Cancellation of Convertible Loan Note Facility

RNS Number : 0293F

AFC Energy Plc

12 November 2020

 

12 November 2020

AFC Energy PLC

("AFC Energy" or the "Company")

Termination of Convertible Loan Note Facility

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, announces 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's 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". 

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone]
WH Ireland - Nominated Adviser and Joint Broker M ike Coe  (Corporate Finance) Jasper Berry (Corporate Broking)	[phone]
M C Peat & Co LLP  - Joint Broker Charlie Peat	[phone]
Tuva Partners - Public Relations Alex Brooks	[phone]

About AFC Energy

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.

 

END

 

 

MSCBBBATMTJBBBM