Shareholders Structure

FRV Shareholders: current (and target) shareholding stakes in the company.

Denham Capital (Denham): 66,7%
 Denham Capital is an energy-focused global private equity firm with more than $ 7 billion in invested and committed funds that invests directly in the oil and gas, power and renewables, and metals and minerals industries. From offices in London, Boston, Houston, Sao Paulo and Perth. Denham Capital invests globally, with current investments in Africa, the Middle East, the U.S., Canada, South Africa, Australia, Europe and Asia. Denham Capital invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating business, and all segments of the capital structure. For more information about Denham Capital, visit

Qualitas Venture Capital (QVC): 8,3%
Qualitas Venture Capital is a private equity firm funded by Timón Group. QVC is managed by Qualitas Equity Partners (QEP), an investment management company founded in 2003 with the purpose of identifying and managing alternative private assets. QEP began as a private equity firm managing a fund of € 150 million to invest in buy-outs and growth capital in Spain. Its historical portfolio includes seven companies. Following a number of successful exits from these portfolio companies, Qualitas currently manages three remaining companies. In 2006, Qualitas invested in the solar power industry with the goal of creating a leading international solar power generation company. For more information about QEP, visit

Founder’s Group: 25%
A group of professionals, founders of the company, including Rafael Benjumea, José Benjumea and Borja Guinea.

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