Hydrogen fuel cell developer AFC Energy has raised £31.6m in capital as it moves from the development phase of its products and technology into the manufacture and commercialisation of them.
The UK company said the proceeds will go towards the multiple manufacture of its H-PowerTM fuel cell systems, which are to be deployed in the next 12-24 months in a bid to meet projected customer demand.
AFC Energy expects to build combined 20kW and 160kW units, including the 160kW H-PowerTM system for trialling by ACCIONA in 2021.
Proceeds will also go towards the development and implementation of its strategy for scaling up manufacturing and system assembly; employment of new manufacturing, product engineers and commercial staff; and delivery of its solid-state membrane fuel cell system HydroX-Cell(S)TM, for published target release date in 2022.
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