Bullish indicating open at $55-$60, IPO prices at $37
LONDON - Hydrogen Future Industries plc (AQSE:HFI), a developer of wind-based green hydrogen production systems, reported a loss of approximately £1.05 million for the year ended July 31, 2024, as the company continued investing in research and development of its proprietary technology.
The company’s audited financial results, released Monday, showed cash and cash equivalents of £13,000 at year-end, down from £262,000 a year earlier. The independent audit report highlighted a material uncertainty regarding the group’s ability to continue as a going concern, noting the significant cash outflow of approximately £865,000 during the period.
HFI’s technology development progressed during the year, with testing of key components including the wind turbine and electrolyser. The company’s novel electrolyser achieved an efficiency of over 97% in tests conducted in California.
Following the financial year-end, HFI secured licensing agreements for its technology in Ireland and the United States. The Irish agreement could generate up to €2.25 million in license fees over 20 years, while the U.S. deal includes a $2 million license fee.
During the period, directors Neil Ritson and Daniel Maling provided interest-free loans totaling £65,000 to support working capital requirements, repayable by September 30, 2025.
The company successfully raised £605,000 through share issuances during the year, with directors and CEO Timothy Blake participating alongside other investors.
Board changes during and after the period included Timothy Blake’s appointment as CEO in April 2024 and Jonathan Colvile joining as a non-executive director in April 2025.
The company’s Annual General Meeting is scheduled for August 21, 2025, in London.
Based on a press release statement, HFI continues to focus on commercializing its green hydrogen production system, which features an advanced aerodynamic wind turbine and high-performance electrolyser designed to operate efficiently without expensive platinum group metals.
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