UK-based waste solutions provider Waste2Tricity Ltd, or W2T, said today that businessman Roman Abramovich’s Ervington Investments Ltd had taken a 10% stake in the company in exchange for an undisclosed sum.
As a result of the stake buy, Paul Heagren will join Waste2Tricity as a non-executive director. Heagren is a long standing employee of Abramovich.
The investment follows Ervington’s purchase of a 15% interest in British industrial fuel cells developer AFC Energy Plc (LON:AFC), which is a strategic shareholder in Waste2Tricity. As part of that transaction, carried out last month, Abramovich’s investment vehicle subscribed for nearly 32.6m new AFC ordinary shares at GBP0.266 (USD0.425/EUR0.331) apiece, thus helping the company raise almost GBP8.3m net of costs.
Furthermore, in early November Canadian plasma gasification company Alter NRG Corp (TSE:NRG) said it had agreed to raise gross proceeds of some USD10m (EUR7.8m) by issuing nearly 30.8m common shares to three new strategic investors, including Ervington. Abramovich’s firm took a stake of about 18.2% through that transaction.
Waste2Tricity’s chairman Peter Jones noted that the British company has longstanding relationships with both of these entities. W2T combines AFC’s new generation alkaline fuel cells with Alter NRG’s plasma gasification and other existing technologies with the goal of implementing the most efficient energy conversion process available.