Swedish fuel cell company myFC (MYFC) raises 42.1 million SEK in a directed share issue. 952,000 shares have been purchased by British investment group Signal Special Opportunities. Handelsbanken Fonder, already a major owner, purchases an additional 500,000 shares at the same time.
“We are very pleased to welcome Signal Special Opportunities as new major owner and to receive the continued support of Handelsbanken Fonder as we are about to enter into the phase of bringing our current main product JAQ Hybrid to the consumers. With this injection of capital, we can extend our investments in JAQ Hybrid as well as strengthen our other R&D activities. This includes the integration of our Lamina fuel cell in mobile devices and our efforts towards the automotive industry,” says Björn Westerholm, CEO of myFC.
Signal Special Opportunities, a UK-based investment group, consists of a set of individual investors including the founders of Eshara Capital.
“The need for green energy technology cannot be overestimated, particularly given recent government announcements on banning diesel and petrol cars in European cities as early as 2025. We see great potential in myFC’s hybrid platform and many possible applications for the company’s technology and fuel. We believe that electrification and the need for new technology to supplement batteries may be faster than current market forecasts,” says Alex Guy, CEO Eshara Capital.
The new capital will primarily be used to further strengthen myFC's organization, in terms of both increased resources and competence in R&D, intellectual property rights management and marketing.
The directed issue of in total 1,452,000 shares is done at a price of SEK 29 per share and executed with the authorization of myFC’s Annual General Meeting on May 22, 2017. Following the issue, the total number of shares in myFC will be 34,678,269. Signal’s ownership of 952,000 shares puts it at a share of 2.7% and Handelsbanken Fonder at a share of 5.7%. The dilution effect is 4.2%.
This information is information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 11:10 CET on September 20, 2017.