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AFC Energy tapped into growth of fuel cell systems

Last updated: 12:09 14 Mar 2024 GMT, First published: 06:36 18 Jan 2021 GMT

Snapshot

  • AFC Energy flags significant operating cost reduction using S Series fuel cell
  • Hydrogen sector gets boosts from government grants and BBC Springwatch
  • AFC Energy’s capex improvements support investment case - analyst
  • AFC Energy achieves milestone with first factory acceptance test of 30kW H-Power generator
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About the company

AFC Energy PLC is a leading provider of hydrogen fuel cell technology to generate clean off-grid energy.

The company is commercialising scalable “fuel flexible” fuel cell systems, to provide clean power for off-grid applications.

AFC's technology, pioneered in 2006 in the UK, is now deployable in electric vehicle chargers and for applications in the construction, data centre, and shipping sectors.

How it is doing

14 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF), the hydrogen power generation specialist, has made a significant breakthrough in reducing the operating costs of its S Series fuel cell, as demonstrated in the recent 30kW H-Power generator factory acceptance test (FAT) conducted with Speedy Hydrogen Solutions.

During this FAT, technology showcased a 16% reduction in hydrogen fuel consumption compared to its predecessor, the 2023 H-Power Tower.

This improvement not only signifies a leap in fuel efficiency but also lowers the operating costs for AFC Energy's customers. This achievement is in addition to the previously announced 50% reduction in the 2024 generator's capital cost (per kW) when compared to the 2023 model.

The performance of the S Series fuel cell was measured against "in the field" data gathered from customer deployments of the H-Power Tower last year.

11 Mar 2024

Investment bank Liberum was bullish on the prospects for AFC Energy PLC (AIM:AFC, OTC:AFGYF) in the wake of an 'important milestone' for the hydrogen power pioneer.

Earlier investors were told AFC had completed the factory acceptance test (FAT) of its first 'state-of-the-art' 30kW H-Power generator.

11 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF), a pioneer in hydrogen power technologies, has achieved a significant milestone with the successful factory acceptance test (FAT) of its first 'state-of-the-art' 30kW H-Power generator.

This development marks a key step forward in the company's collaboration with Speedy Hire, the tools and equipment hire service.

Insight: Hydrogen sector gets boosts from government grants and BBC Springwatch

28 Jan 2021

UK hydrogen-focused companies have been given a major boost as the government unveiled new funding for several projects in the aviation sector to cap off a busy week for this corner of the clean energy market, including from Ricardo, AFC Energy PLC (LON:AFC) and GKN Aerospace.

The BBC’s Springwatch programme, a nature show fronted by Chris Packham, also delivered a world first as an episode of its Winterwatch series this week was entirely fuelled by green hydrogen power.

What the brokers say

14 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF) has made significant strides in enhancing the efficiency and reducing the costs of its S-Series fuel cell system, according to Peel Hunt analysts.

These strides were demonstrated during the 30kW H-Power Generator Factory Acceptance Test (FAT) with Speedy Hydrogen Solutions in March 2024.

AFC reported a 16% reduction in hydrogen fuel consumption per kWh of power generated by the 2024 model 30kW generator, compared to the 2023 model 10kW Power Tower.

What management says

11 Mar 2024

AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond tells Proactive's Stephen Gunnion the company has reached a significant milestone with the factory acceptance test of its 30kW H-power generator, marking a step forward in its collaboration with Speedy Hire.

This achievement follows the deployment of its first generation 10kW generators from 2020 to 2023, from which the company gained valuable insights and made improvements. The demand for a larger, 30kW generator led to the partnership with Speedy Hire, culminating in the development and successful operation of the new generator, which meets all contractual requirements for performance and operation.

Bond said the milestone not only validates the technology but also initiates the sale of generators into the Speedy Hydrogen Solutions joint venture, with the first generator sold and minimum orders contracted through to 2025 and 2026 to maintain exclusivity in the UK and Ireland.

AFC Energy achieves milestone with first factory acceptance test of 30kW...

AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond tells Proactive's Stephen Gunnion the company has reached a significant milestone with the factory acceptance test of its 30kW H-power generator, marking a step forward in its collaboration with Speedy Hire. This achievement follows the...

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