AFC Energy announced that it has completed a three-year plan on Wednesday as the fuel cell producer transitions into commercial production.
The AIM-traded company also released its final results for the year, which revealed a 13% reduction in both operating losses and total comprehensive losses, which fell to £5.5m and £4.9m, respectively, when compared to 2016.
Having achieved the majority of commercial metrics, such as power output, longevity and availability, the company expects vast improvements in 2018 as it advances its product to the market.
Adam Bond, chief executive of AFC Energy, said: "In 2017 we completed our three-year plan with the deliverables we promised. The funding put in place early in 2017 allowed us to enhance the 10kW fuel cell system design to support scaling-up of this modular design basis, complete technical milestones to deliver the longevity and reliability required for power plant application and develop the strategic partnerships to underpin the future commercial manufacturing and supply of fuel cells."
During the reporting period, the company also raised £8.1m through a placement, subscription and open offer in March 2017.
AFC energy aims to find commercial applications for Alkaline chemistry fuel cells, which have historically given high power outputs at a high cost.
The company believes it can provide the fuel cells at a low lifetime cost of ownership with high efficiency, working as a clean and renewable alternative to back-up power from diesel generation, which AFC believes will make it "a central and key part" of the new energy economy.
John Rennocks, chairman of AFC Energy, said: "The timing of the move into production could not be better; the world is crying out for stable, reliable, affordable and clean energy. Whether it is an office complex that fears a utility outage, a construction site, a datacentre or a remote village that has never experienced reliable electrical power; all share the same fundamental need for clean, reliable and affordable energy."
AFC Energy has a pilot plant system operating in Germany and memorandums of understanding in Dubai, Thailand, South Korea and the UK.
As of 1028 GMT, AFC Energy's shares
were up 6.99% at 10.95p.