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    AFC   GB00B18S7B29

AFC ENERGY PLC

(AFC)
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AFC Energy Expands Partnership With ABB, Raises GBP36 Million -- Update

04/16/2021 | 02:53am EDT

--AFC Energy has expanded its partnership with ABB to work on the data-center market

--The hydrogen technology company raised GBP36 million via a share issue, more than expected

--The funds raised include a GBP3.2 million investment from ABB

By Jaime Llinares Taboada

AFC Energy PLC said Friday that it is expanding its partnership with ABB Schweiz AG and that it has raised 36 million pounds ($49.6 million).

AFC, which provides hydrogen-power technologies, said ABB will invest GBP3.2 million in the company. In addition, the companies have agreed to expand their partnership, which focuses on electric-vehicle charging systems, to include solutions for data centers.

"Embarking on this new collaboration with AFC Energy opens the possibility to integrate its impressive fuel-cell technology with ABB's strong data center solutions," Brian Johnson, global data center leader at ABB, said.

In addition to ABB's investment, AFC had expected to raise GBP1.5 million from Dutco and GBP30.2 million from institutional investors. However, AFC's offering was oversubscribed.

The company raised total proceeds of GBP36 million instead of the GBP35 million it originally expected, including Dutco's and ABB's investments.

The issue price for the fundraising was 64.5 pence, representing a 5% discount to AFC shares' 68-pence closing price on Thursday.

AFC said the funds will be used to support the development of AFC's and ABB's high-power electric-vehicle charging products. The money will also be put toward developing new power products utilizing AFC's alkaline fuel-cell technology including the global data-center market, and the development of the company's scalable manufacturing capacity, it said.

Shares in AFC at 0810 GMT were up 2 pence, or 2.9%, at 70 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

04-16-21 0453ET

Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD -0.93% 33.13 Delayed Quote.34.08%
AFC ENERGY PLC 0.18% 54.5 Delayed Quote.-31.36%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
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04/16ABB and AFC Energy Signs a New Development Agreement
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More news
Financials
Sales 2021 1,85 M 2,57 M 2,57 M
Net income 2021 -6,17 M -8,59 M -8,59 M
Net cash 2021 57,8 M 80,3 M 80,3 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 400 M 557 M 557 M
EV / Sales 2021 185x
EV / Sales 2022 85,4x
Nbr of Employees 30
Free-Float 94,8%
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Mean consensus SELL
Number of Analysts 3
Last Close Price 54,50 GBX
Average target price 88,15 GBX
Spread / Average Target 61,7%
Managers and Directors
Adam Steven Bond Chief Executive Officer & Non-Executive Director
Simon Walters Finance Director & Secretary
Gary Bruce Bullard Non-Executive Chairman
Mike Rendall Chief Engineer & Product Officer
David B. Harvey Chief Technology Officer
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