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AFC Energy says 2020 is a transformational year for the hydrogen economy

"We anticipate that in the second half we will continue to make large strides forward," said chief executive Adam Bond

Extreme E rally car

AFC Energy PLC (LON:AFC) has told investors that 2020 continues to be a transformational year for the international hydrogen economy.

The company, in its interim results statement, highlighted its own progress which included the successful launch of its electric vehicle (EV) charging solution, the start of product development for the HydroX-Cell(L)160 system and - in the current period - a £31.6mln cash raise to fund further development. 

READ: AFC Energy teams up with Extreme E rally championship

“With unprecedented investment into the sector from both private and public institutions, AFC Energy remains focussed on the consolidation of its position as a leading developer of alkaline, zero-emission fuel cell systems," Adam Bond, AFC chief executive said in the results statement.

"We anticipate that in the second half we will continue to make large strides forward benefiting from a wider technology platform, growing project pipeline across key target markets and new enquiries from strategic partners financed by a strengthened balance sheet.

“These factors, together with the commitment of AFC Energy's management and staff, places the company in a solid position for the realisation of its growth potential into 2020 and beyond," he added.

Financial results saw the firm make an operating loss of £2.1mln as the company continued to keep close control of overheads.

AFC ended the six-month period with £2.5mln in cash, with a further £4mln available for drawdown from its convertible bond facility. The company said that following the £31mln fundraise it does not expect to draw down this facility.

Quick facts: AFC Energy PLC

Price: 17.28 GBX

Market: AIM
Market Cap: £116.81 m

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