Hydrogen Future Industries PLC (AQSE:HFI) said it expects 2022 will “continue as an exciting year” for the company as it published its first set of final results after floating on London’s AQSE exchange in December.
The results showed the company, which is pursuing a strategy to identify and develop hydrogen production systems, had a cash balance of £1.9mln at its 31 January year-end, having raised a gross £2.23mln as part of its initial public offer.
Having only been incorporated in July last year, the company reported a net loss of £293,339 for the year, mostly relating to listing expenses.
So far, the main activity has been since the year-end, with the formation of a wholly owned subsidiary, HFI Energy Systems Ltd (HESL) in March to develop proprietary wind and water-based hydrogen production systems, incorporating hydrogen compression and storage, with Timothy Blake appointed as chief executive of this new business.
On the outlook, chairman Daniel Maling said: “We expect 2022 to continue as an exciting year for Hydrogen Future Industries and look forward to updating shareholders and the market on our development progress.”