3 July 2020

LGB joint bookrunner in £30m equity placing for AFC Energy

LGB & Co. Limited has acted as a Joint Bookrunner for AFC Energy plc (AIM: AFC), a leading provider of hydrogen power generation technologies on a £30 million equity placing. 

This financing will be used to support the continued development of the Company as it moves from the development phase of its products and technology into the manufacturing and commercialisation of it.

AFC is focused initially on the strongly growing rapid EV charging market, the construction industry where it recently signed a collaboration agreement with Acciona and finally the diesel generator market where fuel cells are seen as an obvious replacement with zero CO2 emission, easy to service as they have no moving parts and silent. Beyond these there are significant opportunities in the mining sector, shipping and ports.

The time does seem ripe for the hydrogen economy to take a quantum leap forward. The main questions around whether this is a plausible alternative to carbon based fuels are being answered. Governments are driving legislation which in turn is encouraging companies to commit to major reductions in CO2 emissions. This combination of legislation combined with a corporate desire and technological advance is creating a massive push to a hydrogen solution to carbon emissions. 

This was an opportunity for LGB’s sophisticated and HNW investor base to participate in the sector alongside a number of well-respected institutions, through the benefits of the Enterprise Investment Scheme. 

"Thank you Chris and team. It was a great outcome. I very much appreciate the support you and the LGB team provided AFC and me personally! We very much look forward to working together in the future.” Adam Bond, CEO of AFC Energy plc

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