H-Power (LSE:HPOW) reported interim results highlighting growing commercial progress across its ammonia-based hydrogen and fuel cell businesses, supported by a recent corporate rebrand designed to better reflect its technology-led focus. The company delivered a substantial increase in revenue compared with the prior year, reduced cash consumption and finished the period with £17.4 million in cash and short-term investments, providing funding for continued product development and market expansion.
During the period, the group achieved several operational milestones, including completing the UK’s first bulk sale of green hydrogen produced from cracked ammonia and commencing hydrogen supply from its Dunsfold facility. H-Power also continued development of its HY5 portable ammonia cracker, which is targeted to provide low-cost industrial hydrogen solutions by late 2026.
The company expanded the order book for its LC30 hydrogen fuel cell generator through agreements involving Speedy Hire and TAMGO, while also advancing certification processes and entering into a joint development partnership with Komatsu. Management believes these initiatives position the business to benefit from increasing demand for low-carbon hydrogen solutions, particularly as green ammonia pricing continues to diverge favourably from conventional grey ammonia markets.
H-Power said it remains focused on financial discipline, reporting lower operating cash absorption and a growing order pipeline that supports its transition from technology development to larger-scale commercial deployment. The company expects its Speedy Hydrogen Solutions joint venture to achieve or surpass targeted utilisation levels by October 2026 at pricing comparable with diesel-powered alternatives, strengthening its position within the construction and infrastructure power sectors.
While the outlook continues to be influenced by ongoing losses, cash burn and execution risks associated with converting opportunities into revenue, management believes recent commercial progress, a strengthened cash position and clear product commercialisation milestones provide a solid platform for future growth. Technical indicators remain supportive, with positive share price momentum and a low-debt balance sheet adding to investor confidence.
More about H-Power plc
H-Power plc, formerly AFC Energy, develops ammonia-based low-carbon hydrogen production systems and hydrogen-to-power technologies for industrial, transport and power generation applications. The company’s decentralised ammonia cracker solutions and fuel cell generators are designed to deliver scalable, reliable clean hydrogen and off-grid power at commercially competitive prices, helping customers reduce reliance on diesel without depending on government subsidies.
Its modular ammonia cracking systems are capable of producing up to four tonnes of hydrogen per day, enabling point-of-use hydrogen generation from a compact footprint. H-Power’s fuel cell generator range currently includes 30kW and 200kW systems, targeting infrastructure projects and other hard-to-abate sectors where demand for low-carbon off-grid power continues to grow.
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