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Friday, 10 December 2010

Powerfuel of Hatfield in Administration

Powerfuel, has gone into administration after failing to raise enough money to work on carbon capture and storage technology at its Hatfield site near Doncaster. The firm, employs 380 people, and the administrators at KPMG are hoping to secure a buyer to protect jobs.

The business had already raised £164m from the European Union, as a grant to build the station but it failed to raise the rest required for the building of the station at a total cost of £800m.

KPMG administrator Richard Fleming explained, "The central goal of the administration is to sell the share capital of the mining and carbon capture and storage (CCS) development project which sits in Powerfuel, the parent company."

"The day-to-day business of both Powerfuel Mining and Powerfuel Power will not be affected by the sales process," he added.

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