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In the long run, AFC Energy is a zero

By Evil Banksta | Saturday 26 March 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

AIM-listed AFC Energy (AFC) released its results last week with a fanfare, highlighting “successful testing”, “increased income”, MOUs, and “strategic partnerships. What they didn’t highlight though was (i) the company has been “testing” since 2006 and despite lots of “successful tests” has never achieved a single commercial sale, (ii) AFC’s principle sources of income were EU grants and income from selling its shares via a complicated equity swap, (iii) the company signs up to MOUs and strategic partnerships with the same appetite that a pubescent teenager devours (and dumps) new partners.

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