AFC Energy plc (LON:AFC) has confirmed the receipt of a €2.052mln cash injection from Europe.
The money is payment from the European Union's Fuel Cells and Hydrogen Joint Undertaking, and relates to the POWER-UP project for the period up to June 20115.
A further claim for the period ended June 2016 is due to be submitted shortly.
The EU grant reimburses expenditure on the POWER-UP project in Stade, Germany.
Interim financial results released earlier this month revealed AFC had £2.84mln of cash at the end of April.
Operationally, in the six months to end of April it 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,” chief executive Adam Bond said in the financial results statement.