Memery Crystal advises AFC Energy Plc on £16 million fundraising

The placing was accompanied by a retail offer to qualifying existing shareholders of a further £2 million, which was fully subscribed.

The Memery Crystal team was led by Corporate Partner Robert Bines-Black, who was assisted by Corporate Associate Jenna Grabiner and Trainee Solicitors Jack Rudgeley and Menelaos Yiannakas.

Robert Bines-Black, Corporate Partner, said: “It has been a great pleasure to work again with the dynamic team at AFC Energy, who are always a pleasure to assist. AFC Energy’s important work in furthering fuel cell technology is innovative and inspiring, centred around the use of hydrogen which is one of the simplest, cleanest and most abundant elements. AFC Energy’s successful fundraise is an indicator that the UK stock markets are showing signs of improvement after a slow period, and it has been excellent to see AFC Energy’s retail investors firmly onboard by subscribing for all £2 million of shares on offer.”

Adam Bond, CEO of AFC Energy, said: “We have once again been pleased to receive the support of Robert and the team from Memery Crystal in delivering a successful and over-subscribed raise to accelerate our growth plans as the world continues to seek viable, sustainable alternatives to off-grid fossil power generation.”

The net proceeds of the fundraising, part of which remains conditional on the passing of certain resolutions at a general meeting later this month, will be used by AFC Energy to invest in generators to roll out initial orders from customers and production equipment to support manufacturing scale up as well as commercial development.