Its equipment’s ability to accept low grade, cheaper hydrogen sources – especially ammonia is one of its strongest competitive advantages.
The group, which will provide the power for the upcoming Extreme E off-road rally series, said its equipment’s ability to accept low grade, cheaper hydrogen sources – especially ammonia is seen as one of its strongest competitive advantages.
“Adoption of ammonia as a preferred vector for the carriage of Hydrogen is gaining momentum, particularly in heavy mobile applications such as shipping,” it said.
Adam Bond, AFC Energy’s chief executive, added: “2020 was the year that hydrogen took centre stage as a key enabler of a more sustainable future, fuelling a transformational year for AFC Energy.
“A growing order book, new strategic partnerships, a stronger cash position at year-end and a strong global political will, evidenced by record levels of investment in the sector, provides the basis for our future success, “ he added.
AFC won its first commercial orders in the year to end October 2020, with a year-end order book of £1.1mln plus the contract to provide off-grid for the rapid charging of vehicles in the FIA Accredited Extreme E series.
The series kicks off in Saudi Arabia at the beginning of April to an expected global televised audience of 200mln.
AFC Energy said it had a cash balance of £31.6nmln at the end of October following a fundraise while losses for the year rose to £4.2mln (£2.9mln) following increased development spending.
Read More: AFC Energy PLC upbeat as hydrogen investment soars to unprecedented levels