AFC Energy PLC's (AIM:AFC, OTC:AFGYF) latest capital markets day (CMD) has confirmed broker Panmure Gordon’s “positive view” on the hydrogen fuel cell technology company.
AFC has reinforced its market position by expanding its product range across the S Series and S+ Series platforms, now offering generators from 10 to 500 kW.
This expansion caters directly to the burgeoning demand within the UK's construction sector for clean energy alternatives, as major projects like HS2 and the Lower Thames Crossing commit to phasing out diesel.
“However, arguably the bigger prize is penetrating larger markets such as the Middle East through its distribution agreement with TAMGO, which would provide significant upside to our current forecasts,” said Panmure.
“On top of that is the substantial longer-term opportunity in ammonia cracking, where we were extremely encouraged at the recent CMD by insights provided by customer Industrial Chemicals Group, one of the UK's largest independent chemical manufacturers & distributors."
Amid this “exciting time” for AFC, Panmure gave the stock a buy rating with a 50p price target, implying a 143% upside from current prices.