H-Power (formerly AFC Energy) AIM:HPOW
- Founded
- 2006 · Dunsfold, England
- Incorporated
- United Kingdom
- Chief executive
- John Wilson
- Employees
- 121
- Reports in
- GBP
- Companies House
- 05668788
Hydrogen technology company developing ammonia crackers that convert transportable ammonia into hydrogen on site, and hydrogen fuel cell generators offering zero-emission alternatives to diesel power for construction sites, events, EV charging and off-grid uses. Renamed from AFC Energy in May 2026; still early in commercial scale-up with modest revenues.
Read straight from the annual reports
9.5p at close on 2 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
7 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Sale/rental of fuel cell generators (AR2/30kW units) via Speedy Hydrogen Solutions JV
Revenue from contracts with customers: Sales of fuel cell generators £75k (FY24: £3,976k); rental revenue £50k (FY24: £26k)
page 82Future Hy-5 ammonia cracker 'hydrogen as a service' offering at £10/kg from mid-2026
From mid-2026, we are targeting the provision of hydrogen as a service, with an offer to customers of low-carbon hydrogen at £10/kg
page 885% cost reduction achieved on 20-unit volume build of fuel cell generators to meet Speedy Hire JV demand
What followed was an 85% cost reduction from the 20-unit volume build the business undertook to satisfy the JV demand
page 17New LC30 liquid-cooled generator ~85% lower production cost and higher efficiency than current air-cooled product, supported by manufacturing partner Volex
2026 delivery on track for next-generation LC30 30kW liquid-cooled fuel cell generators...at c.85% lower production costs than our current air-cooled product...up to 20% increased efficiency
page 2£2.6m charge: AR2 inventory write-down (finished goods and raw materials written to £nil following decision not to manufacture further units)
page 25CEO John Wilson: 2026 will be a year of go-to-market and channel development, with a focus on customer demand creation and geographic expansion from the newly created commercial function; 2026 will also see new product availability with LC30 and Hy-5 units to drive conversion of the pipeline to contractual orders and sustained revenue growth.
page 17On 13 November 2025, the Company entered into a new 5-year lease agreement for its head office premises at Dunsfold, commencing 1 January 2026, with an annual lease charge of approximately £325,000
page 100No dividends were paid in the year and no dividend will be paid in respect of the current year.
page 60Auditor Grant Thornton UK LLP issued an unmodified (unqualified) opinion, with going concern as the key audit matter (no revenue-recognition KAM this year, unlike FY24). Directors assessed going concern to 28 February 2027 and concluded, applying sensitivities (50% sales reduction, 6-month project slippage, R&D tax credit timing), that the Company has adequate resources for that period, though the longer-term forecast indicates a need for a sizable revenue increase or further funding/fundraise in H2 calendar 2027.
page 64- Financial: Company does not yet generate positive operating cash flow and if sufficient growth cash plans cannot be secured, going concern could be adversely affectedp.38
- Commercial: Products may not initially perform to stated cost/efficiency expectations and may take time to gain traction in target markets, risking failure to hit target economicsp.38
- Commercial: Costs associated with hydrogen economy unfamiliarity may take time to unlock at a price point to attract customers away from other forms of energyp.38
- Intellectual Property: risk of Company's IP rights being disclosed to third parties (partner agreements, employee non-disclosure, reverse engineering)p.38
Read from C000587-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 25 Mar 2027