AFC Energy adds two new board members

The AIM-traded company said its new finance head has "extensive accounting and finance experience" as financial director of listed and owner-managed businesses across several sectors, with his most recent position being interim head of finance business partnering at Boots Contract Manufacturing UK.

Hayball meanwhile currently serves as Legal Counsel at MHC Ltd and is a representative of Ervington Investments Limited, which originally invested in the Company in 2012 and has supported it since then.

Ervington has the right to appoint two non-executive directors to AFC’s board as long as it and Eugene Shvidler hold over 10% of the company’s issued share capital.

John Rennocks, chairman of AFC Energy, said: "We are delighted to welcome Richard and Percy to the company. The combination of Richard's extensive corporate experience and strong strategic financial management will be most valuable as the company further progresses its commercialisation strategies. I would also like to thank Eugene for his great work in assisting the company since he first joined our team in 2013. Eugene has been, and continues to be, a great supporter of AFC Energy and we wish him all the best in his future endeavours."

Eugene Shvidler is an oil billionaire who formerly controlled Russian firm Sibneft with Roman Abramovich from 1995 to 2005 and is currently chairman of investment and asset management company Millhouse LLC.

As of 1023 BST, AFC Energy’s shares were down 3.37% at 10.05p.