AFC Energy (AIM: AFC), a leading hydrogen power company, is pleased to announce its interim results for the six-month period ended 30 April 2019.
Highlights
· Entry into the high growth Electric Vehicle ("EV") charging market with the successful demonstration of CH2ARGETM prototype - the world's first electric vehicle charger based on hydrogen fuel-cell technology
· Signing of collaboration agreement with Rolec Services Limited ("Rolec"), Europe's largest EV charge point manufacturer, integrating AFC Energy's CH2ARGETM system into Rolec's charge point customer facing infrastructure
· Finalisation of engineering and design for modular EV charger units for a national customer roadshow commencing with a demonstration hosted by Rolec before the end of 2019
· Appointment of a dedicated sales team in response to emerging opportunities in the EV charger and off grid power genset market
· Focussed investment in new manufacturing partners and tooling in advance of system deployment including:
o Appointment of Advanced Plastics Limited for mass manufacture of fuel cell flow plates
o Investment in new mass production flow plate moulding tools (expected delivery in Oct. 2019)
o Appointment of Innomech for new stack compression tooling (expected delivery in Sept. 2019)
o Appointment of Multi Source Power Limited, a leading UK developer / supplier of on and off grid hybrid power systems
· Expanding product range through ongoing development of auxiliary products with reduced footprint and operating costs, including:
o successful completion of an 18-month Ammonia to Power ("A2P") project and confirmed plans to conclude work on the engineering of an integrated, scalable ammonia fuelled clean power generator - interest from international OEMs
o New high-power density alkaline fuel cell technology with the potential for use in applications where space, weight and density of power generation are important considerations
· Longest continued operation of electrode pairing delivered under the De Nora / AFC Energy Joint Development Agreement, now approaching targeted longevity targets (evidencing between 3-4 years longevity on extrapolated basis)
|