Energy News Today

AFC Energy PLC upbeat as hydrogen investment soars to unprecedented levels

Its equipment’s ability to accept low grade, cheaper hydrogen sources – especially ammonia is one of its strongest competitive advantages.

() said the level of global investment in hydrogen is at unprecedented levels with an increasing awareness of the benefits of its technology.

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

2021-03-01 02:42:00

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
%d bloggers like this: