Business
Annual Financial Report and Strategic Update
Annual Financial Report and Strategic Update.
About this update from H-power Plc
[{"type":"text","content":"\n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n19 March 2025\nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \nFinal Results for year ended 31 October 2024 and Strategic Update\n \nAFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce its results for the year ended 31 October 2024 (\"FY 2024\"). The results are included below and copies are available at www.afcenergy.com.\n \nJohn Wilson, Chief Executive of AFC Energy, said:\n\"Since joining AFC Energy, my focus has been on working with the Board to develop the optimal plan to accelerate our path to commercialisation shaped around how we focus on areas of greatest opportunity and deliver a market push, rather than relying solely on market pull.\nWe see a compelling opportunity to displace fossil or carbon-intensive fuels by offering an integrated hydrogen solution that is both clean and commercially viable on a total cost of ownership basis, thereby solving the twin challenges of cost and availability that continue to restrict adoption. We believe AFC Energy is well-positioned to be among the first to deliver a commercially viable, zero-emission alternative to diesel at scale.\nToday's launch of the Hy-5 ammonia cracker reflects that opportunity. We can now provide hydrogen onsite, at materially lower cost and without the need for complex supply chains or new infrastructure. This addresses both the economic and logistical barriers faced by many construction companies and industrial operators. Compared to alternatives like bottled hydrogen or static electrolysers, Hy-5 will deliver a faster, more flexible and cost-effective route to decarbonisation.\nWe continue to see significant opportunity in our fuel cell technology. Through our joint venture with Speedy Hire, we've gained valuable deployment experience and market insight, and a more cost-effective hydrogen supply will unlock significant growth. We now see a clear path to...