AFC Energy PLC (LON:AFC) chief executive Adam Bond, in financial results for 2019, described a “clear and ever-growing momentum” behind hydrogen as a means of decarbonising the UK's current and future energy mix.
“With the successes and achievements delivered by AFC Energy over these same twelve months, we are well positioned to capitalise on this growth market, particularly in support of the transition away from diesel engines in both motive and stationary applications towards clean hydrogen-based alternatives,” Bond said.
He added: “The next twelve months will see a concerted effort focussed on the sale and deployment of fuel cell systems into these key markets alongside growth in resources to deliver scaled up manufacturing capacity and also sales and commercial coverage of our key targets.
READ: AFC Energy showcases hybrid hydrogen power generator system
“We have the opportunity for clear first mover advantage in the EV charging market in particular and through the much-appreciated efforts of our employees and partners, look forwards to delivering on our commitments to support the UK's and international efforts towards a net zero society."
In terms of financial results, AFC reported some £1.8mln of research and development spending, qualifying for R&D tax credits, and, narrowed its operating loss to £3.6mln down from £5mln.
The company collected some £1.3mln of tax credits during the year, allowing the development of a demo fuel cell system from internal resources.
It ended December with £1.3mln of cash and boasted continuing tight control on spending.
AFC raised £1.8mln of new capital in 2019, via two small equity raises, and in the current year raised a further £2.5mln.