LONDON (ShareCast) - AFC Energy has announced that one of its Non-Executive Directors has purchased 9.51m ordinary shares in the company at 26p each.

Eugene Shvidler bought the shares, worth a total of £2.47m, from Ervington Investments, which reduced its stake in the group to 24.1m, equivalent to 10.88% of AFC's issued share capital.

Shvidler, whose stake now stands at 12m shares, has agreed to a lock-in of the shares for a period of 12 months.

The purchase was made on Monday, the same day the firm said it had extended the longevity of its electrodes to more than nine months of continuous operation.

The development brings the company's fuel cell power generation technology closer to achieving full commerciality and potentially gaining lucrative opportunities with industrial partners, the firm said.


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