REG - AFC Energy Plc - ABB E-mobility Follow On Investment

AFC EnergyAnnouncement

29/03/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230329:nRSc5450Ua&default-theme=true

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                                                 +44 (0) 14 8327 6726

 Adam Bond (Chief Executive Officer)                            investors@afcenergy.com (mailto:investors@afcenergy.com)

 Peel Hunt LLP - Nominated Adviser and Joint Broker             +44 (0) 207 418 8900

 Richard Crichton / Tom Ballard / Georgia Langoulant
 Zeus - Joint Broker                                            +44 (0) 203 829 5000

 David Foreman / James Hornigold (Investment Banking)

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

 FTI Consulting - Financial PR Advisors                         +44 (0) 203 727 1000

 Ben Brewerton / Nick Hennis / Dhruv Soni                       afcenergy@fticonsulting.com (mailto: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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAADPADFDEAA