AFC Energy plc (LON:AFC) boss Adam Bond has told investors he is “extremely pleased” with the group’s strong technical progress.
Specifically, AFC is working towards and is ‘on track’ for the unveiling of a commercially deployable fuel cell by the end of 2017.
It is collaborating with partner Industry de Nora to improve performance and longevity in its fuel cells. AFC said it is seeing ‘significant technical progress’ measured against its metrics of commercialisation – namely performance, longevity, availability, cost and efficiency.
In today’s half year results, Bond, the technology and engineering group’s chief executive said: “I am extremely pleased with the very strong technical progress made by AFC Energy during the first six months of this year, particularly underpinned by the collaboration agreement with De Nora.
“The company has a strengthened balance sheet following the fundraise in March 2017, has commenced engineering studies on deployment projects, and strengthened its leadership team, positioning the company well for the aggressive work programme set for initial demonstration of commercial operating parameters by the end of 2017."
AFC reported a cash balance of £8.4mln at the end of the six months, April 30, and noted that during the period it was supported by a successful £8.1mln fundraise and receipt of €900,000 under the European Union Fuel Cells and Hydrogen Joint Undertaking arrangements.
The company also noted its other development initiatives during the period including engineering studies in Germany and the UK, and highlighted there are several other commercial projects which are under evaluation.