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AFC Energy doubles money to develop EV charging system

The placing follows a £1mln investment on Monday from one of AFC’s institutional investors

AFC Energy PLC - AFC Energy raises £1mln in share placing to fund development of EV charging system

AFC Energy PLC (LON:AFC) has raised a further £1mln via a share placing to help fund the commercial development of its trademarked 'H-Power' electric vehicle (EV) charging system, days after getting the same amount from a share subscription.

On Monday, the hydrogen power tech group announced that a single shareholder had subscribed for 5.88mln shares at 17p a pop.

READ: AFC Energy receives £1mln backing from a single shareholder

In a statement on Wednesday, the group said that, following that successful subscription, it received an expression of interest on Tuesday for a further £1mln investment, on similar terms, from a London institutional investor who attended the company's EV Charging launch event in December 2019.

The additional funds were raised through a placing of around 5.8mln shares also at the price of 17p each, a 14% discount to AFC's Tuesday closing price. In afternoon trading on Wednesday, AFC shares were 4.5% lower at 18.90p.

The group said the funds raised will be used alongside those raised earlier in the week to further preparations for commercial deployment of the EV charger system later this year.

Quick facts: AFC Energy PLC

Price: 26.5 GBX

Market: AIM
Market Cap: £122.66 m


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