also on proactive9 Mar 2022 12:44
AFC Energy to begin system deployments with several partners in 2022 - broker
The alkaline fuel cell systems specialist reported commercial agreements in hand worth £5mln, and an increased pipeline in EV charging, construction, temporary power and datacentre power
AFC Energy PLC -
AFC extended its Extreme E contract for a second season
AFC Energy PLC's (AIM:AFC, OTC:AFGYF, ETR:QC8) annual results were largely in line with forecasts fro house broker Peel Hunt, which reiterated its 'buy' recommendation based on a valuation of the shares at 195p versus the last close of 37.05p.
Peel Hunt said it is not making any changes to its forecasts for 2022 or 2023 after what was "a highly positive year in terms of the rapid development of the company's new S-Series high-energy-density fuel cell technology and positive demonstration of its ability to use liquid ammonia and methanol fuels, [and] several new commercial partnerships added".
With the alkaline fuel cell systems specialist reporting that it has commercial agreements in hand worth £5mln, and an increased pipeline in EV charging, construction, temporary power and datacentre power, Peel Hunt said new commercial partnerships are expected, in addition to future deployments.
Moreover, in addition to the recent extension of its highly successful Extreme E contract for a second season, AFC announced an expansion of its EV rapid-charging partnership with ABB into datacentre and maritime applications.
There was also an agreement with leading Middle Eastern temporary power business Altaaqa for a dealership for the MENA region, and reaffirmation of interest from Spanish partner Acciona.
"In 2022, we expect to see a number of system deployments with several of these partners (including ABB), which we believe will lead to product validation and a scale up of commercial sales, in due course," said the broker.
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