That is true, but they have partners, very large ones, who are taking on various things including setting up manufacturing for the anodes and cathodes which are the parts that will need to be replaced regularly, as I understand it.
So, a cash call is certainly possible, it will depend on the business model and cash flows and who is contracting to supply what under what terms - and contracts/sales achieved.
There was £2m almost raised earlier in the year to get these products to market, and that was entirely predictable. Last time a major cash call happened investors were allowed in at the same price as the institutions and that provided a very nice profit for those who chose to take it - despite the offer price being a whopping 60% below market price!
Whether or not there will be one and when is all going to depend on the above variables. I also think there is a very good chance of the company being bought out to take control of AFC’s I.P. which was miles ahead of the competition. I’m not sure how far ahead it is now, and it probably depends on which product and application of said product you are talking about.
They look like they’re well ahead of the competition in using Ammonia as a fuel source which doesn’t have to be held under pressure and has a lot more energy per unit of volume than hydrogen gas.
The possibilities for hydrogen fuel-cells are suddenly being taken very seriously from ‘local grids’, tanker, ferry and container ship power, storage of power from intermittent sources such as solar and wind, straight use of waste hydrogen to fuel the national grid (AFC are miles ahead there, they can use much dirtier hydrogen than any other commercial fuel cell) and the list goes on and on, backup power where diesel generators are currently used, including ‘stand alone’ products like cell phone towers that are well off the conventional grid.
One new membrane product AFc developed simply to solve one of their own development problems has given them a whole new product line, apparently more efficient than anything on the market at present, in a market supposedly already worth $1bn p.a.
… and those are just the ones I can immediately think of without going into cars or trains or buses etc which I don’t think AFC are likely to target those markets (trains, possibly, but I don’t see it myself).
First products hit the ‘shelves’ in December, another, larger power plant June 2020 and the big generation plant which is stating to get to multi-mW levels sometime after (date on web site, but in 2021 I think).
Remember AFC already have 10 years of cutting edge development in. Any cash required is likely to be going to fund orders from here on in, which is an entirely different proposition to a cash call for hopeful development purposes and will necessarily be costed out with sales projections etc. By that point it will all be getting a bit boring, I suspect.