AFC Energy PLC (AIM:AFC, OTC:AFGYF) reported better-than-expected trading for its financial year ending October 31, marking what new CEO Gary Bullard described as a “landmark” year for the hydrogen power and ammonia technology company.
Revenue reached an estimated £4 million, primarily driven by sales of hydrogen-fuelled power generators to Speedy Hire Services for customer leasing.
AFC also reported strong cash reserves of £15.4 million, modernised manufacturing to expand generator production, and increased international demand with its first sale in the Middle East and North Africa region through distributor TAMGO.
During the year, it launched a new division, Hyamtec, focused on ammonia-cracking technology for localized hydrogen production to support industrial decarbonisation.
"Our performance reflects the solid progress we have made in expanding our reach and capabilities," said Bullard.
The recent expansion of our manufacturing capacity has enabled us to meet growing demand, including the delivery of an initial fleet of generators for our joint venture with Speedy Hire.
"This achievement, alongside advancements in our ammonia cracking technology within the new Hyamtec Division, underscores our commitment to driving decarbonisation across diverse industries."
The deal with The Machinery Group, known as TAMGO, is for a 45kVA system that combines a 30kW fuel cell, 45kWh battery storage, and a hydrogen pressure station to facilitate zero-emission power for local operations and pilot projects targeting sustainable energy solutions.
"This deployment is a significant step in our exclusive distributorship with TAMGO, marking a key milestone in unlocking further opportunities within the region aligned with Saudi Arabia's sustainability commitments under the Kingdom's Vision 2030 and realizing our shared vision to become the largest provider of hydrogen fuel cell generators in the Saudi and MENA regions," said Bullard.