viewAFC Energy PLC

AFC Energy raises further £2.1mln in oversubscribed open offer

Coupled with the £6mln AFC raised from City investors in a recent placing, the firm has topped up its coffer by more than £8mln

pound coins and pound notes
The company said the cash would support it on “its journey to commercialisation”

Fuel cell specialist AFC Energy plc (LON:AFC) has raised a further £2.1mln from an oversubscribed open offer as part of its recent round of fundraising.

The Roman Abramovich-backed company said the open offer – which saw it issue shares at 10p a piece to existing investors – was oversubscribed by almost 57%.

Chairman Tim Yeo snapped up 50,000 shares to take his overall stake in AFC to 0.24%, while non-executive director Mitchell Field bought 66,322 more shares to take his holding to 0.76%.

Coupled with the £6mln the firm raised from ‘blue chip’ City investors in a placing a couple of weeks’ ago, AFC has raised more than £8mln from this recent round of funding.

Speaking at the announcement of the placing and open offer last month, the company said it would use the cash to support it on “its journey to commercialisation”.

Shares gained 14% on Thursday to change hands for 14.25p shortly before close.

Quick facts: AFC Energy PLC

Price: 21.45 GBX

Market: AIM
Market Cap: £102.64 m


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...



AFC Energy in 'buoyant mood' after agreeing deal with Spanish construction...

AFC Energy PLC's (LON:AFC) Adam Bond speaks to Proactive London's Andrew Scott after announcing they're to test its alkaline H-Power fuel cell technology at one of construction group ACCIONA's sites in Spain. ACCIONA is one of Spain's renewable energy leaders as well as being a construction...

on 1/6/20

2 min read