AFC Energy PLC (LON:AFC), the industrial fuel cell power company, appears to be on a sound financial footing.
As at April 30 it was sitting on £2.84mln of cash following a £3.6mln placing and open offer earlier this year. It is expecting a further £1.5mln (€1.95mln) of EU funding.
Operationally, in the six months under review (to end-April) it has commissioned its 240Kw KORE System, which uses hydrogen generated at Air Products’ plant at Stade in Northern Germany to generate electricity.
Strategically, it has signed an outline agreement with DNR Industries, part of the Dutco Group of Companies and brokered a partnership with plantIng GmbH.
“Following this success, we committed to a demanding work programme and further milestones in 2016, against which the team is making sound progress in relation to technical and operational targets,” said chief executive Adam Bond.
“In parallel, we are progressing the development of further strategic and technical partnerships for new power projects in our target markets."
As is common with companies at this formative stage of their development AFC was loss-making. The deficit was £3.8mln.