Displacing Diesel

AFC Energy PLC Annual General Meeting

25th April 2024

1

Highlights

£27m

£27.4m

£17.5m

2 Divisions

Cash At Bank

Loss After Tax

Order book

Fuel Cells

(2022:£40.2m)

(2022:£16.4m)

Fuel Conversion

2

Highlights (cont'd)

H-Power Towers

Speedy Hydrogen

Delivery of first 30kW

Deployed to Unlock

Solutions Incorporated

H-Power Generator

Market

3

Highlights (cont'd)

First 200kW S+ Series

TAMGO Distribution

First ACCIONA H-Power

Generator Nearing

Agreement - Unlocking

Generator Order

Completion

MENA region

4

Highlights (cont'd)

  • Validation of focus on construction market
  • Validation of business model for scaled deployment through rental business/dealers
  • Validation of focus on S Series air cooled technology - quicker route to market
  • Validation of component supply chain that has already scaled
  • Validation of 50% cost reduction (S Series) versus 12 months ago

5

Why Construction Industry Focus?

  • "Pain point" that cannot be met by renewables or batteries alone
    • Tender requirements require decarbonised solutions
    • Emission regulations driving technology choice
    • Higher cost, less efficient Stage V diesel generators
    • Tier 1 construction companies' ESG shareholder requirements
  • Global market potential with global "pain point"

6

HS2 Diesel Free Plan

7

Lower Thames Crossing - Diesel Free

8

Strong Customer Interest

9

Scaling Up - S Series

  • Strategy focussed on third party contract manufacturing
  • Three key sub-assemblies to H-Power Generators:
    • Fuel Cell Stacks: currently working with contract manufacturers
    • Fuel Cell Modules: advanced discussions with world class manufacturing group
    • Generator Canopy: UK, EU and MENA suppliers under review
  • Suppliers selected on ability to deliver 1,000+ generator worth of components
  • Scale already delivered >50% cost saving on key components
  • Qualification of suppliers reflects large investment of time and resources in 2023
  • Positions company for scale

10

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Disclaimer

AFC Energy plc published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 13:46:06 UTC.