AFC Energy shares rocket after unveiling new colours

Hydrogen fuel cell manufacturer AFC Energy shares rocketed after the company unveiled its new brand identity to mark its transformation from a research and development-focused technology outfit and into a commercial company providing large-scale industrial applications.

The company's share price had more than doubled since mid-June when it announced the receipt of a €2.052m net cash payment from the European Union's Fuel Cells and Hydrogen Joint Undertaking as a part of the POWER-UP programme.

AFC Energy was focused on large-scale stationary alkaline fuel-cell applications, such as that recently demonstrated at Air Products' industrial gas plant in Stade, Germany, which in turn accepts hydrogen from Dow Chemical.

Surrey-based AFC had also signed MoUs in three of its key regions, including the Middle East (Dubai), South-East Asia (Thailand) and northeast Asia (South Korea), according to the company.

Included in its new brand identity were a new logo and website, with the latter having been launched on the same day of the announcement.

As if 15:16 BST shares in AFC were 22.50% higher to 24.50p giving the firm a market capitalisation of £74.24m.