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LONDON - AFC Energy PLC (AIM:AFC), a hydrogen power generation solutions provider, announced plans to raise approximately £20 million through a placing, subscription and retail offer to support its commercialization strategy, according to a press release statement issued Wednesday.
The fundraising will include a £0.5 million investment from directors and a retail offer of up to £5 million. The company reported cash holdings of £4.26 million at the end of April 2025, which had decreased to £2.6 million by June 30, with an additional £2.2 million expected from tax credits and grants in July.
AFC Energy recently entered a Joint Development Agreement with an unnamed S&P 500 industrial company to develop ammonia crackers for portside and industrial applications. The company also formed a joint venture with Industrial Chemicals Group to produce and sell hydrogen using AFC’s cracking technology.
"The next 18 months will be a period of accelerating commercial delivery for AFC Energy," said John Wilson, Chief Executive, who joined the company six months ago along with CFO Karl Bostock.
The company is focusing on its HY-5 portable ammonia cracker under a "fuel as a service" model and aims to achieve cost parity with diesel for offsite power generation by 2026 without government subsidies. AFC Energy claims to have reduced manufacturing costs of its hydrogen generators by 85% compared to those built in fiscal year 2024.
For the half-year ended April 30, AFC Energy reported revenue of £17,000, down from £408,000 in the same period last year. The company recorded a loss after tax of £10.15 million, compared to £8.32 million in the first half of 2024, partly due to a £2.87 million inventory write-off.
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