“The funding put in place early in 2017 allowed us to enhance the 10kW fuel cell system design to support scaling-up of this modular design basis, complete technical milestones to deliver the longevity and reliability required for power plant application and develop the strategic partnerships to underpin the future commercial manufacturing and supply of fuel cells,” Bond said.
“With these targets met, AFC Energy is transitioning to commercial exploitation of the significant value in intellectual property that it has created; thereby becoming a key new entrant into the ever-growing clean energy revolution."
The company highlighted that its system has now achieved the majority of commercial metrics (including power output, longevity, availability, cost and efficiency), and it now sees 2018 as an important year as it advances the product to market.
In terms of financial results, the company reported a £5.5mln loss for the year and it ended the period with £6.7mln of cash.
Early in 2017 the company raised £8.1mln of new capital and it got the support of significant UK institutional investors. It subsequently strengthened the management team, with the appointment of a new chief operating officer and chairman.
It extended and expanded upon a strategic partnership with De Nora.
The cost structure related to the fuel cell system was reduced.
Basic engineering for a 1MW-plus fuel cell was completed, and potential deployment projects were advanced.
A partnership was struck with Covestro Deutschland.
And post-period, the company completed the development and validation of an enhanced fuel cell system and cartridge design.