AFC Energy

The company was established in 2006 by the acquisition of certain intellectual property rights and assets from Eneco. In 2010, it commissioned a hydrogen fuel cell named Alpha System at the Chinchilla underground coal gasification facility, operated by Linc Energy. Combining these technologies allows usage of hydrogen, produced by the underground coal gasification process, as a feedstock for the fuel cell.[4]

In August 2011, the company commissioned hydrogen fuel cell named Beta System at its facility in the United Kingdom.[5][6] In October 2011, AFC Energy commissioned two Beta Systems at the AkzoNobel chlor-alkali plant in Bitterfeld, in Germany.[5]

In June 2012, AFC Energy and Industrial Chemicals Limited announced a plan to install the largest fuel cell facility in the United Kingdom with an electrical output of 1 MW.[7] This was subsequently abandoned in 2013 in favour of deploying a large system at an Air Products facility at Stade, Germany. In September 2012, the company opened an alkaline fuel cell electrode pilot production plant in Dunsfold, Surrey.[8]

In March 2015, AFC committed to build a 50 MW fuel cell park in South Korea, as part of a joint venture with two local companies, Samyoung and Changsing Chemical.[3][9] In April 2015, AFC Energy signed a memorandum of understanding with Dubai Carbon for a 300 MW fuel cell park in Dubai.[10] However, no progress of these projects has been reported.

In August 2015, AFC Energy commenced operation of its first KORE fuel cell system in Stade, Germany.[11] In January 2016, the system reached capacity of 200 kW.[12]

In July 2018, the company agreed to install a 200–400 kW fuel cell unit at the Southern Oil's biorefinery at Gladstone, Australia.[13]

In April 2019, AFC Energy confirmed details of its new high-power density alkaline fuel cell technology.  The new technology has potential use in applications where space and weight of power generation are important considerations and will sit alongside and complement its existing large-scale stationary fuel cell system.

Adam Bond, Chief Executive Officer at AFC Energy, said: "At AFC Energy, we now have a fuel cell platform capable of delivering performance only previously seen in other membrane-based fuel cell technologies, and at lower operating temperatures.  This is a major step forward in the alkaline fuel cell sector where AFC Energy continues to be at the cutting edge.  The ability to license parts of this technology to non-core applications would also give rise to an additional revenue stream potential without compromising existing fuel cell market potential." 

Through 2019 AFC altered its focus towards EV charging and partnered with Rolec. Perceived advantages of the AFC system are the ability to operate in remote off-grid areas, the ability to neutralise the constraints of grid capacity in any situation, and of course 100% carbon-free power generation. The high costs of grid connection do much to mitigate the capital costs and AFC is working on innovative capex models with clients; indeed it is felt that commercial announcements are imminent. During 2019 AFC also set about branding its products. Of particular interest are the solid electrolyte fuel cell scheduled for release in 2022, and the Alkamem membrane. The former is a high density fuel cell likely to have many applications beyond that of the traditional AFC offering. The latter is an innovative membrane with applications in multi million dollar markets outside of fuel cells eg electrolysis. A broker note dated May 2020 placed the then price target under review pending a full evaluation of AFC's current technologies and partnerships. High end clients are known to be in advanced discussion. The outlook for AFC looks bright. The political winds are favourable, with recent government announcements re funding for EV charging, and an acceptance of the green agenda both for public health reasons and to drive the post-Covid economic recovery. AFC looks set to become a significant player; it is notable therefore that it's market capitalisation is some 7- 10% of other UK-listed hydrogen plays such as ITM power and Ceres Power. (May 2020).

In June 2020 AFC entered into an agreement with Acciona, a large Spanish construction company with a multi national presence, to demonstrate the AFC fuel cell on site. Many governments, particularly following the covid crisis, are looking to mitigate the environmental effects of construction, especially particulate pollution; many have already legislated. The AFC fuel cell provides a ready solution and the deal with Acconia will be followed keenly by other construction companies. This announcement was a primary trigger to the intended share target price review. It is also notable that the previous target price attributed no value to Alkamem or to the solid fuel cell. The latter is of great potential future significance as it opens additional applications, notably shipping and trains, as mentioned by the CEO in a June 2020 interview.

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