logo-loader
viewAFC Energy PLC

AFC Energy unveils measures to combat coronavirus, hails government investments in electric vehicle charging

Despite the outbreak, the company said it was “seeking to maintain momentum” following the successful launch of its H-Power systems over recent months

AFC Energy PLC - AFC Energy unveils measures to combat coronavirus, hails government investments in electric vehicle charging

AFC Energy PLC (LON:AFC) has unveiled several measures designed to help mitigate the impact of the coronavirus outbreak.

The hydrogen power specialist said it is in regular contact with partners and its supply chain, particularly key industrial partners such as the Industrie De Nora headquartered in Italy, regarding their preparedness for the virus and was “reassured” by actions that have been put in place.

READ: AFC Energy appoints electric vehicle executive to deal with growing interest in its H-Power EV charging system

AFC also said it is implementing several government recommendations for its staff, customers and partners around the avoidance of non-essential travel and preparation for working from home.

"The consequential impact of COVID-19 at this stage is impossible to fully predict, however, we are taking all actions to ensure the effect of any delays on manufacturing and system deployment are mitigated to the greatest extent possible," AFC chief executive Adam Bond said in a statement.

“These are uncertain times and present material uncertainty and challenges for our families, friends and acquaintances. I'm very thankful and proud of the commitment our staff have shown in pulling together at this time to continue our recent successes and wish all our friends and family safety over the coming weeks and months", he added.

Despite the outbreak, the company said it was “seeking to maintain momentum” following the successful launch of its H-Power systems over recent months and was continuing to advance its commercial pipeline.

AFC is also continuing work on its Alkamem membrane technology alongside engagement with parties that have expressed early interest in testing the product’s performance.

The company highlighted as well the “material investment” into national electric vehicle charging infrastructure unveiled by the UK government in last week’s Budget, saying the policy was “levelling the playing field to more sustainable alternatives to off-grid diesel generation”.

“These announcements continue to affirm the fundamentals of AFC Energy's targeted go to market strategy and place us well when the extremity of the situation before us returns to normal”, the group said.

Shares in AFC were 11.5% lower at 10.4p in lunchtime trading on Thursday.

Quick facts: AFC Energy PLC

Price: 15.2999 GBX

AIM:AFC
Market: AIM
Market Cap: £73.04 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AFC Energy PLC named herein, including the promotion by the Company of AFC Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: Anglo Asian Mining clears bank loans and is now debt free

Headlines from the Proactive UK newsroom. Anglo Asian Mining (LON:AAZ) has cleared all its bank loans and is now debt free. The Azerbaijan-based gold miner took out a refinancing loan in February 2018 and now paid off the final instalment. Directa Plus (LON:DCTA) has secured a safety...

on 12/2/20

2 min read