AN industrial fuel cell firm that counts a Tory MP as its chairman received a boost to its coffers – and its shares – yesterday, after an fund led by Russian billionaire Roman Abramovich invested almost £9m.
Aim-listed AFC Energy said yesterday that Ervington Investments was pouring £8.7m into the firm, a move it said would “further strengthen AFC Energy’s balance sheet and provide the company with additional cash resources to execute its long term growth strategy”.
As a result, Abramovich’s firm will now own 15 per cent of the enlarged share capital.
Shares in the firm, which listed on the Alternative Investment Market in 2007, rose as high as 36.75p yesterday, before settling to close almost 15 per cent up at 33.25p.
The firm is chaired by Tim Yeo, the MP South Suffolk and the chairman of the energy and climate change select committee.