Ervington Investments Company, controlled by Russian billionaire Roman Abramovich, has acquired 10% of British Waste2Tricity dealing with waste recycling. Transaction amount and other details were not disclosed, but it is known that the representative of Abramovich Paul Hegre will be able to enter the board of directors of the company as the non-executive director.
We particularly welcome recent investment from Ervington in AFC Energy and Alter NRG Corp. Companies that also operate in alternative energy. Waste2Tricity has long partnership and technology transfer with both companies - the member of the Board of Waste2Tricity, Peter Jones says.
This is not the first investment of Ervington Investments in alternative energy: the company has recently acquired 33M shares of AFC Energy – a manufacturer of hydrogen fuel cells. The amount of investment totaled $14.4M, the deal should be closed in the next month.