Contracted commercial agreements worth £5M (as at the time of this statement, including post year-end).   

Increased pipeline in Construction, EV Charging, Temporary Power and Data Centre markets.  

First commercial order of "S" Series Fuel Cell System received from ABB for high-power EV charging system (signed post year-end).

Increased scope of ABB partnership to include data centre and maritime applications.

First commercial revenue received from Extreme E Season 1 Championship. Contract renewed for 2022. 

Signed commercial lease of fuel cell system with Urban Air Port for deployment in Coventry in April 2022.

Positive momentum in the construction sector. Strategic Partnerships with Mace and Acciona to assess and deploy zero-emission hydrogen power generators to construction sites.  

Significant progress in the international maritime sector with a new product concept launched incorporating S Series fuel cell and ammonia cracker.  

Maritime concept design awarded "Approval in Principle" status by DNV, the leading global maritime agency with system now available for incorporation into Vard's Zero Coaster programme, a marine design and construction partnership with the Norwegian Government.   

Signed MoU with leading diesel generator hire business, Altaaqa Alternative Solutions, for an exclusive dealership proposal for the MENA region.

Improved year end cash balance of £55.4M (FY 2020: £31.3M).

Investment in people, product range, manufacturing and facilities reflected in increased operating loss of £10.40M (FY 2020: £4.6M).

Net cash burn of £10.7M including one off investment in capital assets including office and facility upgrades. 

Completed oversubscribed fundraise of £36M (before expenses) positioning the Company for near term growth.

New Engineering, Manufacturing, Commercial and Research Teams hired to support AFC Energy's route to market strategy.

New Office and System Assembly Facilities opened at Dunsfold Park headquarters.

Investment in semi-automated stack manufacturing to facilitate delivery scale up.

Appointment of new Non-Executive Chairman, Mr Gary Bullard and Non-Executive Director, Dr Monika Biddulph (post year-end) with ongoing process to strengthen governance and increase the independence of the Board.

Formation of new ESG Committee to reflect the Company's commitment to the building of a sustainable business with a positive impact on society and our stakeholders (post year-end).

New product development of the S Series Hybrid Fuel Cell offering higher energy density, reduced footprint and ability to use green methanol as a fuel as well as green hydrogen.

New maritime concept designed for maritime propulsion and auxiliary power.

Customer "Fuel flex" strategy delivers maximum flexibility in adoption of Green Hydrogen, Green Ammonia and Green Methanol fuelling. 

Ammonia cracking unit received at AFC Energy campus. Operational analysis completed with fuel-cell integration underway ahead of commercial deployment.

New internal product roadmap completed. Integrated system engineering and design underway with initial deployments expected in 2022.

Validation of AlkaMem® anion exchange membrane in electrolyser mode. Positive results supporting further investment in application.

Environmental and geopolitical drivers supporting diversification from incumbent fossil fuel imports to the UK and Europe. Hydrogen economy seeing a continued and accelerating increase in investment and technical development.

AFC Energy expect "S" Series Hybrid Fuel Cell deployment on customer sites over coming months.

ABB and AFC Energy expect initial integrated system to be operational by the end of 2022.

Upstream Hydrogen fuelling technologies under development with announcements expected later this calendar year.    

New announcements expected for lease deployments across UK construction sites. Significant momentum in UK construction sector following removal of the Red Diesel Subsidy in the UK. 

"S" Series platforms opening new markets for AFC Energy and leading to increasing customer traction. Further commercial progress expected in 2022.

Well-positioned to capitalise on leading position to displace diesel generators within the next decade