1 March 2021 | 09:11am
StockMarketWire.com - Hydrogen power company AFC Energy reported wider annual losses as the company ramped up investments across its product range.
For the year ended 31 October 2020, pre-tax losses widened to £4.8 million from £3.6 million, the cash balance jumped to £31.6 million from £1.6 million.
Looking ahead, the company said its planned deployment of first integrated electric vehicle charger system alongside ABB was expected in second half of 2021. A growing order book, new strategic partnerships, a stronger cash position at year-end and a strong global political will, evidenced by record levels of investment in the sector, provides the basis for our future success, the company said.