H-Power (AFC) AGM 2025 Presentation summary

Clean energy innovation and product overview

• Focus on hydrogen power solutions, including ammonia cracking and fuel cell generator systems for end-to-end clean energy delivery.

• HY-5 modular hydrogen generator leverages proprietary ammonia cracking technology, scalable up to 3 tonnes/day.

• Product suite includes ammonia crackers, fuel cell generators, and containerised hydrogen solutions.

• Emphasis on technical validation through field deployments and case studies in Spain and the UK.

• Achievements include new training facilities, CE-marked systems, and next-generation air-cooled stacks.

Market opportunity and financial outlook

• UK hydrogen market target of 3,600 tonnes/day by 2030, with potential £650m annual revenue from Hyamtec at 5% market share.

• Fuel cell generator market estimated at £200m annual revenue for 1% share, based on 2.1m annual generator sales.

• Combined group revenue potential of £850m per year at 40% gross margin, yielding £340m gross profit.

• Export revenue, product range extension, and new applications offer further upside potential.

Product evolution and cost competitiveness

• Generation 2 and 3 platforms target significant reductions in cost, weight, and size for both medium and high-power systems.

• HY-5 enables hydrogen production at a disruptive price point, with up to 90% cost reduction compared to traditional methods.

• Ammonia-based hydrogen offers superior energy density and lower logistics costs versus compressed hydrogen.

• Ammonia cracking technology provides a commercially viable clean fuel for heavy industry and off-grid applications.