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Pin to quick picksAFC Energy Regulatory News (AFC)

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ABB E-mobility Follow On Investment

29 Mar 2023 07:05

RNS Number : 5450U
AFC Energy Plc
29 March 2023
 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

29 March 2023

 

 

AFC Energy PLC

("AFC Energy" or the "Company")

 

 £2m ABB E-mobility Follow On Investment

 

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to confirm that following the successful validation of the Company's first high power density liquid cooled fuel cell announced earlier today, ABB E-mobility has elected to make a follow on equity investment of £2m into AFC Energy.

 

ABB E-mobility's investment into AFC Energy will be made by way of a subscription to raise £2.0 million (the "ABB E-mobility Subscription") through the issue of 10,000,000 new Ordinary Shares at 20 pence each, being the closing market price per Ordinary Share on 28 March 2023, the latest practicable date prior to the publication of this Announcement. 

Post completion of the ABB E-mobility Subscription, total payments received from ABB E-mobility pursuant to the Agreement will total £4m and ABB E-mobility will hold 15,038,760 shares, or 2.02 per cent. of the Company's enlarged issued share capital.

The net proceeds will further support AFC Energy's continued development and delivery of its S+ Series fuel cell system.

The 10,000,000 new Ordinary Shares will rank pari passu with the Company's existing ordinary share capital and application will be made to the London Stock Exchange for the new Ordinary Shares to be admitted to trading which is expected to commence at 8.00 a.m. on 5 April 2023 ("Admission").

Following Admission, the Company's total issued share capital will consist of 745,351,171 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 745,351,171. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

 

For further information, please contact:

 

AFC Energy plc

Adam Bond (Chief Executive Officer) 

 

+44 (0) 14 8327 6726

investors@afcenergy.com

 

Peel Hunt LLP Nominated Adviser and Joint Broker

Richard Crichton / Tom Ballard / Georgia Langoulant

 

+44 (0) 207 418 8900

 

Zeus Joint Broker

David Foreman / James Hornigold (Investment Banking)

Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)

+44 (0) 203 829 5000

 

FTI Consulting Financial PR Advisors

Ben Brewerton / Nick Hennis / Dhruv Soni

 

+44 (0) 203 727 1000

afcenergy@fticonsulting.com

 

 

About AFC Energy

 

AFC Energy plc is deploying its hydrogen fuel cell systems to provide clean electricity for on and off grid power needs. The technology, pioneered over the past twelve years in the UK, is now deployable to support the electrification of electric vehicle chargers, off-grid decentralised power systems and data centre back up applications with emerging opportunities across maritime and rail as part of a portfolio approach to the decarbonisation of local electricity needs. The Company also offers customers a flexibility in sourcing lowest cost hydrogen through a "flexible fuel" strategy incorporating hydrogen carrier fuels such as ammonia and methanol and associated fuel conversion technologies.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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Date   Source Headline
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