AFC Energy Participates in Waste2Tricity Funding Round

09 Oct 2013

AFC Energy (AIM: AFC), has announced 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 the board directors of W2T.

Waste2Tricity 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.

AFC

AFC 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.

AFC 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.

The raised funds will provide working capital for W2T to continue its on-going 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 opportunities as they arise.

Ian Williamson, Chief Executive of AFC Energy plc, said: “Our continued support of W2T will help open up potentially lucrative opportunities for our low cost fuel cells to be utilised within the energy-from-waste sector. Part of AFC Energy’s long term strategy is to licence our technology in a variety of applicable sectors and we look forward to continuing our work with W2T with the goal of generating electricity from domestic and commercial waste.”

Shareholders at W2T include Roman Abramovich’s Ervington Investments, who hold a 9% stake following its investment in November 2012, and who also owns an 11.2% stake in AFC Energy.

    

Source: AFC Energy emailed press release.

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