Our aim is to install, own, operate and maintain stationary alkaline fuel cell systems that generate durable power at the highest levels of fuel efficiency for the future.

Our Business Model

Our aim is to install, own, operate and maintain stationary alkaline fuel cell systems that generate durable power at the highest levels of fuel efficiency for the future. AFC Energy seeks to be a world-class energy company that deploys low cost, high performance alkaline fuel cell technology to the global market.

AFC Energy targets co-ownership of projects through joint ventures, where our interests are aligned with those of our partners, by having “skin in the game”.

The building block of every AFC Energy fuel cell system is the 10kW stack. AFC Energy aims to provide clean power solutions from as small as 10kW up to multi megawatts – the only difference being the associated Balance of Plant. We use the same basic fuel cell stack in all systems.

The 10kW modular unit provides a low cost “entry option” for prospective partners, which offers a smaller scale demonstration plant that may lead to a large-scale plant development by our partners and customers. One of the trends in the global energy market is the movement towards off-grid, distributed power models where power demand may often be less than a “standard” 240 FC system but is open to pricing which is substantially higher than conventional wholesale power pricing. Diesel generation is one obvious example where our fuel cells have the potential to displace existing plants.

AFC Energy concluded the basic design and engineering on a 1MW capacity fuel cell system in 2018 and is now in the process of working with engineers to enable deployment.

Project joint venture graphic

Integrated Solutions Provider

We aim to provide our fuel cells not only for stand-alone power solutions, but also as a flexible building block which can be integrated with other related technologies, delivering a broad range of solutions for our customers.

Hydrogen Battery

The AFC Energy fuel cell can be deployed as part of a “hydrogen battery” scheme. When grid demand is low, excess power generated from renewable sources, such as wind or solar, can be diverted to a water electrolyser for hydrogen generation.

The produced hydrogen can then be stored and optimally released to our fuel cells at periods of peak demand (with higher tariffs), to support grid power requirements, when required.

The produced hydrogen can then be stored and optimally released to our fuel cells at periods of peak demand (with higher tariffs), to support grid power requirements, when required.

Waste Water Treatment

The AFC Energy fuel cell can also be deployed as part of a waste water treatment integrated solution. Following preliminary treatment, waste water can be electrolysed, to generate hydrogen and oxygen.

The by-product hydrogen and oxygen can then be delivered to the AFC Energy fuel cell system, to generate power and clean water, which can be re-used.

The electrolysis can be powered by, for example, renewable solar or wind power. Further, this system can be supplemented with hydrogen storage, to optimise delivery of power/water for peak demand periods.

Creating Value

AFC Energy is conscious of its obligation to effectively manage its relationships with a broad group of stakeholders which include:


AFC Energy acknowledges the importance of creating sustained long-term shareholder value, which ultimately hinges on commercialisation of the technology and maintaining a broad-based competitive advantage over substitute or near substitute offerings.


AFC Energy places high priority on the need to establish and nurture key strategic partnerships in which our partners can form a clear line of sight on how they will derive long-term exceptional value from their collaboration with us.


Without our employees, AFC Energy is not able to deliver on our technical milestones and execute the power projects which are required to utilise our technology – AFC Energy is focused on the long-term development of all our staff to ensure they remain motivated to deliver outstanding performance for the business.


We regard our customers as our partners – if they succeed, then so do we. The Company has identified priority performance metrics for a commercial product, which our customers will demand – it is our duty to supply this and ensure that our fuel cell system remains robust in divergent environments, reliable and available when power is required.


AFC Energy is primarily targeting large-scale industrial applications for the fuel cell system but is also considering distributed and related applications (such as water treatment), which has tremendous potential to serve communities. AFC Energy also highly values the relationships it has with those parties with common interests in our project locations and seeks to maintain a positive dialogue and transparency with its local communities and neighbours.

Targeted Sources of Income

Sales Revenues
Although, in the longer term, we may wish to retain ownership of our fuel cell systems, we will also remain open to opportunities to sell our fuel cell systems, where project and partner requirements require an alternative approach.

Electricity, Heat and Water Revenues
Revenues from the sale of power, heat and water, whether from AFC Energy alone projects, or in conjunction with partners and joint venture arrangements.

Maintenance and Security
Our fuel cell projects will have a life of 20+ years operation, providing the opportunity to offer services and maintenance contracts for the fuel cell cartridges and systems, generating longterm annuity revenues.

Licence Revenue
We remain open to opportunities to generate licence fee income for our fuel cells in markets, which have a longer sales/delivery process. Working in this way may minimise our business development costs and help deliver recognition in complementary markets earlier.

Development Income
External agency funding enables our share capital to work harder. At AFC Energy, we look to fit our development needs within defined funding rules. This allows projects to be delivered earlier and with less call on internal financial resources for capital items.

Overhead Coverage
Many funding agencies fund direct time spent on key technical research, development and demonstration. A portion of overhead recovery is also permitted. This significantly mitigates our monthly cash burn rates.

Our Risks

Health and Safety
The risk of health and safety incidents or breaches.

The risk is that we will not be able to successfully develop and apply the Company’s alkaline fuel cell technology to potential products at the right cost or performance.

The risk that technology is successfully developed but slower than anticipated.

The risk that technical failure at product trials could affect ability to provide a product to customers.

Competition and Market Opportunity
The risk that the advantages of our technology are eroded by competitors and this impacts the Company’s future profitability and growth opportunities.

Intellectual Property
The Company’s competitive advantage is at risk from a loss or breach of its intellectual property rights.

There is a risk that the Company has insufficient operational capability and capacity to deliver project contracts in compliance with contractual commitments.

Design and Quality
The risk of design and quality issues with our alkaline fuel cell technology.

Access to Finance

The risk the Company has insufficient capital to fund technology and early project development – this may require additional equity funding to achieve commercialisation.

Regulation and Compliance
The risk that the Company or its staff breach applicable regulations.

Key Personal
The risk that key technical personnel who possess critical design know-how, depart the Company.