Waste to energy firm Advanced Plasma Power (APP) has secured a £35m investment to develop plants across the UK and Europe.
Leveraged Green Energy (LGE), an existing institutional shareholder of APP, will provide the funds. It has invested an additional £7.6m at 50p per share by exercising in full the remainder of its option under its original transaction in May 2009.
A separate £7.5m of investment into APP at £2 per share has also been agreed, which it will call on for project development if needed. This would value APP at around £300m.
As well as these two funds, LGE has pledged £20m as a cornerstone investment, which will help to finance individual projects. APP has also reported it is securing interest from a number of other potential interested parties in the fund due to “the highly attractive investment returns on projects”.
Alongside this, the company has appointed Rolf Stein as its new chief executive.
Commenting on the £35m investment, he said: “Securing additional investment from LGE and the anticipated project fund are significant developments for APP. They represent a strong validation of the company’s technology, strategy and management as we prepare for an exceptional period of major growth.”
Stein has replaced former chief executive Simon Merriweather, who resigned after two years at the company. Stein has previously held posts at APP as its commercial director and, more recently, its chief operating officer. He has worked in the plasma industry since 2006.
APP chairman Paris Mayedi said: “It gives me great pleasure to announce Rolf’s appointment. I am confident that his previous experience will equip him well to take the company forward at this tremendously exciting time. He has been instrumental in APP’s development to date.”