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AFC Energy
- BY: Andrew Hore |
- POSTED: 21/05/2008 |
AFC Energy is raising £4.4m.
The low cost alkaline fuel cell developer is raising the cash from a placing at 11p a share. The chairman, chief executive and finance director are all taking up shares in the placing. House broker Blue oar says the amount raised was increased due to institutional demand. The shares rose 0.25p to 11.75p after the announcement.
AFC reported a loss of £1.87m in the year to October 2007. It still had £2.13m in cash at that time.
The cash is needed to finance the installation of AFC systems at AKZO Nobel’s Bitterfield plant in Germany. This chlorine plant produces significant amounts of hydrogen that can be used in the fuel cell. The first deliveries of the fuel cell systems should be in August.
The funds are also needed for further development of the 50kW system, set up the assembly process and to establish the supply of low cost plastic mouldings.
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