Ervington Investments has acquired a 10 percent stake in waste solutions provider Waste2Tricity. Paul Heagren will be joining the company as a non-executive director.
Waste2Tricity, a structured waste solutions provider, announced today that, following the recent share acquisition in W2T’s strategic shareholder, AFC Energy, Ervington Investments, whose ultimate beneficial owner is Roman Abramovich, has acquired a 10% stake in the share capital of Waste2Tricity. Paul Heagren, a long standing employee of Mr. Abramovich, will be joining the company as a Non-Executive Director.
Peter Jones, Chairman of Waste2Tricity, said: “We are delighted to be able to announce the valuable addition of Paul Heagren to the board and the new relationship with Roman Abramovich’s company. We note Ervington’s recent investments in AFC Energy Plc, the low cost alkaline fuel cell company, and Alter NRG, the leading plasma gasification company. Waste2Tricity has a longstanding relationship with both of these companies and their technologies.”
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 (ICEs/GTs).
Waste2Tricity is a British venture established to implement the most efficient energy conversion process available – by implementing a unique combination of AFC Energy’s new generation alkaline fuel cells with Alter NRG’s plasma gasification and other existing proven technologies. The system will therefore have significant environmental and cost benefits over other methods of electricity generation. For more information, visit Waste2Tricity at www.waste2tricity.com
About fuel cells
A fuel cell is a device that produces electricity, heat and water by reacting a hydrogen-rich fuel with oxygen. Conventional engines and turbines combust fuel to produce mechanical energy prior to generating electricity. The direct generation of electricity allows fuel cells to be highly energy efficient. There are several different types of fuel cell, each with its own characteristic but they are all based around a common central design. Fuel cells are increasingly being deployed for applications ranging from vehicles, domestic boilers, powering portable equipment and large scale power stations.
For further information, please contact:
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.