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AFC raises £3 million
AFC Energy plc is to develop its low cost alkaline fuel cells after raising £3 million before expenses through joining AIM.
The company placed more than 13.1 million new ordinary shares through Dawnay, Day Corporate Broking, which has valued the business at £20.2 million.
AFC’s chief executive, Gerard Sauer, said: “The IPO of AFC Energy will allow us to develop the electrode and system and to help accelerate our strategy of looking at other opportunities to locate our fuel cells at hydrogen sources.”
AFC was advised throughout the admission by chartered accountant Jeffreys Henry LLP, led by partner Mark Tenzer. He said the firm has worked with the company since it was established and continues to support the business until it appoints a financial director. “I’m sure the company will go from strength to strength following this admission.”
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