LONDON--(BUSINESS WIRE)--Waste2Tricity (W2T), the cutting edge structured solutions provider for the waste to energy sector, has successfully completed a £1 million round of fundraising from new investors from the UK, Europe, Thailand, Australia, UAE and Israel together with current shareholders and board directors - which was over-subscribed.
A number of key factors fuelled the success of this fundraising:
- Bilsthorpe Business Park, Nottinghamshire is the potential home, subject to planning permission, of the new, modern and efficient Bilsthorpe Energy Centre (BEC) on land provided by Waste2tricity’s partner Peel Holdings and W2T’s first project , is moving towards completion of its Concept Design Study (CDS) phase;
- W2T is actively investigating other suitable and viable sites in the UK;
- The establishment of Waste2Tricity International (Thailand) Ltd, April 2013 is now enabling W2T to work in partnership with a number of Thai companies, government departments, waste company operators and land owners to collaboratively develop a pipeline of waste to energy projects.
These interim funds give W2T on-going working capital for its current plans and allow the company to pursue its aggressive strategy to create a large opportunity for early deployment of the AFC Energy fuel cell technology, positioned to achieve commercial roll out by 2016, revolutionising the waste-to-energy industry. This will enable W2T to gain a leading, first-to-market position with the most advanced technologies available anywhere in the world.
W2T has been actively deploying a pilot strategy in Thailand that will lead to the establishment of a number of subsidiaries, each operating in target geographies, that will co-operate with its primary front-end plasma gasification supplier, Alter NRG Westinghouse, to establish partnerships with local strategic partners. It is the primary goal of W2T to be one of the first large scale operators of AFC Energy fuel cells which will give the net output of any waste-to-energy plant up to 50% more electricity output than any other competing system. Currently W2T is in discussion with Thai companies that have aggregated waste streams in excess of 10,000 tons per day that would, in the fullness of time, provide sufficient hydrogen to power close to 1000 MW of fuel cells within the next 5 years.
Peter Jones OBE, Chairman of W2T says, “We are delighted to announce the completion of our successful fundraising which has been strongly supported by both existing and new investors and clearly indicates strong investor confidence. The combination of Alter NRG’s plasma gasification and AFC Energy is clearly creating a viral technology with this investment recognising the value of Waste2Tricity’s waste management proposition, which is meeting an ever-more pressing need in European and Asian energy markets.”
Established in 2008, Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that integrate proven plasma gasification and internal combustion engines/gas turbines (ICEs/GTs). Shareholders at the global waste solutions firm include Roman Abramovich’s Ervington Investments, who acquired a 10% share capital stake in November last year. Waste2tricty was actively involved with the $500 million Air Products Tees Valley Renewable Energy Facility (TV1), a 350,000 ton 50MW program utilising Alter NRG Westinghouse waste to energy project currently being built in Tees Valley and subsequently the announcement of TV2, a duplicate project adjacent to TV1.
Notes to Editors
Waste2tricity is a structured solutions provider for the waste to energy sector. Its shareholders include Ervington Investments (UBO Roman Abramovich), Age of Reason Foundation and Eturab, all of whom are substantial shareholders in AFC Energy and/or Alter NRG Westinghouse and represent approx. 30% of each company. For more information, visit Waste2Tricity at www.waste2tricity.com
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
Alter NRG provides alternative energy solutions to meet the growing demand for environmentally responsible and economically viable energy in world markets. Alter NRG's primary objective is to further commercialize the Westinghouse Plasma Gasification Technology, through its wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and provide a wide variety of energy outputs – including liquid fuels like ethanol and diesel, electrical power, and syngas: www.alternrg.com