(Alliance News) - AFC Energy PLC said Tuesday it has raised GBP520,000 through a share subscription, which will go towards allowing the company to fulfil orders for products following the electric vehicle demonstration programme, scheduled in December.
The hydrogen power generation technology provider raised the funds through the issue of 2.6 million shares, at a price of 20 pence per share, a 22% discount to AFC's closing price on Monday at November 18.
Shares in AFC Energy - which is headquartered in Surrey - were down 5.2% at 24.27 pence on Tuesday in London.
The shares were raised from a single overseas institutional investor.
"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. 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," said Chief Executive Officer Adam Bond.
Following admission, AFC Energy will have 450.6 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
AFC Energy (AFC)