AFC Energy raises £6m to support journey to commercialisation

Shares in AFC Energy are up more than 6% after it raised £6m via a discounted placing and subscription to support its journey to commercialisation.

The placing was of 58.5m new shares, while the subscription was for 1.5m new shares. Both were priced at 10p a share.

More specifically, the net proceeds of about £5.5m would go help AFC deliver its commitments under its joint-development agreement with De Nora S.p.A.

They would also be go to business case development with De Nora, scoping study completion with Peel Environmental Ltd and other third parties in advance of any potential project deployment, and funding the ongoing operation of AFC's demonstration plant at Stade, together with ongoing testing costs.

At about 10:27 GMT, shares in AIM-listed AFC Energy were up 6.12% to 13p each.