The AFC Energy plc (LON: AFC) share price rallied 5.68% after receiving a £2.0 million follow-on investment from ABB E-mobility as part of a partnership between the two firms that started in November 2021. The investment was made via a subscription where AFC Energy issued 10 million new ordinary shares at 20p each.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
A separate release revealed that AFC Energy delivered its first high-performance, high-power density liquid-cooled fuel cells for independent validation as part of its Sales and Development Agreement with ABB E-mobility. The fuel cell system was delivered in October 2022 and has since been validated.
Top Broker Recommendation
- eToro Top stock trading platform with 0% commission – Read our Review
- Admiral Markets More than 4500 stocks & ETFs available – Read our Review
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- IG Top-tier regulation – Read our Review
- XTB UK regulated by the FCA – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
After completing the latest £2 million investment, ABB E-mobility will have invested £4 million into AFC Energy and will own 15,038,760 shares, translating into 2.02% of AFC’s enlarged share capital. AFC Energy will use the capital raised to advance the development of its S+ Series fuel cell system.
The second news release provided details about the partnership with AFC Energy, successfully delivering and validating its first cumulative 100kW Liquid Cooled Fuel Cell (S+ Series) in collaboration with partner ABB E-mobility.
Investors cheered the news since the new commercial agreement between AFC Energy and ABB-mobility highlights AFC’s first sale to ABB and the prospective sales pipeline. The S+ Series fuel cells support the potential for high-power EV charging, critical power backup and maritime applications.
The agreement will kick off stage two of the partnership. AFC Energy will now deliver a modular 200kW high-power fuel cell system scheduled to begin operations later this year, closely followed by product certification shortly after. AFC Energy will sell the state-of-the-art 200kW hydrogen power generator unit (and battery system) to ABB E-mobility.
AFC Energy agreed to the modular fuel cell design with ABB E-mobility initially meant for high-power EV charging. However, ABB E-mobility has identified the design’s application to backup power generation, which could e a new market for the S+ Series.
The company also intends to enter the maritime and large-scale off-grid and critical power backup markets using the S+ Series platform. AFC’s intense focus on reducing the Total Cost of Ownership (TCO) will pay off in future.
*This is not investment advice.
AFC Energy share price.
The AFC Energy share price rallied 5.68% to trade at 21.290p, from Tuesday’s closing price of 20.145p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.