6th Jun 2014 06:30
LONDON (Alliance News) - Leaf Clean Energy Co Friday said it has decided to write down the value of its investment in MaxWest Environmental Systems Inc to zero, after its representatives on MaxWest's board warned that the renewable energy technology firm is experiencing severe financial difficulties.
In a statement, Leaf Clean Energy said Maxwest recently requested further funding from Leaf and other investors, but neither Leaf nor any other investor made an additional investment.
Leaf Clean Energy has a 44.0% stake in MaxWest, and had valued its interest at the end of December at USD17.2 million. That compared to a valuation of USD162.6 million for Leaf Clean Energy's entire portfolio at that time.
Leaf Clean Energy invests in renewable energy and sustainable technology firms. Its other investments include tire and rubber recycler LeHigh Technologies, wind farm operator Invenergy Wind, and ethanol producer VREC.
By Steve McGrath; [email protected]; @SteveMcGrath1
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