AFC Energy PLC (AIM:AFC, OTC:AFGYF, ETR:QC8) said high oil and gas prices coupled with the transition towards net zero carbon has led to "unprecedented investment" in hydrogen developments.
The fuel cell specialist will deploy its first mobile hydrogen-based Power Towers later this year with construction sites the focus.
“These case studies cannot be undervalued as a means of further validating our value proposition to the wider temporary power market," it said.
“Initial revenue from these deployments will be built around short-term funded validations, which are expected to open up new growth opportunities to rent or sell fuel cell platforms thereafter.”
AFC‘s comments came alongside half-year results to the end of March 2022 showing revenues of £276,000, most of which came from the electric vehicle rally Extreme E, for which it provides mobile power chargers.
Some revenues also came from its partnership with engineering group ABB, it said.
Losses in the six months amounted to £8.5mln (£3.6mln), with cash use at £6.7mln to leave a balance of plus £48.6mln.
Adam Bond, chief executive, said: "I am pleased that following the launch earlier this year of our Power Tower fuel cell platform, AFC Energy will see several of these new systems being operated by strategic partners in off-grid environments in the coming months.
"We continue to assess our manufacturing scale-up and supply chain and are preparing for growth in system production and deployment.
“The Power Tower, whilst currently focussing on hydrogen fuel, will also be able to meet the demands of clients for hydrogen carrier fuel compatibility later this year with the integration of methanol reformer technology.
“We believe, based on market feedback, that this will lead to an increase in the number of systems deployed and also the size of those systems.”