AFC Energy PLC (AIM:AFC, OTC:AFGYF) hailed a year of significant progress that has resulted in a £27 million order book for its 30kW S Series H-Power Generators, and a pivotal hydrogen joint venture with plant and equipment group Speedy Hire.
In an update alongside full-year results, AFC, whose technology is being used to displace traditional diesel generators, said in 2024 the team would be 'focused on delivery'. In so doing, it will be targeting business from the Speedy Hydrogen Solutions JV and a tie-up with Acciona, the Spanish renewables giant.
Looking ahead, an initial order from industrial equipment maker TAMGO will take AFC's technology into the off-grid power solutions arena in Saudi Arabia.
At the same time, a 200kW S+ Series generator, benefiting from ABB's partial funding, is currently undergoing construction and testing phases. This generator is slated for its first operational run in the first half of 2024.
"Never before has customer pull to displace diesel generators been stronger, driven by Government policy, tendering requirements, carbon reduction commitments and emissions-based regulations," said CEO Adam Bond.
"Together with our new distribution partners, including Speedy Hire and TAMGO, we are confident of the Company's robust commercialisation strategy.
"We continue to target further capital cost reductions, manufacturing scale-up partners and newly announced international dealerships during 2024, giving us confidence in delivering contracted customer deployments and revenue growth."
The financials for the 12 months ended December 31 reflect a business at the formative stages of its commercial journey. As such, AFC posted a loss of £17.5 million. More pertinently its closing cash position was £27.4 million.