AFC Energy helps fund associate Waste2Tricity
By Jamie Ashcroft October 08 2013, 8:21am
The AIM quoted fuel-cell firm chipped in £50,000 as part of an oversubscribed £1mln funding round.The AIM quoted fuel-cell firm chipped in £50,000 as part of an oversubscribed £1mln funding round.
AFC Energy (LON:AFC) has helped fund its part owned associate Waste2Tricity (W2T) which is pursuing opportunities in the waste-to-electricity sector.
The AIM quoted fuel-cell firm chipped in £50,000 as part of an oversubscribed £1mln funding round.
As a result of the funding round W2T is now valued at £10mln, which means AFC’s 23% stake in the business is worth £2.3mln.
W2T, once it develops its first project, is expected to be one of the first large scale users of AFC’s fuel cell technology.
"Our continued support of W2T will help open up potentially lucrative opportunities for our low cost fuel cells to be utilised within the energy-from-waste sector,” said chief executive Ian Williamson.
“Part of AFC Energy's long term strategy is to licence our technology in a variety of applicable sectors and we look forward to continuing our work with W2T with the goal of generating electricity from domestic and commercial waste."
AFC took its stake in W2T back in June 2009 and last year W2T exercised its right to exclusively represent AFC Energy in the UK until 2022 for the integration of fuel cells with hydrogen derived from the plasma gasification of municipal solid waste.
AFC is due a £1mln fee over four years as part of that agreement, and it has so far received £200,000.
Major AFC shareholder Roman Abramovich, via his Ervington Investments vehicle, owns a 9% stake in E2T. Ervington has a 11.2% stake in AFC Energy. |
