Hydrogen energy production company AFC Energy plc (LON: AFC) posted its half year results today, and announced its entrance into the Electric Vehicle charging market.
The Group said it had entered the market with a successful demonstration of its CH2ARGE prototype, which enters operation as the first hydrogen fuel cell based electric vehicle charger.
Today’s announcement disclosed details of a collaboration agreement with Rolec Services Limited – Europe’s largest charge point manufacturer – which enclosed information on the integration of CH2ARGE technology into Rolec’s charge points.
AFC Energy also boasted what it described as a ‘strong’ balance sheet to fund product development and the launch of its Go-to-Market strategy.
The Group also announced; the finalisation of engineering and design for modular electric vehicle charger units, appointment of a dedicated sales team, development of industrial scale projects, expansion of its product range through ongoing development of auxiliary products with reduced footprint and operating costs, and the longest continued operation of electrode pairing delivered under the De Nora / AFC Energy Joint Development Agreement.
AFC Energy comments
Adam Bond, Company Chief Executive Officer, said,
“The productisation of AFC Energy’s fuel cell system is now well underway. Delivery of the first hydrogen fueled EV charger for deployment across the UK later this year, to be followed by modular stationary off grid power systems, highlights the corner AFC Energy has now turned in taking its hydrogen power units to market. This in no small way has been driven by the acceleration of Government policy towards decarbonization of the transportation sector in parallel with the push for reduced air pollution from the off-grid power market.”
“The last six months has seen several important landmarks in our history, including the achievement of record electrode lives in collaboration with De Nora, further progression on the cost reduction of electrode manufacture, the bringing together of the supply chain for our systems’ mass production and the introduction of AFC Energy’s new high power density alkaline fuel cell system. I am particularly excited about the growing success in system integration we are seeing, including the potential for the steps forward in the use of ammonia as a lower cost fuel for point of use hydrogen generation, which will allow us to target new growth markets for the fuel cell, seeing AFC Energy as a leading exponent of the rapidly emerging hydrogen economy, both in the UK and internationally.”
Investor notes
The Company’s shares dipped 1.81% or 0.085p to 4.62p a share 26/07/19 16:30 BST. Both its dividend yield and p/e ratio are marked as N/A by Hargreaves Lansdown.
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