Zeus Capital has advised renewable energy developer AFC Energy on its £6m institutional placing and open offer.
Founded in 2006, AFC Energy focuses on alkaline fuel cell technology, with the aim of reducing the cost of electricity. By using platinum free, advanced materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation.
The company is pursuing opportunities in several sectors where hydrogen is readily available, including the chlorine, clean coal and waste-to-energy industries, as well as applications for distributed/back-up power.
Ian Williamson, Chief Executive Officer at AFC Energy commented: "We are pleased to have completed a significant funding package for the company. This funding enables us to deliver our Power Up project and continue our plans to open commercial markets."
John Goold, Chief Executive Officer at Zeus Capital commented: “We are delighted to have advised AFC Energy on its £6 million institutional placing and open offer, a structure that allowed existing shareholders to participate in the fund raise on the same terms as institutional investors. The funds raised for the company will enable it to further develop its exciting technology.”