Adam Bond, chief executive, said the company has appointed FTI Consulting to carry out a review and go-to-market strategy.
This review will also identify other potential sectors where integrated fuel cell power systems can be used to cut electricity costs.
Results from integrating partner De Nora's manufactured electrodes were encouraging even though the design of the fuel cell stack had taken longer than hoped, Bond said.
AFC and De Nora are working on extending the life of the electrodes to four years, at which point the cost of producing electricity drops substantially.
On the research side, AFC said it had now integrated its fuel cell technology with hydrogen derived from a third-party ammonia cracker under the EU ALKAMMONIA programme;
Another EU-funded programme, POWER-UP in Stade, Germany, had concluded with AFC Energy receiving its latest funding entitlement in June.
Over the current year, Bond said AFC wants to finalise terms for the fuel cell installation just announced with Southern Oil in Australia; agree the fuel cell deployment programme at Dunsfold Park and sign a mass manufacturing agreement with De Nora.
Losses for the year to April were £2.75mln (£2.69mln) with cash of £4mln at the year-end.