AFC Energy rises on deal to power world's first all-electric international rally series

SMALL CAP MOVERS: AFC Energy rises on deal to power world’s first all-electric international rally series

AFC Energy raced up 30 per cent to 28p this week after it agreed to power the world’s first all-electric international rally series.

As part of the Extreme E race, created by the same team behind the Formula E Championship, battery-powered SUVs will compete in remote locations such as the Arctic, Amazon Rainforest and Sahara Desert, to highlight climate issues to an estimated 221million viewers.

The hydrogen firm will provide a bespoke off-grid generation and storage system that will allow teams to produce their own fuel, with the water by-product being consumed on-site.

AFC Energy raced up 30 per cent to 28p this week after it agreed to power the world's first all-electric international rally series

AFC Energy raced up 30 per cent to 28p this week after it agreed to power the world’s first all-electric international rally series

‘This collaboration with AFC Energy is a game changer, not just for Extreme E, but also to the wider sports and events industry which could also benefit greatly from using this innovative, zero emission charging technology,’ said Alejandro Agag, founder and chief executive of the race.

The sector recently cheered after the European Commission made hydrogen a key point of its climate neutrality goal, although Ceres Power shed 9 per cent to 567p after IP Group bagged £52million after selling 9million shares in the company.

IP, a developer of intellectual property-based businesses that first backed Ceres in 2012, said its investment in the fuel cell company had jumped seven-fold over time.

Looking at the wider market, the AIM All-Share index dipped by 0.8 per cent to 875, underperforming the FTSE 100 which added 2.4 per cent to 6,233.

In the life sciences space, Tiziana Life Sciences soared 42 per cent to 167p after submitting a patent application to use its antibody Foralumab to improve the success of CAR-T therapy, a treatment that engineers the patient’s T cells to tackle a disease.

It may just be time to pop for cell therapy companies, as US-listed Nkarta Inc’s shares rocketed 69 per cent to $58.69 two days after its IPO, valuing the business at just shy of $1.8billion.

Another cell therapy specialist, MaxCyte, advanced 13 per cent to 238p after confirming its research and development operation to develop treatment for ovarian cancer and peritoneal mesothelioma, CARMA Cell Therapies, was expected to be self-funded by the end of the year.

Other drug areas were also in favour, with Verona Pharma jumping 42 per cent to 68p after raising $200million to fund the clinical development of its breakthrough treatment for chronic obstructive pulmonary disease.

The pharma sector has enjoyed much greater attention during the pandemic, with companies such as Avacta rocketing 656 per cent to 128p on the back of solutions to tackle the virus. This week, the firm formalised its collaboration with Integumen to use its engineered proteins, called affirmers, to pick up the tell-tale signs of the respiratory infection in wastewater.

Moving on, batteries producer Ilika and antennas maker Filtronic surged 52 per cent and 35 per cent to 95p and 10p respectively for no apparent reason, or it could be that the UK government’s ban on Huawei products may help them gain market share.

Meanwhile, water saving and filtration technologies developer Xeros Technology gushed 18 per cent higher to 1p after its filtration technology was praised by the University of Plymouth for reducing microplastic pollution released from washing machines.

Among the fallers, African forestry and timber group Woodbois chopped off 30 per cent to 2p after raising £13million as part of a debt restructuring and refinancing.

Oil companies remained under pressure despite OPEC+ set out to boost oil production next month, with TomCo Energy losing 26 per cent to 0.7p and Sound Energy down 23 per cent to 2p.

Elsewhere, Futura Medical tumbled 20 per cent to 12p after the US Food and Drug Administration required a new clinical trial for its erectile dysfunction treatment to confirm certain efficacy data.

Finally, fast fashion leader Boohoo slipped 16 per cent to 228p as it was perhaps still burnt by the allegations around modern slavery practices at one of its suppliers’ in Leicester, with a member of Parliament criticising the fashion retailer for failing to address claims of exploitations. It’s now trading 41 per cent below pre-scandal levels.