Hydrogen fuel cell developer AFC Energy has raised £31.6 million in new capital in a bid to scale.
The firm plans to make bigger units: Cells from 20kWh to 160kWh are under development and approaching commercial deployment, the firm told investors.
The AIM-listed enterprise has also produced ‘pop-up’ EV charging units, delivering power from fuel cells in grid-constrained locations.
Based around its core technology, an alkaline HydroX-Cell system, AFC has now spun out variants suitable for multiple applications capable of using lower grade, lower cost hydrogen.
Next year the firm is set to install a 160kW system as part of a trial with Acciona, the Spanish infrastructure group that built the Beckton desalination plant.
AFC chief executive Adam Bond greeted a “significant strengthening” of its balance sheet.
“Our business plan is focussed on supporting aspirations for a clean and zero emission society through the use of hydrogen. Today’s raise will further support delivery of our business plan and eventual break even position,” said Bond.
“It will enable AFC Energy for the first time to make material inroads into the scaling up of our manufacturing capability, our internal staffing and system deployment, further demonstrating the underlying strength in the company’s position within the wider hydrogen economy.”
AFC Energy is based at Dunsfold Park, Surrey, revered by petrolheads as the home of motor show Top Gear.
Clarification: This article originally stated the trial with Acciona was at the Beckton desalination plant. That is incorrect and the article has been amended.
