AFC Energy PLC (AIM:AFC, OTC:AFGYF) said interim results for the first half ending April 30 marked its first revenues from its hydrogen generator hire venture.
A joint venture company, with Speedy Hire, Speedy Hydrogen Solutions (SHS) received its first order worth £2 million and sales of £0.4 million.
By the end of the first half, the SHS order book stood at £26.2 million.
Also during the period, AFC’s highlight achievements included the delivery of the world's largest modular and scalable ammonia cracker facility.
AFC continues in its growth phase, supported by a recent £15.8 million equity raise.
It has recently signed strategic supply agreements with Illuming Power for fuel cell plates and stacks and with Zollner for fuel cell modules. And it saw the first operation of the 200kW S+ Series H-Power generator.
In a separate statement, the company announced Adam Bond’s decision to step down as chief executive – now, in the near-term chair Gary Bullard will take up executive duties, as the company engages in an executive search to identify and appoint Bond’s successor.
Bond, meanwhile, was bullish about the company’s trading performance.
"We are delighted to see first revenues from our strategy to sell our generators to equipment hire companies,” he said in the results statement.
“The first production run has already been assembled and sold and we will deploy the recent funding to accelerate production to deliver greater sales in the second half.
“We continue to see growing momentum behind the construction market's transition to non-diesel generators and are well positioned to take full advantage, not least through the agreement with Speedy Hydrogen Solutions.
“Whilst the enormous value of our ammonia cracking technology is, as yet, unrecognised, the follow-on discussions from the high levels of industry interest are progressing well and we look forward to providing further detail on these in due course."
Financially, AFC reported a revenue increase to £0.4 million from £0.2 million for the half year.
It made a loss after tax of £8.3 million, compared to £6.3 million in the same period last year.
Cash and cash equivalents decreased to £12.3 million from £32.7 million in April 2023.
Looking ahead, AFC Energy anticipates continued revenue growth in the second half driven by sales to SHS and the delivery of new products including its 45kVA generator and battery solution to ACCIONA.