The placing and subscription portion of fuel cell specialist AFC Energy plc’s (LON:AFC) City fundraiser has brought in £6mln following the issue of 60mln new shares at 10p each.
An open offer of stock that brings in existing investors on the same terms could top the figure up to £8mln.
The Roman Abramovic-backed company has said the cash injection will support it on “its journey to commercialisation”.
Chairman Tim Yeo, a former Tory minister, said AFC had brought in a number of ‘blue-chip’ City investors that will be key to the company’s ongoing success.
“Institutionalisation of AFC Energy's share register recognises the strong progress we have made over the last three years,” Yeo said.
“Our technical developments and project development opportunities now position us to capitalise on a number of emerging project opportunities.”
AFC’s KORE system has been designed to take waste hydrogen that might, for example, be created at large chemical plants and turn it into electricity.