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EU funding “reassuring” for AFC investors, says Cantor’s Forsyth

Published: 09:50 17 Jun 2016 BST

AFC Energy plc (LON:AFC) confirmed the receipt of a €2.052mln cash injection from the European Union's Fuel Cells and Hydrogen Joint Undertaking, and relates to the POWER-UP project for the period up to June 20115.

Adam Forsyth, analyst at Cantor Fitzgerald, tells Proactive Investors that the company had accounted for the injection this year, but adds “it’s always good to see the cash come in”.

“The cash obviously is helpful in that, without significant revenue coming in, the grant income helps to fund the cost of development,” he says.

Forsyth also notes that the company is also boosted by its arrangement with consultants Planting who are providing a lot of the engineering support on “a basis that helps cashlow”.

He adds that “in early stage companies like AFC, this, I think, provides quite a lot of reassurance for investors”.

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