17th Jul 2025 13:59
AFC Energy PLC - Cranleigh, England-based provider of hydrogen power-generation technologies - Raises GBP23 million from a placing and subscription of 230.0 million new shares, above its GBP20 million target. The share offer is priced at 10 pence each and consists of a placing with institutional investors run by Peel Hunt, Zeus, RBC Capital Markets as brokers and a direct subscription from the company by four directors, including Chair Gary Bullard and Chief Executive Officer John Wilson. AFC hopes to raise an additional GBP5 million from an offer to retail investors via the RetailBook platform at the same price. Some of the equity raise is conditional on a vote at a general meeting expected to be held on August 7.
The fresh funds will be used for the commercialisation of AFC's fuel cell generators and its Hy-5 containerised portable ammonia crackers.
The share offer comes as AFC says its pretax loss widens to GBP11.6 million in the six months that ended April 30 from GBP8.3 million a year before. Revenue from customer contracts remains insubstantial at GBP17,000 - all from the hire of a generator - down from GBP408,000 a year before.
"We believe AFC Energy is positioned to be among the first to deliver a commercially viable, zero-emission alternative to diesel generators at scale," CEO Wilson comments. "In conjunction with our power generators, we are developing our ammonia cracker which will support the adoption of hydrogen across the economy by providing a cost-effective solution to the transport and storage of hydrogen."
He adds: "We look forward to reporting on the build-out of our product suite as we continue to focus the business on real, near-term revenue opportunities to drive shareholder value."
Current stock price: 10.90 pence, down 20% in London on Thursday
12-month change: down 38%
By Tom Waite, Alliance News editor
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