AFC Energy successfully raises £13.5 million ($17.07 million) through an oversubscribed share placing to advance its hydrogen generator projects with Speedy Hire.
The funding will support the production and delivery of H-Power 30kW generators, scaling manufacturing capabilities and enhancing a joint venture with Speedy Hire.
AFC Energy PLC (AIM, OTC), a prominent player in hydrogen power solutions, has announced the successful acquisition of £13.5 million ($17.07 million) in new capital. The funds are designated for expanding the deployment of hydrogen generators in collaboration with Speedy Hire.
The company managed to secure the capital through a share placing and subscription that exceeded expectations, leading to the decision to offer an additional £2 million ($2.53 million) of shares to retail investors via the REX platform.
In total, 91.279 million new shares were issued at a price of 15p each during the placement, with another 17.2 million shares being sold through the subscription process.
The proceeds from this successful fundraising endeavor will be invested in H-Power 30kW generators, aiding the initial and future orders from Speedy Hydrogen Solutions and TAMGO. Moreover, the funds will contribute to enhancing production equipment and the ongoing collaboration with Speedy Hire.
Adam Bond, the Chief Executive Officer of AFC Energy, expressed his satisfaction with the funding round’s outcome, saying, “We are pleased to announce the successful completion of our oversubscribed placing and subscription, subject to shareholder approval at the upcoming general meeting.”
Bond further highlighted the company’s progress and future plans: “2024 is all about delivery at AFC Energy. 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.”
The commitment to displace diesel generators and lead the industry transition remains a priority for AFC Energy as it continues to build on the momentum gained from its technological advancements and strategic partnerships.
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