AFC Energy PLC Reports First Revenues from Hydrogen Generator Hire Venture
Key Ideas
  • AFC Energy PLC achieved its first revenues from the hydrogen generator hire venture, with a significant order from Speedy Hydrogen Solutions contributing to a positive sales figure.
  • The company showcased key achievements, including the delivery of the world's largest modular ammonia cracker facility and strategic supply agreements with Illuming Power and Zollner.
  • Despite a loss after tax and decreased cash reserves, AFC Energy remains optimistic about future revenue growth, driven by sales to SHS and the introduction of new products.
  • Adam Bond's departure as CEO was announced, with Gary Bullard stepping in temporarily, as the company embarks on a search for a new chief executive to sustain its growth trajectory.
AFC Energy PLC, a company listed on AIM and OTC, reported its interim results for the first half, ending April 30. Notably, the company generated its first revenues from the hydrogen generator hire venture. A joint venture with Speedy Hire, Speedy Hydrogen Solutions (SHS), secured a substantial order worth £2 million, contributing to overall sales of £0.4 million. The order book for SHS stood at an impressive £26.2 million by the end of the first half. Additionally, AFC achieved milestones such as delivering the world's largest modular ammonia cracker facility and forming strategic partnerships with Illuming Power and Zollner. Despite reporting a loss after tax and a decrease in cash reserves, AFC remains optimistic about future revenue growth, backed by ongoing sales to SHS and the upcoming launch of new products. The company also announced a leadership change, with CEO Adam Bond stepping down, leading to Gary Bullard temporarily taking over executive duties. Overall, AFC Energy is optimistic about the market shift towards non-diesel generators and is poised to capitalize on this transition.
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