Business
AFC Energy participates in Waste2Tricity fundraise
AFC Energy participates in Waste2Tricity fundraise.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 9386P AFC Energy Plc 08 October 2013 \n \n\n8 October 2013\n \n \nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \nAFC Energy participates in Waste2Tricity fundraise \n \nInvestment demonstrates AFC Energy's continued support for partners' energy-from-waste projects as Waste2Tricity raises £1 million \n \nAFC Energy (AIM: AFC), the fuel cell energy developer for industry, is pleased to announce that it has participated in a £1 million funding round in Waste2Tricity Ltd. (\"W2T\"), a solutions provider for the waste-to-energy sector, in which AFC Energy owns a 23% stake. AFC Energy committed £50,000 in an oversubscribed round which included existing and new investors as well as board directors of W2T. \n \nWaste2Tricity works with clients and partners to develop, fund and support energy-from-waste (\"EfW\") deployment projects where there are great environmental and commercial benefits from treating waste as a feedstock resource, rather than as a problem to be buried in landfill or burned in incinerators. W2T is involved in developing a number of these projects which, if successfully brought to fruition, could offer AFC Energy an exciting opportunity in the medium term once volume production has commenced. \n \nAFC Energy has been a partner of W2T since the Company took a 25% stake in W2T in June 2009. In April 2012 W2T exercised its right to exclusively represent AFC Energy in the UK until 2022 for the integration of fuel cells with hydrogen derived from the plasma gasification of municipal solid waste. As part of the agreement AFC Energy will receive an initial fee of £1 million over a period of four years, of which £0.2 million has already been received. \n \nAFC Energy's participation in this round of funding demonstrates the Company's continued support for W2T. Following the completed fundraise W2T is valued at approximately £10 million, which values AFC Energy's stake at £2.3 million. \n \nThe raised funds will provide working capital for W2T to continue its ongoing projects while aggressively pursuing its strategy to create opportunities for the deployment of AFC Energy's fuel cell technology and be one of the first large scale operators of AFC Energy fuel cells. AFC Energy will continue to work with W2T to target and develop EfW ...