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    AFC   GB00B18S7B29

AFC ENERGY PLC

(AFC)
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AFC Energy plc Delivers First Hydrogen Fuel Cell System to ABB

08/16/2021 | 02:00am EDT

AFC Energy announced a further milestone in its strategic partnership with ABB. Following several months of dedicated electrical engineering work, AFC's zero emission hydrogen fuel cell system will arrive in Estonia for operational integration with ABB's high power Electric Vehicle ("EV") charging system. The Company's partnership with ABB whereby, following six months of detailed engineering works, AFC's fuel cell system will arrive at ABB's product packaging facility in Estonia for operational integration and validation, in accordance with the Joint Product Development Agreement ("JPDA") that was signed between the companies in December 2020. The integrated system will be configured as a high power EV charging product for grid constrained environments with a sizable opportunity to support rapid charging capability across multiple key target markets, including: Private vehicle hubs; Charge point operators; Logistics hubs and distribution centres; Public and private urban transportation (including bus depots); Marine (including port and marina charging); and Vertical Take off and Landing Craft (VTOLs). The operational validation and integration of ABB and AFC's systems (incorporating fuel cells, a battery energy storage system and EV charger) will take place over the next few weeks and is expected to confirm the electrical and control systems required for the autonomous high power EV charger. The expense of developing and delivering the system has been supported by ABB through its investment into AFC and confirms the strong commercial interest both have in progressing towards a market leading development in high power EV charging. A team of three AFC technicians is accompanying the fuel cell system to Estonia to support ABB and capture key running data from the operation of the combined system. ABB and AFC, through the Commercialisation and Marketing Agreement announced last year, will also continue to jointly market the integrated charging product across key addressable markets and will collaboratively develop a communications strategy for system branding and deployment in the remainder of 2021. The system that has arrived highlights AFC Energy's existing HydroX-Cell(L) series of fuel cell systems, but plans are already in train for the incorporation of AFC's higher power dense "S" series of fuel cells in future iterations. In ensuring the on-time delivery of its system to ABB and fulfilling the pre-agreed deployment later this month for Extreme E's Arctic X-Prix in Greenland, AFC has made the difficult decision to no longer attend the British Motor Show later this month.


© S&P Capital IQ 2021
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Financials
Sales 2021 1,57 M 2,17 M 2,17 M
Net income 2021 -7,66 M -10,6 M -10,6 M
Net cash 2021 56,5 M 77,9 M 77,9 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 417 M 576 M 576 M
EV / Sales 2021 229x
EV / Sales 2022 84,5x
Nbr of Employees 30
Free-Float 94,0%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 56,80 GBX
Average target price 17,30 GBX
Spread / Average Target -69,5%
Managers and Directors
Adam Steven Bond Chief Executive Officer & Non-Executive Director
Simon Walters Finance Director & Secretary
Gary Bruce Bullard Non-Executive Chairman
Mike Rendall Chief Engineer & Product Officer
David B. Harvey Chief Technology Officer
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