The AFC Energy plc (LON: AFC) share price fell 9.75% after releasing the interim results for the half-year ended 30 April 2023. The company noted that it had successfully leased its H-Power Tower generator across eight customer sites generating more revenue from its S Series platform.
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The hydrogen power generation company revealed that it had deployed the first H-Power Tower within the film and production industry in the US with a leading production studio. The company signed a second agreement with ACCIONA for a six-month lease with the option to purchase a H-Power Generator plus a battery energy storage system.
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The company further confirmed that ABB E-mobility had validated its new S+ Series liquid-cooled fuel cell stacks. Additionally, the company completed season 2 of the Extreme E EV Charging contract.
Post-period announcements include the award of a £4.3 million matched grant funding from the UK Government to support the transition from diesel generators at UK construction, mining and quarrying sites.
The company also announced a plan to execute its plant hire strategy with the proposed launch of a UK-dedicated hydrogen-powered generator hire business with Speedy Hire. The two companies intend to form a 50:50 joint venture for the plant hire business.
Some operational highlights from the report included the completion of the production run of the first 10 S Series H-Power Towers for field deployment and internal acceptance testing.
AFC Energy had cash and cash equivalents of £32.7 million as of 30 April 2023, compared to £48.6 million last year. The company’s revenues were £0.2 million versus 2022’s £0.3 million.
Adam Bond, Chief Executive of AFC Energy, said: “We continue to see an accelerated push to decarbonise hard-to-abate sectors such as construction and temporary power and are pleased to see this reflected in the traction we are receiving. Clearly, our focus must remain on the delivery of our strategy of initial customer deployments followed by cementing long-term collaborations with plant hire groups and with our new partner Speedy Hire in the UK, we now have a line of site-to-tangible product sales and manufacturing scale-up.”
*This is not investment advice.
AFC Energy share price.
The AFC Energy share price fell 9.75% to trade at 14.620p, from Friday’s closing price of 16.200p.
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