reports
- Robin Byde
AFC Energy (AFC LN) - Prepare for power - Corporate
AFC is recapitalised and ready to go, with c. £27.5m of funds raised to finalise the development of its market-leading power generators and crackers, and to speed up commercial deployment. We believe the European hydrogen sector is now more clearheaded, pursuing practical and economic solutions for customers. The Group is leading this change, focused on cost competitiveness for hydrogen fuelling, and workable solutions to mitigate the lack of infrastructure. At this stage we do not publish forec...
- Robin Byde
AFC Energy (AFC LN) - Oversubscribed Placing and Subscription - Corpor...
AFC Energy has announced that it has conditionally raised gross proceeds of £23m at 10p (via an oversubscribed Placing and Subscription). The Placing was increased to £23m (from £20m) to accommodate some of the excess demand. AFC will separately seek up to £5m of additional funds from retail investors through the RetailBook platform. The c.£14.5m of conditional Placing shares (by value) and any RetailBook share are subject to approval at the General Meeting, expected on 7 August 2025.
- Robin Byde
AFC Energy (AFC LN) - Fundraising to accelerate commercialisation - Co...
AFC is seeking c.£25m1 to accelerate the commercialisation of its leading hydrogen power and fuelling technologies. The hydrogen economy is hampered by high fuel costs for power users and a lack of infrastructure to support adoption. AFC’s solutions - cost-competitive and subsidy-free generators, and ammonia crackers - help to address these problems. The first product, the 30kW H-Power generator is in ramp up, with production of 300+ units planned through to the end of 2028. The highly innovativ...
- Robin Byde
AFC Energy (AFC LN) - New JV with Industrial Chemicals Group to produc...
AFC Energy has announced a JV with leading provider of hydrogen powered generator technologies, Industrial Chemicals Group Limited (ICL), one of the UK's largest independent chemical manufacturing and distribution companies. The aim is to provide a low cost and reliable hydrogen supply from ammonia, to a range of secured offtakers. This JV will be formed with existing AFC assets, with minimal further investment at this stage. The agreement will sit alongside the recently announced joint developm...
- Robin Byde
Audio Note: AFC Energy - Site visit: the path to low-cost and practica...
In this audio note, Zeus’ Robin Byde reports back from a well-attended site visit to AFC this week. New management set out their detail plan and progress for meeting market demand for cost effective and practical hydrogen power solutions.
- Robin Byde
AFC Energy (AFC LN) - Positive update on H-Power generator programme -...
AFC Energy has announced good progress on planned cost optimisation initiatives for its 30kW hydrogen fuel cell generator. A reduction of c.85% from current build costs has been achieved from adoption of low-cost stack technology, and due to a detailed “value engineering” exercise. An agreement has been signed for future supply of fuel cell systems to support anticipated demand. Further, plans are well progressed for volume manufacturing, with the intention to enter a strategic partnership with ...
- Robin Savage
AFC Energy (AFC LN) - Agreement with global industrial partner to furt...
AFC Energy has announced the signing of a Joint Development Agreement with a “leading” global industrial S&P500 company (unnamed). The agreement is to develop a range of small to large scale highly efficient ammonia crackers for hydrogen production. The Group guides that successful completion of JDA milestones is expected to generate “material” revenue for AFC Energy from 2027 onwards. Our forecasts are currently suspended but will be re-introduced with further updates on this highly positive de...
AFC Energy: 2 directors
A director at AFC Energy bought 491,395 shares at 7.8p and the significance rating of the trade was 46/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...
- Robin Byde
AFC Energy (AFC LN) - Practical steps to accelerate deployment of hydr...
New management has injected energy and focus into AFC. Full year results were in line with our estimates, reporting higher revenue and reduced losses at LBT. The revised strategy is about focus; directing more resources into accelerating production of the newly announced Hy5 containerised, portable, ammonia cracking module, and driving down the costs and increasing the scalability of the H-Power fuel cell systems. Feedback from JV partner Speedy Hire is that customer interest in deployment of H-...
Hybridan Small Cap Feast - 4 November 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None Delistings on Friday 1 Nov. I3 Energy Plc (I3E.L) delisted from the AIM market. Boussard & Gavaudan Holding Limited (BGHL.L) delisted from the Main mark...
- Robin Byde
AFC Energy (AFC LN) - Positive full year trading update
AFC has issued a positive pre close update for the 12 months to 31 October. The year was transformational with good progress on the manufacturing scale up and product roll-out. Revenue is slightly ahead of our forecast and the cash position is about in line. Momentum at the JV with Speedy Hire, Speedy Hydrogen Solutions, is building. Formation of Hyamtec as a standalone business to exploit AFC’s market leading ammonia cracking technology is exciting. The new UK Government has made various announ...
- Robin Byde
AFC Energy (AFC LN) - Unlocking value from AFC’s ammonia cracker techn...
AFC Energy has announced the launch of Hyamtec Limited (“Hyamtec”), a wholly owned subsidiary established to commercialise the Group’s next-generation distributed ammonia cracking business. The aim of this technology is to support low-cost, scalable, and on-demand hydrogen production for industrial and mobile applications. As a subsidiary of AFC, Hyamtec will have increased flexibility in seeking funding for its growth and offer investors more focused exposure to this cracker technology. We beli...
- Robin Byde
AFC Energy (AFC LN) - Ready for the ramp-up
AFC has been busy. In June, the Group raised £15.8m to scale-up manufacturing to fulfil current and anticipated orders for its market leading 30kW hydrogen-fuelled power unit. The medium-term aim is to displace diesel generators used for temporary power: probably a $20bn market globally. The immediate route to market is via the Speedy Hydrogen Solutions JV (SHS) with leading equipment hire company Speedy Hire (SDY LN). AFC is also accelerating the implementation of a flexible manufacturing plan,...
Hybridan Small Cap Feast - 23 July 2024
23rd July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/06/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 p...
- Emily Liu
Hybridan Small Cap Feast 12 June 2024
12th June 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Robin Byde
- Robin Byde
AFC Energy (AFC LN) - FY23a and outlook: good progress
AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato...
- Robin Byde
AFC Energy (AFC LN) - First Factory Acceptance Test of 30kW H-Power Ge...
AFC has announced the successful Factory Acceptance Test (FAT) of its first 30kW H-Power Generator. The generator has satisfied all contractual tests and requirements of the FAT under its agreement with partner, Speedy Hire Plc (SDY LN), the tools and equipment hire services company. Successfully completing the FAT confirms that the zero-emission generator is now ready for sale to Speedy Hydrogen Solutions, the dedicated hydrogen powered generator joint venture. This news follows the recent anno...
- Robin Byde
Audio Note: AFC Energy - Site Visit
In this audio note, Zeus’ Robin Byde discusses the investment case for AFC following a site visit last week. Since then, AFC has achieved another commercial milestone with independent attestation of conformity for the CE Mark for the 30kW H-Power S Series Generator.
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