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AFC Energy rated a buy after launching its EV charging point

Published: 12:13 07 Apr 2022 BST

AFC Energy PLC -

AFC Energy PLC (AIM:AFC, OTC:AFGYF, ETR:QC8) has stayed on the buy list of Peel Hunt, with the broker's target set at 195p or five times the market price currently.

The developer of fuel cell batteries launched its electric vehicle (EV) charging ‘Power Tower.’ today, adding it is a technology that can be used where “grid-based EV charging infrastructure is unavailable.”

The Power Tower EV, a variation of a model released last month, is specifically designed for EV charging and incorporates ABB’s wall-mounted EV charger.

Engineering group ABB has been working with AFC since 2020.

Possible situations where the hydrogen-fuelled technology can be used include weekend festivals, sporting events and construction sites.

Shares in AFC Energy climbed slightly, up 2% to 40.6p in afternoon trading.

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