The Times 12 October 2012
Britain’s best known Russian oligarch is set to transform the fortunes of a small Surrey green energy company which has borrowed the Nasa technology that put rockets on the moon more than 40 years ago.
Roman Abramovich, industrial tycoon and Chelsea FC owner, has spent £8.7 million taking a 15 per cent stake in AFC Energy, an AIM-listed hydrogen fuel cell technology company.
The deal will allow Mr Abramovich to put two directors on the board to sit alongside AFC’s chairman Tim Yeo, the Conservative MP who also heads the Commons select committee on energy and climate change.
After the news of the stake was announced, shares in AFC closed 4p higher at 33¼p.
AFC’s fuel cells have already been signed up by Industrial Chemicals at a plant in Thurrock. The factory’s natural waste by-product is hydrogen and AFC’s kit uses that to fire a mini-power station to produce enough energy for the facility’s needs.
Read more…