AFC Energy PLC (AIM:AFC, OTC:AFGYF) has announced the successful closure of its REX Retail Offer, which has raised £2 million of additional capital.
Some 13.3 million new shares will be issued, priced at 15p each.
It comes after the company raised £13.5 million in new capital yesterday in a share placing.
The proceeds are earmarked to support the company’s roll-out of hydrogen generators for Speedy Hire.
They will help fund investment in H-Power 30kW generators, supporting the roll-out of initial orders from Speedy Hydrogen Solutions and future orders from TAMGO.
A portion of the cash will allocated to production equipment to scale up manufacturing and the Speedy Hire joint venture.
"We are pleased to announce the successful completion of our oversubscribed placing and subscription, subject to shareholder approval at the upcoming general meeting," chief executive Adam Bond said in yesterday’s statement.
“I would like to thank all our existing and new shareholders for supporting this raise and we welcome the participation of our retail investors through the REX retail offer.