Russian business tycoon Roman Abramovich has scored an £8.6million stake in an industrial fuel cell power company.
The Chelsea FC boss’s equity firm Ervington Investments bought 15% of AFC Energy, it was announced today.
AFC Energy says the cash will help it kick its long term growth strategy into action and invest more in its low cost fuel cell technology over the next few years.
Ian Williamson, chief executive of AFC Energy said: “This investment by Ervington is a ringing endorsement of AFC Energy’s innovative technology and its strategy to become a leading hydrogen fuel cell energy supply company for industrial and utility-scale applications.
“Our low cost hydrogen fuel cells are cleaner and more efficient than technologies that use combustion to generate energy like gas-fired power stations. They also supply continuous, base-load power unlike other clean energy sources such as solar and wind power.”
Application will be made to the London Stock Exchange for the new shares to be admitted to trading on AIM and admission is expected to become effective on 16 October 2012.