AFC Energy receives strategic investment from Ervington

Industrial fuel-cell power company AFC Energy has agreed an equity investment of £8,670,212 into AFC Energy by Roman Abramovich’s Ervington Investments.

Ervington has subscribed to 32,594, 782 new ordinary shares of 0.1p each in AFC Energy (new shares) at an issue price of 26.6p per share, raising £8,670,212 gross.

The funds raised will further strengthen AFC Energy’s balance sheet and provide the company with additional cash resources to execute its long-term growth strategy and invest in its low-cost fuel-cell technology over the next several years.