Industrial fuel cell power company AFC Energy said the move towards clean and sustainable energy would see demand for its demand increase during 2016 and beyond.
Chief executive Adam Bond said UK company was progressing the development of further strategic and technical partnerships for new power projects in Europe, Middle East and Far East.
The company, which has published its annual results, reported a pretax loss of £3.9million, compared with a £1.5million profit for the same period last year.
The loss results from increased cost of sales to £2.1 million from £1.2 million as it neared completion at its POWER-UP programme in Stade, Germany.
Work is progressing towards commercial deployment of the POWER-UP site at Stade in northern Germany.
AFC Energy does not generate any normal revenue, instead receiving grants from the European Union for its involvement in three projects involving the firm’s alkaline fuel cell system and other technologies such as a fuel processing system and a novel ammonia fuel system.
The company also incurred £150,000 cost related to an equity swap with Lanstead Capital which ended in April. This compared with a £4.5million gain the same period the previous year.
The growing opportunity for development of the global hydrogen economy remains abundantly clear – increasing demand for cutting edge technology that efficiently creates clean and sustainable energy,” said Bond.
“Our belief in this opportunity was vindicated by the support of our loyal shareholders in very volatile and challenging market conditions, during which we raised £3.6 million by way of a subscription and shareholder offer, which was several times oversubscribed, in January,” he added.
“In parallel, we are progressing the development of further strategic and technical partnerships for new power projects in our target markets,” said Chief Executive Adam Bond.
