AFC Energy PLC - Cranleigh, England-based provider of hydrogen power generation technologies - Announces proposed fundraising via placing of shares and direct subscription with certain directors to raise approximately £13.5 million at a price per share of 15 pence. Also announces a proposed financing on the ‘REX’ platform to existing retail investors at the issue price to raise up to £2.0 million. No part of the fundraising is being underwritten.
Intends to use the proceeds to invest in the rollout of initial Speedy Hydrogen Solutions’ orders and, when placed, TAMGO orders. Will also use the funds for production equipment, and for commercial development and corporate overheads.
Chief Executive Adam Bond says: ‘Having accelerated our next generation H-Power technology platforms and secured commercial routes to market through our partners and customers, including Speedy Hire, we are looking to secure funding to build out our inventory and fast track delivery of H-Power Generators into the field.’
Current stock price: 19.18 pence
12-month change: up 19%
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