AFC Energy plc (AIM: AFC), a leading provider of hydrogen power generation technologies, announces that, further to its announcement at 16.40 p.m. yesterday, it has successfully completed and closed the Fundraising which was significantly oversubscribed.
The Fundraising has raised gross proceeds of £31.6 million through the placing of 187,500,000 New Ordinary Shares, an offer for subscription conducted by PrimaryBid Limited of 9,375,000 New Ordinary Shares, and a subscription to the Company of 625,000 New Ordinary Shares all at a price of 16 pence per share.
The proceeds of the Fundraising will be used to support the continued development of the Company as it moves from the development phase of its products and technology into the manufacture and commercialisation of them.
In particular, the proceeds of the Fundraising will facilitate:
- the multiple manufacture of new H-PowerTM fuel cell systems capable of deployment in the next 12-24 months to meet projected customer demand – combined 20kW and 160kW units are expected to be built, including the 160kW H-PowerTM system for trialling by ACCIONA in 2021;
- the employment of new manufacturing, product engineers and commercial staff in support of the deployment of H-PowerTM systems into the Company’s key target markets (electric vehicles and construction);
- the development and implementation of its strategy for scale up of manufacturing and system assembly;
- an acceleration in the development of the Company’s AlkaMemTM anion exchange membrane with scale up of manufacture and validation testing pre commercial deployment; and
- the delivery of solid-state membrane fuel cell system (HydroX-Cell(S)TM) for published target release date in 2022 which the Directors expect will open new markets.
In addition, the Fundraising will also support and finance the warranties required in connection with systems deployed into commercial applications.
Source: AFC Energy