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Chelsea FC billionaire Roman Abramovich buys stake in Leyland firm
10:51am Wednesday 28th August 2013 in News
Chelsea Football Club’s Russian billionaire owner Roman Abramovich has bought a stake in a Leyland firm.
Ervington Investments Ltd, which is owned by Abramavich, and Zara Shvidler, the wife of his friend Eugene, each took a 1.5 per cent share in Clean Air Power.
It came as the firm announced it has raised £5million by selling almost 52million shares.
The firm, in Aston Road, makes technology allowing trucks with diesel engines to run on clean and cheap natural gas.
In a statement, the firm said: “The company is particularly pleased that two new strategic investors took part in the placing, Ervington Investments Ltd, whose ultimate beneficial owner is Roman Abramovich, and Ms Zara Shvidler.
“Together, these two investors committed to subscribe, if necessary, for the entire placing which contributed significantly to the successful fundraising.
“As a result of significant institutional interest, the subscriptions of each of Ervington and Ms Shvidler were scaled back and they will each have an interest in approximately 1.5 per cent of the enlarged share capital of the company.”
The firm said it would use the cash raised from the placing to increase its trade in the US and Russia.
The statement said: “The net proceeds of the placing will be used to strengthen the group’s balance sheet ahead of future partnerships, to supplement working capital and to support marketing and sales activities in Russia and the US.
“Russia is an increasingly important market for Clean Air Power with demand for natural gas vehicles expected to grow significantly as major Russian gas companies plan to invest heavily in expanding the gas refueling network.
“In the US, Clean Air Power recently announced an agreement with an international parcel delivery company to install and trial 10 of its trucks with the group’s US version of its dual-fuel system.”
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