AFC Energy plc (LON:AFC), a leading provider of hydrogen power generation technologies, has announced that the Board of Directors, having reviewed the Company’s funding requirements following the £31.6 million fundraise earlier in the year, has agreed with Thalion Global Group LLC to terminate with immediate effect the financing facility the Company has in the form of the £ 4 million convertible loan note facility announced on 12 April 2019. No drawdowns were made on the facility.
Adam Bond, AFC Energy Chief Executive Officer, said ” I wish to thank Thalion Global Group for the confidence shown in the Company’s technology and business plan last year, giving us the financial stability, in uncertain economic times, to continue delivering on our strategy and securing first commercial orders alongside a very successful fund raise earlier this year”.
AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now deployable in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.