UK 08:17 Wednesday, 28 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments
D_Stone
Excellent article in chronicling the delivery of failure.
I’m always wary of companies that are dependent on grants to survive.