Broker Peel Hunt has maintained its buy rating on AFC Energy PLC (AIM:AFC, OTC:AFGYF) shares with a 125p price target following the company’s latest results.
Peel Hunt highlighted “several significant strategic milestones” in the reporting period, including a joint venture with Speedy Hire, the demonstration of a modular ammonia cracker system, and the Factory Acceptance Tests for 'S' Series fuel cell generators.
Post period-end, AFC Energy established a contract manufacturing relationship with Illuming Power of Canada and Zollner Elektronik of Germany.
AFC Energy also announced a supply contract with Niftylift for hydrogen-powered models.
Today also brought news that chief executive Adam Bond has decided to step down after a decade with AFC Energy.
The search for a new boss is underway, with non-executive chairman Gary Bullard assuming the role of executive chairman in the interim.
Shares were last seen trading at 15.8p.