AFC Energy anticipates that the current energy market volatility and the pressing need to address climate change will provide additional push for the development of hydrogen-based fuel alternatives.
The group, which contributes to the power supply for the all-electric SUV Extreme E rally series, stated that it plans to deploy the first of a new, more powerful hybrid fuel cell in the coming months.
Bond noted that an integrated system being developed in collaboration with ABB is also planned to be operational by the end of 2022.
The business expects to receive its first commercial revenue from the Extreme E series in 2021, however the series is still under development, and operational losses increased to £10.4 million (£4.6 million) as AFC increased workers and invested extensively in new products and manufacturing facilities.
The group burned £10.7 million in cash during the year, but a £36 million fundraiser allowed the group complete the year with £55.4 million in cash.
