Industrial fuel cell developer AFC Energy (LON:AFC) has called for the the UK government to instigate a full review over the country’s stalling hydrogen policy.
AFC, which is backed by Chelsea FC owner Roman Abramovich, has recently won early development contracts in Korea, Thailand and Dubai in addition to a long-standing fuel cell project in Germany.
Chief executive Adam Bond has also set AFC a target of achieved 1GW of fuel cell generating capacity by 2020, but so far none of that originates in the UK.
“Although none of the commercial traction we have seen so far stems from activity in the UK, we remain hopeful that the British government will acknowledge the contribution that our fuel cell technology can make to a low carbon economy and accordingly consider a review of the UK's hydrogen fuel cell position through clear policy guidance and support for the sector over the short term.“
The German project, KORE, while small at 240Kw. is on track to become fully operational by the end of 2015 following successful trials larger fuel cell stacks.
The other memorandums of understanding signed are for 50Mw in Korea, up to 300MW in Dubai and 10Mw in Thailand.
AFC posted a profit of £1.54mln in the half year to April, thanks to a revaluation gain, though on an underlying basis losses rose to £2.74mln. Sales were £736,000 (£456,000).
Cash at the half year was £3.89 mln.
Bond, an Aussie,remained upbeat on the potential even without any contribution from Britain.
“Having established what was considered to be a highly aggressive target of 1GW (1,000MW) of fuel cell generation capacity under development by the end of 2020, I am now increasingly confident that this expectation is likely to be met, and may potentially be exceeded over this timeframe.
“The market for fuel cell technology deployment is growing daily and I expect AFC Energy will remain at the forefront of this emerging growth industry for many years to come.”