UK hydrogen tech firm raises £4.5m in Swiss expansion

A UK hydrogen power tech provider has today announced that it has raised more than £4.5m as it expands an international partnership.

AFC Energy received the equity investment from commercial partners, ABB and Dutco, which contributed £3.25m and £1.5m respectively.

This marks the expansion of its existing partnership with ABB, a provider of electric vehicle charging points.

The company also announced a placing of approximately 46,899,225 new ordinary shares with institutional investors with an issue price of 64.5 pence per share, aiming to raise £35m.

Adam Bond, chief executive officer at AFC Energy CEO, commented: “Through the investment made into AFC Energy today, we are confident that ABB’s position in the (eMobility and data centre) sectors will be further enhanced by the integration of our leading alkaline fuel cell technology.

“We continue to receive strong customer enquiries into our partnership from all over the world, confirming we are working with the right partners, on the right technology, at the right time to support society’s accelerated drive towards a more sustainable world.”