AFC successfully validated its technology, H-Power Generator business model, and most importantly, customer demand over 2023, according to house broker Liberum.
A growing contracted order book, multiple routes to market and successful product deployments underlined the green power group's progress, added the broker.
“Alongside order delivery with each of its key customers, further capital cost reductions, new manufacturing scale-up partners and international dealerships are targeted over 2024, which will provide confidence in delivering contracted customer deployments and near-term revenue forecasts,”, Liberum added.
“AFC continues to deliver, on time, with impressive partners and in markets where regulation is driving the accelerated need for decarbonised power alternatives.”
Buy with a 50p target price is the broker’s view.