AFC Energy plc (AFGYF) Q4 2024 Earnings Call Transcript

2025-03-20 13:11:35 ET

AFC Energy plc (AFGYF)

Q4 2024 Earnings Conference Call

March 20, 2025, 10:00 AM ET

Company Participants

John Wilson - CEO

Karl Bostock - CFO

Conference Call Participants

Presentation

Operator

Ladies and gentlemen, welcome to the AFC Energy Full Year Results for 2024 Presentation. Throughout today's meeting, investors will be in listen-only-mode and questions are encouraged and can be submitted at any time using the Q&A tab situated on the right hand corner of your screen. Before we begin, we'd like to submit the following poll, and I'm sure the company will be most grateful for your participation.

I'd now like to hand over to CEO, John Wilson.

John Wilson

Good afternoon. Thank you, Mark, and good afternoon, everyone, and thank you for joining us today for our FY '24 results presentation. And with me is my colleague and CFO, Karl Bostock.

Karl Bostock

Good afternoon.

John Wilson

Okay. The typical disclaimer. I'm sure everyone can read that with great distinction. So moving on to an agenda, where we're going to run you through what we term the hydrogen challenge, provide financial updates, FY '24 delivery, our purpose and new strategy, outlook, and then we'll take the questions of which I know there's a number that have come in. So I look forward to answering those.

So in terms of an overview, I think it's worth just providing - taking a step back and providing a kind of overview as to what AFC's total end-to-end offering is. So we effectively take ammonia molecules from a third party that supply those. We convert those ammonia molecules to hydrogen molecules with our Hyamtec cracking technology, and we obviously launched the Hy-5, which is the first product in what will be a range of Hyamtec products yesterday. And then we can convert those hydrogen molecules into electricity that our fuel cell generator systems can then use to power.

So in terms of the hydrogen challenge, so what we've outlined in our announcement on Tuesday is a - sorry, Wednesday is a shift from what we're calling a technology-led to a market-led growth strategy. So it's looking at the push, pushing the market rather than waiting for the market to come to us. And that leads to a complete reset in terms of our strategic thinking and also how we are going to approach productization in the future. So as I said in the last IMC meeting and also I think this is convention in the industry that hydrogen is difficult and the hydrogen economy is held back by cost and infrastructure challenges. So what we've attempted to do in the very brief time that we've been here is look to see how we can break down those barriers so that we can be a first mover in this space....

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