8th Oct 2013 09:09
LONDON (Alliance News) - AFC Energy PLC Tuesday said it has provided GBP50,000 in funding to strategic partner, Waste2Tricity Limited.
The fuel cell energy developer said that it took part in a funding round for waste-to-energy company Waste2Tricity and helped to raise GBP1 million for the company.
AFC Energy has been a partner to W2T since AFC took a 25% stake in the company in June 2009 and since April 2012 W2T has exclusively represented AFC in the UK for the integration of fuel cells with hydrogen derived from waste products.
Roman Abramovich's Ervington Investments holds a 9% stake in W2T and an 11.2% stake in AFC. W2T Is now valued at GBP10 million which values AFC Energy's stake at GBP2.3 million.
AFC Energy shares were down 1.4% to 39.95 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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