Member Info for Hydro-Jen

Melvin. The buy case hinges on news already issued re Volex, ICL, S&P500 partner. Yesterday's news was a kitchen sinking of the utter mess the previous management left behind albeit h with one caveat - why have costs risen materially (22%) from the equivalent period in the previous year?

Apart from that, nobody paying attention can have been surprised. We knew there could be no significant income - Niftylift had obviously not happened and there were only a handful of units via Speedy that could possibly return anything. And it was equally obvious that the £4m of income previously reported was a figment of the imagination.

Anyone expecting material income in the results had lost touch with the real world. There was no chance that Nifty were using our cells and we had stopped making them so the only possible sources were the handful of units via Speedy and one with Acciona

The near absence of significant institutional shareholders is telling. It would be fascinating to know whether they had taken soundings and, if so, who from. And also who is participating in the apparently over-subscribed offer. I would love to see someone else other than Janus emerging with a >3% interest. I saw someone lower down speculating about the view of Hargreaves Lansdown and Interactive Investor - surely people realise these are just aggregated PI holdings?

The previous management was an utter shambles. To quote JW - we are able to holistically understand the TCO (total costs of ownership) of a generator set. - how on earth did Bond not see that as an absolute essential?

It was obvious to anyone with a brain that the previous income of £4m was an absolute fantasy - gained by selling grotesquely overpriced units to ourselves.

How have operating costs gone up by 22% from the previous equivalent period? In the totally expected near total absence of production and income surely that should have gone down, not up?

And I wonder what name that liar CN will turn up under next

has to be an order sono***un.

we have a manufacturing partnership in place for the cells

we have a joint development partnership in place for the cracker

and we have a joint venture to produce ammonia

that adds up to the faas concept - now we just need orders (and for the three developments to go as planned). i guess the question is how far in advance of the whole package being available might orders be placed?

Garonne. In the last six weeks we have had three significant pieces of news. But none of them have suggested imminent follow-ups. They have 'promised' revenue from:

'2027 onwards'

'mid-2026'

'early 2026'

At some point in the next fortnight the interim results are due. There is pretty much zero likelihood that the numbers will contain anything of great interest but it's reasonable to assume that we will get a fairly detailed update about the progress of those three projects and a this stage it would be a massively disappointment, and a big blow to the share price, if they were not extremely positive.

But quite why you'd have been expecting big news between the three announcements and now is rather puzzling. Was never likely.

Well, according to some on here their strategy is a complex one including long/shorts involving AFC bonds and warrants. Which would be quite something given there aren't any of either!

And you are right, Rooky. Trying to have a debate with two posters in particular is pointless and I shall stop trying to do so.

But I did put points to you, Frog, and simply because they contained negative elements (as well as multiple positives) you concluded that I'm a shorter. Which is just silly, frankly, and certainly not conducive to constructive debate. If you really think there is no potential downside I assume you have invested every penny you can find?

This nonsense, and plenty of other examples from the old management, are, in my book, a significant factor in the share price failing to acknowledge what appears now to be real potential. Too many burnt fingers and a loss of trust that impinges on any propensity to look again at what we think is coming and value it more appropriately.

That's a double edged sword of course. If the company does deliver on its new ventures then it is spectacularly undervalued. To some degree I've accepted that and have increased my holding by c. 20% over the last couple of months but I'm not really expecting that to bear much fruit until there is actual revenue, not just promises of it, rolling in from active deployment of kit. There needs to be real, demonstrable proof of concept and that clearly isn't going to happen in the very short-term.

That definitely crossed the line as far as I'm concerned.

I've done a fair bit of ruffling of Peel Hunt's failures at identifying this stuff and stopping it being published, but as they presumably just took it (and lots more) at face value themselves to come up with their idiotic target prices I'm not holding my breath waiting for them to issue a mea culpa.

I tend to think that it can be a fine line between lies and things that turn out not to be true. In this case was that boundary crossed? Debatable for sure because surely nobody though Tamgo were placing orders at the prices that modules were at that time? Tamgo, of course, are pretty much equivalent to Speedy (bar the JV) because they were looking at purchasing units for onward lease to their customers but it seems inconceivable that there was a viable business model at the time on that basis.

Hopefully the relationship is still strong enough to generate some orders for the revised versions in the run-up to their availability

Of course there's doubt!! How can there not be doubt!!!

For pity's sake - we are a year away from revenue from the reduced cost modules and near er two years from revenue from S&P 500 partner.

It's known as having a balanced view. It's very easy to just sit here and say we are all going to be billionaires and nothing can possibly go awry - but obviously it can!! It is, frankly, childlike to pretend otherwise.

Much mor reporting today. Not least for the implied threat of violence at the AGM. Totally unacceptable

And as expected - no interest in entering a rational debate. Just ramping and insulting.

I'm certainly not going to go back and look but I'm 100% suren that you would have been just as bullish on multiple occasions in the past and where are we now?

The new management team has a high degree of credibility thus far, but have they delivered yet~? No, they haven't. They appear to have established some extremely promising building blocks and I am very hopeful that things will pan out well but we are not there yet.

That's called maintaining civility in the face of severe provocation.

You really do struggle with reading don't you? I'm just setting out that there might be options and saying that I'm not a big fan of exclusivity. Where's the problem with that?

It quote simply isn't a fact, yet. To purport it to be as such is just yet more ramping. If everything works as planned/hoped for, then happy days. Is it guaranteed ?- No it isn't. As the share price clearly tells us.

The hope is that whoever has been using the tech via Speedy is confident enough about its operation post mid-2026 to place orders in advance. But we don't know that, yet. And throw back insults all you like but that is indisputable. If we need more rounds of interminable trials, testing and certification then we're in piece of string territory.

As do I. But SDY must have known what the generators cost when they signed the deal.

When the JV was launched in November 2023 this line was included in the RNS

· Exclusivity subject to SHS satisfying annual growth in minimum order quantity over first three years.

Now, unless the growth targets were very unambitious it seems inconceivable that they were met so options may be available:

1. Abandon the relationship

2. Renegtiate it

3. Continue to work with Speedy as a partner, but not on exclusive terms

Speedy obviously has a network of contacts that AFC can't possibly have so I'm sure it would make sense to work together once the reduced costs units are available next summer, but I've never been a fan of exclusive agreements. They must, pretty much by definition, obstruct other ways to market.

Except it's not really down. The closing price of 16.3 on Friday was the UT and was not representative of the actual closing market price

Buried in that stream of consciousness is this:

2. Projects & Partners – Speedy Hire, Acciona, Keltbray, Skanska, MACE and that needs some analysis

Speedy is the JV and to the best of our knowledge we have 20 units delivered. My memory say that distribution of units in the UK & Ireland is exclusive to that JV so are Keltbray, Skanska and Mace 'partners'? Don't think so at this stage. We do know that Keltbray and Mace (among many others) trialled units maybe three (?) years ago but we also know that these trials did not generate orders. As we are confident that the tech works then that was presumably due to the cost as it was then.

My hope is that he twenty units out and about via the JV are with firms such as Keltbray and Mace - big players who, hopefully, will be big adopters come mid-2026 when the much reduced cost begins to kick in (RNS 13/6/25). Clearly the potential is there for them to be gamechangers. I don't recall hearing Skanska mentioned before but they are involved in the London end of HS2 (at least) and the Lower Thames Crossing so that could be where there is a relationship, But partner? Not yet, and refer back to the Speedy exclusivity.

And Acciona? Well, clearly the time is nigh for them to put up or shut up. No point having endless trials with no orders. But they too deserve the benefit of the doubt because nobody sane would have ordered in bulk when the cost discrepancy was as it was. So come mid-s0206 perhaps the orders from Spain will come rolling in.

Hopefully we will se some orders building before the earliest delivery date of the reduced cost orders; we must hope that they don't need extensive trialling before that happens.

Sits back, wiats to be told I'm a shorter/negative/basher.

You are wrong. New posts don't mean new shareholder. But more importantly I have said absolutely nothing that could in any way be construed as unfounded bashing. Absolutely nothing at all.