07 NOV 2012
Following the recent share acquisition in AFC Energy, Ervington Investments, whose ultimate beneficial owner is Roman Abramovich, has acquired a 10% stake in the share capital of Waste2Tricity (W2T). AFC Energy is W2T’s strategic shareholder. Paul Heagren, a long standing employee of Mr Abramovich, will be joining W2T as a Non-Executive Director.
Ervington has also made a recent investment in Alter NRG, the plasma gasification company that is supplying technology to Air Products’ 50 MW advanced gasification waste-to-energy facility being constructed in Teesside, UK. Waste2Tricity is planning to retrofit AFC Energy fuel cells to the facility at a later date.
Peter Jones, Chairman of Waste2Tricity, said: “We are delighted to be able to announce the valuable addition of Paul Heagren to the board and the new relationship with RomanAbramovich’s company. We note Ervington’s recent investments in AFC Energy Plc, the low cost alkaline fuel cell company, and Alter NRG, the leading plasma gasification company. Waste2Tricity has a longstanding relationship with both of these companies and their technologies.”
SOURCE: ADAPTED FROM WASTE2TRICITY PRESS RELEASE
Photo: Marina Lystseva