AFC Energy is pleased to confirm receipt of a ‘TR-1 – Notification of Major Interest in Shares’ from Schroders Investment Management Ltd (Schroders) notifying the company of Schroder’s new 8.441% interest in AFC Energy.

Schroders were the largest single investor in the Company’s recent £6m ($7.3) placement with a £3.3m ($4m) investment in AFC Energy.

Adam Bond, AFC Energy’s CEO, said, “We are delighted to welcome onto AFC Energy’s shareholder register one of the UK’s largest and most well regarded and respected institutional investors. This investment signifies confidence in the business and its strategy, further demonstrating the material technical and commercial progress AFC Energy is making, together with the pipeline of projects we continue to progress and hope to consolidate throughout the course of 2017.”

AFC Energy’s most recent strategic milestone was the successful testing of its Generation 2 fuel cell system. The improved technology incorporates design changes geared towards extending the operating life of the fuel cell stack, increasing stack availability, reducing stack cost and delivering high levels of availability.