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AFC raises £520,000 through share subscription to fund orders for electric vehicle charger

The funds were raised through a subscription of 2.6mln shares, most of which went to a single institutional investor

AFC Energy PLC - AFC raises £520,000 through share subscription to fund orders for EV vehicle charger
AFC will launch its hydrogen-powered EV charger next month

AFC Energy PLC (LON:AFC) has raised £520,000 through a share subscription to help fund orders of its hydrogen electric vehicle charger, which is scheduled to launch next month.

The AIM-listed firm, which develops technology to generate power from hydrogen, said the subscription, mostly funded by a single institutional investor, had been for 2.6mln shares at a price of 20p each, a 22% discount to its close price on Monday.

READ: AFC Energy “encouraged” by commercial interest in AlkaMem technology

"The launch of AFC Energy's first hydrogen fuelled, zero emission EV charger unit next month means we must now prepare ourselves to respond to orders in a timely manner”, said chief executive Adam Bond.

“The funding announced today supports these activities across both the sales function and supply chain with a view to accelerating our readiness for our deployment in 2020", he added.

In late-morning trading on Tuesday, AFC’s shares were 6.6% lower at 23.9p.

Quick facts: AFC Energy PLC

Price: 14.475 GBX

AIM:AFC
Market: AIM
Market Cap: £65.22 m
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on 11/11/19

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