logo-loader
viewAFC Energy PLC

AFC raises £520,000 through share subscription to fund orders for electric vehicle charger

The funds were raised through a subscription of 2.6mln shares, most of which went to a single institutional investor

AFC Energy PLC - AFC raises £520,000 through share subscription to fund orders for EV vehicle charger
AFC will launch its hydrogen-powered EV charger next month

AFC Energy PLC (LON:AFC) has raised £520,000 through a share subscription to help fund orders of its hydrogen electric vehicle charger, which is scheduled to launch next month.

The AIM-listed firm, which develops technology to generate power from hydrogen, said the subscription, mostly funded by a single institutional investor, had been for 2.6mln shares at a price of 20p each, a 22% discount to its close price on Monday.

READ: AFC Energy “encouraged” by commercial interest in AlkaMem technology

"The launch of AFC Energy's first hydrogen fuelled, zero emission EV charger unit next month means we must now prepare ourselves to respond to orders in a timely manner”, said chief executive Adam Bond.

“The funding announced today supports these activities across both the sales function and supply chain with a view to accelerating our readiness for our deployment in 2020", he added.

In late-morning trading on Tuesday, AFC’s shares were 6.6% lower at 23.9p.

Quick facts: AFC Energy PLC

Price: 17.775 GBX

AIM:AFC
Market: AIM
Market Cap: £80.09 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AFC Energy PLC named herein, including the promotion by the Company of AFC Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

RNS

Holding(s) in Company

1 week, 4 days ago

Issue of Equity

2 weeks, 3 days ago

Holding(s) in Company

2 weeks, 4 days ago

New Website

3 weeks ago

Second Price Monitoring Extn

3 weeks, 1 day ago

Price Monitoring Extension

3 weeks, 1 day ago

Director/PDMR Shareholding

3 weeks, 2 days ago

2 min read