Alkaline fuel cell developer AFC Energy plc (LON:AFC) said it was confident that Brexit would not impact EU-funded projects it was currently undertaking and progress remained on track despite the challenging global markets.
The group said it will continue to deliver on its commitments under the two outstanding EU programmes for which it is the project co-ordinator, namely Power-Up and Alkammonia, and expects to receive all outstanding grants from EU funds arising from these projects.
It said that a number of the short-term opportunities under investigation related to outside of the bloc which would help to mitigate any impact from Britain’s vote to leave.
"Despite these events, which have led to uncertainty across the capital markets in particular, I'm pleased to announce that AFC Energy has continued to focus on progressing its targeted milestones for 2016," said chief executive Adam Bond.
“We will carefully monitor these developments and report back to shareholders in due course,” he added.
Technical development activities for the fuel cell stack and balance of plant remained broadly on schedule, said the group.
It is also continuing “constructive dialogue” with parties in the Middle East and South Korea, towards securing scoping studies and potential contracts.
Shares rose 4% to 14p.