AFC Energy Helping To Fund Associate Waste2Tricity
By Cynthia Taylor
AFC Energy is helping to fund its part owned associate Waste2Tricity who is to pursue opportunities into the waste to electricity sector.
The fuel-cel company has chipped in £50,000 as part of the £1 million funding.
The result of this funding means that Waste2Tricity is now valued at £10 million. This means that AFC’s stake of 23% in the business is now worth£2.3 million.
Once Waste2Tricity has developed its first project, its expected to then be one of the first large scale companies to make use of AFC’s fuel cell technology.
Ian Williamson, the chief executive of AFC, said that their continued support of Waste2Tricity will help to open potential and lucrative opportunities for their low cost fuel cells that can be utilised with the energy from waste sector.
He continued that a part of their long term strategy is to license their technology in various applicable sectors and that they are looking forward to the continued work with Waste2Tricity with a goal of generating electricity from the commercial and domestic waste.
AFC’s stake with Waste2Tricity started in June 2009 and in the past year Waste2Tricity exercised their right to exclusively represent AFC Energy within the UK up to the year 2022 for fuel cells integration with hydrogen derived from plasma gasification of municipal waste.
A £1 million fee is due to AFC over a four year period as part of the agreement and is has up to now received £200,000.
A major shareholder of AFC, Roman Abramovich, through his Ervington Investment vehicle own 9% stake in Waste2Tricity and the investment company has am 11% stake in AFC Energy.
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