Chelsea owner Abramovich buys stake in fuel cell company
11 Oct 2012
London - Roman Abramovich is taking a stake in industrial fuel cell power company AFC Energy, with an £8.7 million equity investment by his equity firm Ervington Investments Ltd.
The deal also involved Millhouse LLC, an investment advisory company to the Chelsea Football Club owner.
The funds will support AFC Energy’s strategy to become a leading hydrogen fuel cell energy supply company for industrial and utility-scale applications, said Ian Williamson, its chief executive.
As part of the investment, Ervington has the right to nominate two directors to the board of AFC Energy.
“Ervington’s support not only enables us to take full advantage of our commercialisation plans expeditiously but will also provide us with high level access to energy users and potential partners globally.”
AFC Energy claims its hydrogen fuel cells are cleaner and more efficient than technologies that use combustion to generate energy like gas-fired power stations. They also, it says, supply continuous, base-load power unlike other clean energy sources such as solar and wind power.
