Oxford Catalysts Group Plc, a U.K. developer of small-scaled gas-to-liquid fuel technology, sold a 3.5 percent stake to Roman Abramovich that’s valued at about 6 million pounds ($10 million) to help commercialize its process.
Invesco Ltd. also bought 7 percent, said Jonathan Charles, a spokesman for Oxford Catalysts. Abramovich channeled the funds through Ervington Investments, a vehicle the Russian billionaire owner of Chelsea Football Club set up to fund green technology.
Oxford Catalysts, founded after a chemical discovery in an Oxford University laboratory, sold 30.6 million pounds in shares in a placing announced Dec. 11 to bring its products to market. It rose 5.9 percent to 153 pence by 2:49 p.m. in London.
The company, based in the English city of the same name, develops technology to produce liquid fuels from gas or other carbon-containing solids such as biowaste. After 15 years in development, its technology is ready to be marketed following demonstration projects and orders last year from OAO Rosneft, Russia’s largest oil producer, and British Airways Plc.
Ruffer Investment Co., Henderson Global Investors Ltd. and Lansdowne Parters LP hold at least 3 percent each, Charles said.