“All leading indicators that 2021 is expected to be a strong year for the company as it continues to provide an important solution to the world’s decarbonised energy needs,” said chief executive Adam Bond
The group noted that “all leading indicators” suggested the momentum will continue into 2021.
Its achievements in the 12 months just gone were evident in its first contracts – totalling more than £1mln and already generating income.
Underlining confidence in the business, meanwhile, was an oversubscribed £31.6mln fundraiser. This will help it major deliver projects, aid the development of the new H-Power systems and fund manufacturing scale-up.
One of the projects, work on the off-road electric car racing series, Extreme E, will feature the aforementioned H-Power system as primary power supply, showcasing its potential.
AFC said it is working with leading manufacturers to roll out the technology in the field of integrated off-grid power and ultra-rapid electric vehicle charging solutions.
In the year to October 31, 2020, the company also sold a bespoke 100kW fuel cell system to research institute Forschungszentrum Jülich to be used for its Living Lab Energy Campus showcase in Germany.
And in April the company announced a collaboration with global construction firm ACCIONA, which is field trialling a 160kW version of the AFC technology.
It also made its first delivery of samples of AlkaMem, a highly conductive, robust and cost-effective membrane technology. The group said results to date continued to “confirm its compatibility with market-leading alkaline electrolyser separators”.
In the year-end operational update, AFC’s chief executive Adam Bond said: “Achievement of AFC Energy’s first high profile commercial sales this year, alongside growing interest from future partners and customers, highlights the end of what has been a highly successful year for the Company.
“Our balance sheet has never been stronger, our technology more ready, our pipeline more developed, the hydrogen market more validated and the need for sustainable energy more important – all leading indicators that 2021 is expected to be a strong year for the company as it continues to provide an important solution to the world’s decarbonised energy needs.”
Read More: AFC Energy PLC makes significant commercial progress; expects more traction in 2021