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AFC Energy receives £1mln backing from a single shareholder

The issue price represents a discount of 20% to the volume-weighted average price of 21.28p on Friday

AFC Energy PLC -

Hydrogen power generation technology company AFC Energy PLC (LON:AFC), has raised £1m by issuing shares to a single shareholder.

The shareholder subscribed for 5.88mln shares at 17p a pop. AFC Energy shares closed at 21.8p on Friday.

The funds raised have been earmarked to pay part of the cost of the manufacture of AFC Energy’s largest electrical vehicle charger unit with a nameplate capacity of 160 kilowatts (kW), which will support demonstration and commercial activity this year.

This new system, capable of delivering up to 3.8-megawatt hours (MWh) of clean off-grid energy per day, will sit alongside the existing 20kW electrical vehicle charger system launched in December 2019.

Following last month’s charger system launch, AFC has kicked off conversations with several prospective customers, including fleet operators, councils and retailers.

“These discussions have confirmed interest in our technology and ratified our strategy to introduce 160kW and 480kW units at the earliest opportunities,” AFC said.

Quick facts: AFC Energy PLC

Price: 26.5 GBX

AIM:AFC
Market: AIM
Market Cap: £122.66 m
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