AFC Energy PLC on Monday reported strong revenue growth as it looks to build demand and scale its production.

The Surrey, UK-based provider of hydrogen power and ammonia cracking solutions said it expects year revenue for the year ended October 31 to improve to £4.0 million from £200,000 the year prior. It expects the revenue figure to beat market expectations.

Shares in the firm are up 21% at 9.76 pence on Monday afternoon in London.

AFC said its growth was driven primarily by sales of hydrogen fuelled power generators to Speedy Hire Services for the purpose of leasing to its customers, with future sales to SHS dependent upon the rate of take-up by lease customers.

As part of its joint venture with Speedy Hire PLC, AFC revealed it had scaled up and modernised its manufacturing capabilities, aiding in the production of an initial fleet of hydrogen powered generators.

Revenue was bolstered by the first sale of its hydrogen fuelled power generator plus battery energy storage system to Riyadh, Saudi Arabia-based The Machinery Group LLC, who trades as TAMGO.

AFC noted that this 45 kilovolt-amperes hydrogen-powered system comprises its latest generation S Series 30 kilowatt fuel cell generator and will eventually be used to support TAMGO’s work with its customers in adopting zero emission generators in the region.

The firm said its focus for the next financial year is on both scaling production and building demand for its generators through deepening its existing relationships and investigating further opportunities to accelerate its production capabilities.

AFC Chief Executive Gary Bullard said: ‘Financial year 2024 has been a landmark year for AFC Energy. Our performance reflects the solid progress we have made in expanding our reach and capabilities.

The recent expansion of our manufacturing capacity has enabled us to meet growing demand, including the delivery of an initial fleet of generators for our joint venture with Speedy Hire.

‘As we look forward, we are focused on further scaling production, optimising operational efficiency, and strengthening strategic partnerships to accelerate growth. With our innovation-led approach, I am confident that AFC is well-positioned to lead in the transition to a clean energy future.’

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