Chelsea FC boss Abramovich backs investment in EfW
Ervington Investments, which is backed by Russian billionaire and Chelsea Football Club owner Roman Abramovich, has acquired a 10% stake in UK energy-from-waste firm Waste2Tricity.
Waste2Tricity has struck a commercial agreement to exclusively represent fuel cell specialist AFC Energy in the UK for applications involving the integration of AFC's products with hydrogen derived from the gasification of municipal solid waste to generate clean energy.
The share capital is thought to be worth in the region of £8.7m and Paul Heagren, who is a long standing employee of Abramovich, will be joining the company as a non-executive director.
Waste2Tricity chairman Peter Jones said he was delighted to announce the new relationship with Roman Abramovich's investment company.
"We note Ervington's recent investments in AFC Energy and Alter NRG, the plasma gasification company. Waste2Tricity has a longstanding relationship with both of these companies and their technologies," he said.
Established in 2009, Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that integrate proven plasma gasification and internal combustion engines/gas turbines.
Waste2Tricity has been instrumental in establishing what is claimed to be the world's largest advanced gasification plant when it goes live in Teeside in 2004.
The 50MW facility, which will be built and operated by Air Products, recently secured its first power offtake agreement with a high street retail chain for electricity generated by the facility. It will also host a demonstrator plant on-site for hydrogen generation from residual waste.