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AFC Energy Share Price Falls Even After Raising £31.6 Million

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Updated: 01 July 2020

Leading provider of Hydrogen power, AFC Energy (LON:AFC) has announced that it has completed its fundraising which has seen it raise £31.6 million…

The company said the proceeds from the fundraising will be used to support the development of the company. It will move from the development stage of its products into the manufacturing stage.

The company describes itself as the “the leading provider of alkaline fuel cell solutions, AFC Energy is at the vanguard of energy transition and will be a key enabler in achieving the goal of a zero-carbon emission economy.”

The main object of the fundraising proceeds is the multiple manufacturing of its new H-Power fuel systems.

The company has previously produced pop-up electric vehicle charging units and are hoping to capitalise on the shift to cleaner energy sources and the move to electric vehicles.

AFC Energy is set to install hydrogen electrolysers in the UK’s biggest water desalination plant.

However, despite the decisive steps in its business, the company’s share price is down by 4.33% today despite clawing back some of its earlier losses.

It opened up the day at 16.98ppp and is now currently trading at 19ppp.

With the current developments in its business and the global push to move to other energy sources, I feel over the next 12-months we could see AFC Energy move higher.