viewAFC Energy PLC

AFC Energy tapped into growth of hydrogen fuel use


  • Has developed a scalable alkaline fuel cell system

  • The fuel cells use hydrogen to make clean electricity

  • Partner of new hydrogen-fuelled electric SUV rally racing series Extreme E

Hydrogen element symbol

Quick facts: AFC Energy PLC

Price: 62.8 GBX

Market: AIM
Market Cap: £424.74 m

Hydrogen revolution

AFC Energy PLC (LON:AFC) is one of the UK market leaders in what is becoming known as the hydrogen revolution, the development of technology that can transform hydrogen into a renewable energy source.

According to the Hydrogen Council, an industry group backed by companies such as BMW and Air Liquide, the hydrogen market could be worth around US$2.5trln by 2050 as part of a push to lower carbon emissions from transport and limit global warming to safer levels.

Hydrogen is seen as a key element of the UK government's recent announcement of a new target for the country to achieve net-zero carbon emissions by 2050, which was on the back of a strongly worded report from the Committee on Climate Change (CCC).

With the electricity grid often at full stretch and the CCC estimating that all new cars and vans should be electric within 16 years, “there is no way the grid can cope with that amount of extra demand”, says Adam Bond, AFC's chief executive.

“Hydrogen is the only solution to meet the demand,” Bond said, “and that is why the climate change report mentioned it on almost every page.”


How it is doing

The firm expects the momentum seen in 2020, when it moved into the commercial phase, to continue in 2021 as well.

Its achievements in the 12 months just gone were evident in its first contracts – totalling more than £1mln and already generating income.

Underlining confidence in the business, meanwhile, was an oversubscribed £31.6mln fundraiser. This will help it major deliver projects, aid the development of the new H-Power systems and fund manufacturing scale-up.

One of the projects, work on the off-road electric car racing series, Extreme E, will feature the aforementioned H-Power system as primary power supply, showcasing its potential. The rally is slated to launch in early 2021.

AFC said it is working with leading manufacturers to roll out the technology in the field of integrated off-grid power and ultra-rapid electric vehicle charging solutions.

On that note, in December AFC signed a strategic partnership with Swiss electrical systems giant ABB to develop products for the electric vehicle charger market.

The non-exclusive agreement will see the two companies work together to develop a bespoke high power EV charger that will be sold through ABB's market channels from the second half of 2021. 

In 2021, AFC Energy launched its dedicated Anion Exchange Membrane (AEM) Fuel Cell test facility hosted at the company's Surrey headquarters. The design of the new dedicated AEM fuel cell facility was completed in the second half of 2020 with full fit-out now complete in advance of full operation.


What the boss says: Adam Bond, chief executive 

" [The deal] marks a historic milestone in the commercialisation of our proprietary hydrogen fuel cell as we commence a long-term relationship with ABB. 

“As one of the world's leading suppliers of rapid EV charging infrastructure, this strategic partnership is fully aligned with AFC Energy's go to market strategy with ABB providing strong and credible access to key customer channels both in Europe and overseas"


latest video

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AFC Energy PLC named herein, including the promotion by the Company of AFC Energy PLC in any Content on the Site, the Company receives from...


AFC Energy 'we're excited and ready to go' after signing distribution deal...

AFC Energy's (LON:AFC) Adam Bond talks to Proactive London from Saudi Arabia ahead of Extreme E after signing a huge non-binding distribution deal for its hydrogen-based fuel cell systems with Altaaqa Alternative Solutions. AFC Energy will cover Saudi Arabia and the Middle East & North...

6 days, 13 hours ago

3 min read