Underground coal gasification company Linc Energy Ltd
(ASX:LNC) has spent almost 3 million pounds to acquire a 10 per cent stake in UK-based AFC Energy.
AFC Energy is listed on the London Stock Exchange and is a hydrogen fuel cell company focussed on the development and construction of low cost hydrogen fuel cells for clean power generation.
Linc says it has secured the global rights to the joint application of AFC’s fuel cell technology and its underground coal gasification process, as well as exclusive rights to using this technology in Australia.
Adding, that the purchase will enable Linc to support AFC’s fuel cell technology in a meaningful way while also benefiting from direct ownership and participating in management.
Linc Energy recorded a net loss of $16.26 million in the 2010 financial year.
