AFC Energy Expands Partnership With ABB, Raises GBP35 Million
By Jaime Llinares Taboada
AFC Energy PLC said Friday that it is expanding its partnership
with ABB Schweiz AG and that it has agreed on a 35 million pound
($48.2 million) fundraising.
AFC, which provides hydrogen power technologies, said ABB will
invest GBP3.2 million in AFC. In addition, both companies have
agreed to expand its partnership to include the global data centre
"Embarking on this new collaboration with AFC Energy opens the
possibility to integrate its impressive fuel cell technology with
ABB's strong data centre solutions," Brian Johnson, global data
center leader at ABB, said.
AFC said it also raised GBP1.5 million from Dutco and GBP30.2
million from institutional investors. The issue price for the
fundraising is 64.5 pence, representing a 5% discount to the 68
pence close 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.
Write to Jaime Llinares Taboada at email@example.com;
(END) Dow Jones Newswires
April 16, 2021 02:42 ET (06:42 GMT)
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