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AFC Energy fundraiser reveals exceptional investor support

In total investors pledged £4.1mln – or 3.6 times more than was asked for – so had to be scaled back.

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The company's POWER-UP project in Germany should receive EU funding.

AFC Energy (LON:AFC), the fuel cell power company, reported strong investor support for its open offer of stock, which was almost four times over-subscribed.

The £1.13mln stock sale was announced alongside a £2.47mln subscription by existing investors last month.

In total investors pledged £4.1mln – or 3.6 times more than was asked for – so had to be scaled back.

The level of support suggests AFC still has a decent fan club among private investors, who were more than willing to back their interest with cash.

Funds from the share issue will be used to complete pre-commissioning activities, as well as supporting the short-term working capital requirements in advance of the receipt of EU funding for the POWER-UP project, at Stade, Germany.

Chief executive Adam Bond said: "This is a fantastic result for the company and demonstrates the ongoing strong support we have from our loyal shareholder base who continue to believe in the opportunities for future success following the strides made by the company in 2015. 

“With the offer 3.6 times oversubscribed, I would like to thank our shareholders for such a positive response in the current challenging market conditions and for their continued support."

Quick facts: AFC Energy PLC

Price: 21.1 GBX

AIM:AFC
Market: AIM
Market Cap: £142.63 m
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