- AFC Energy narrowed its annual losses as lower costs helped improve performance. The company also announced it had raised funds £0.813m gross by the placing of shares.

For year ended October 2018, operating losses narrowed to £5.0m from £ 5.5m as cost of sales slumped to £28,988 from £397,113 a year earlier.

During the year the company developed high-power density alkaline fuel cell technology with potential use in applications where space and weight are key considerations. This would pave the way for early revenue generation through licensing or joint development in existing markets, the company said.

'This new technology also has the possibility to be monetised in the short term through joint development cost sharing and licensing agreements. Our manufacturing readiness is built around our industrial partners starting with De Nora, with whom we have now selected an electrode pairing, and welcoming Advanced Plastics as our mass manufacturing partner for flow plates,' said Adam Bond, CEO of AFC Energy.

'Our commercial activity continues to grow, both through prospecting and market studies. The latter has identified several addressable markets over and above our Chlor Alkali base principally in off grid applications traditionally dominated by diesel generators.'

'Our product development work has seen the installation of an EV charging demonstration unit at our Dunsfold facilities which has commanded much attention and demonstrated the role fuel cells can play in building a truly emissions free environment.'

'Finally, the fundraising concluded provides us with £ 4.8 million which together with existing cash reserves funds the continued development of our technology base, range of products, manufacturing readiness and commercial presence.'

At 8:26am: [LON:AFC] AFC Energy PLC share price was -0.42p at 3.36p

Story provided by