Shares of AFC Energy , a provider of hydrogen-fueled power generation technologies, is expected to more than double over the next year, according to RBC Capital. The London-listed company, founded in 2006, makes a range of proprietary hydrogen fuel cell systems aimed at off-grid and remote power generation for construction, mining, and transportation industries. The British company’s shares have fallen from an all-time high in 2021, but the investment bank believes that the ongoing commercial momentum is not reflected in AFC’s current valuation. “AFC is on the cusp of substantial growth in the coming years,” said RBC analysts Erwan Kerouredan and Victoria McCulloch in a research note to clients on June 11. While the analysts have an “outperform” rating on the stock, they also suggest there is a “speculative risk” on it. The investment bank expects shares to rise 159% over the next 12 months to 40 pence a share – the most conservative price target among analysts. U.K. shares are generally priced in pence, with 100 pence equal to one British pound ($1.28). The stock is also traded over the counter in the United States and Germany with limited liquidity. The average price target of four analysts covering the stock implies a 282% upside. AFC-GB 5Y line This week, AFC announced that it raised £15.8 million by issuing new shares to finance the growth of its power generation business. The stock fell about 18% on the announcement as the new shares were priced at a discount. The company has said it plans to use the money to build out inventory and speed up the delivery of its H-Power generators to customers. The 30-kilowatt generators consume hydrogen for fuel and will be available to customers in the U.K. through its joint venture with equipment hire firm Speedy Hire . The three-year deal with Speedy Hire — under its Speedy Hydrogen Solutions brand — will target U.K. and Irish construction and emergency power markets. SDY-GB 5Y line Last year, AFC Energy also inked a deal with Saudi Arabia’s TAMGO to sell or lease its zero-emission generators in the Middle East and North Africa region. TAMGO supplies equipment to Saudi Arabia’s mega and large-scale infrastructure and mining projects, including the $500 billion NEOM . While a portion of the capital raised from its newly minted equity is expected to be spent on delivering on its partnership with Speedy Hire, RBC Capital analysts expect a “significant part of that capital raise to be directed to TAMGO orders.”