022 09:36

AFC inks deal with Kier to deploy hydrogen fuel cell tech

(Sharecast News) - Hydrogen power technology developer AFC Energy announced a partnership with Kier Group on Monday, for the initial lease of its new 'Power Tower' clean hydrogen power generator units for deployment to a UK construction site.

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17 Jun 2022 16:02

UK shareholder meetings calendar - next 7 days

Monday 20 June 
Armadale Capital PLCAGM
Bank of Georgia Group PLCAGM
Globalworth Real Estate Investments LtdAGM
MetalNRG PLCAGM
Midatech Pharma PLCAGM
Silver Bullet Data Services Group PLCGM re fundraise
Venture Life Group PLCAGM
Tuesday 21 June 
1Spatial PLCAGM
Altus Strategies PLCAGM
Coca-Cola HBC AGAGM
FireAngel Safety Technology Group PLCAGM
HC Slingsby PLCAGM
HSS Hire Group PLCAGM
Mission Group PLCAGM
Novacyt SAAGM
Pendragon PLCAGM
RTW Venture Fund LtdAGM
Velocys PLCAGM
Wednesday 22 June 
ASA International Group PLCAGM
Atalaya Mining PLCAGM
Bonhill Group PLCAGM
Chapel Down Group PLCAGM
Churchill China PLCAGM
Downing Renewables & Infrastructure Trust PLCGM re share issue
Ecofin US Renewables Infrastructure Trust PLCAGM
EJF Investments LtdAGM
Frenkel Topping Group PLCAGM
Good Energy Group PLCAGM
Honeycomb Investment Trust PLCAGM
ICG-Longbow Senior Secured UK Property Debt Investments LtdAGM
Intelligent Ultrasound Group PLCAGM
Iofina PLCAGM
John Wood Group PLCAGM
Kingfisher PLCAGM
LXi REIT PLCGM
Menhaden PLCAGM
North Atlantic Smaller Cos Investment Trust PLCAGM
Pennant International Group PLCAGM
Plant Health Care PLCAGM
Skillcast Group PLCAGM
Team PLCAGM
Tribal Group PLCGM re final dividend
Trident Royalties PLCAGM
Vertu Motors PLCAGM
Wentworth Resources PLCAGM
Thursday 23 June 
Avacta Group PLCAGM
Anglo Asian Mining PLCAGM
Card Factory PLCAGM
Cordiant Digital Infrastructure LtdAGM
Downing Renewables & Infrastructure Trust PLCGM re initial placing & open offer
Eight Capital Partners PLCGM re aligning 2022 bonds with 2026 bonds
GENinCode PLCAGM
Ideagen PLCGM re takeover by Hg Pooled Management Ltd
Longboat Energy PLCAGM
Oxford Nanopore Technologies PLCAGM
Puma VCT 13 PLCGM re cancellation of listing & liquidation
RBG Holdings PLCAGM
Tandem Group PLCAGM
Zinnwald Lithium PLCAGM
Friday 24 June 
AFC Energy PLCGM re fees for non-executive directors
Avast PLCAGM
Devolver Digital IncAGM
Entain PLCAGM
Hawkwing PLCAGM
Invesco Bond Income Plus LtdAGM
Life Science REITAGM
Northcoders Group PLCAGM
Princess Private Equity Holding LtdAGM
  
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7 Apr 2022 13:36

IN BRIEF: AFC launches new Power Tower EV for portable EV charging

AFC Energy PLC - Cranleigh, England-based hydrogen power generation technologies provider - Launches new hydrogen-fuelled Power Tower EV, which integrates ABB Ltd's alternating current charging solution for the first time. Says it is a specifically designed variant of the Power Tower announced last month, which is a hydrogen power generator unit designed to displace fossil-fuelled generators. Power Tower EV will provide permanent or temporary installations for clean power, wherever grid-based EV charging infrastructure is not viable, says AFC. Says the tower builds on partnership with ABB across e-mobility applications.

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24 Mar 2022 11:51

IN BRIEF: AFC Energy launches power generator unit Power Tower

AFC Energy PLC - Cranleigh, England-based hydrogen power generation technologies provider - Launches Power Tower, a hydrogen power generator unit designed to displace fossil-fueled generators. Says it will be deployed to infrastructure and renewable energy firm Acciona SA and construction engineering company Keltbray Group Holdings Ltd for operation by "the middle of this year." The first Power Tower will be on display at its annual general meeting on April 7th before the release to customer sites.

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