Scottish and Southern Energy plc (SSE) and Scottish Enterprise's Scottish Co-investment Fund (SCF) have announced an investment of £750,000 (US$1.5 million) in fuel cell CHP company Logan Energy Ltd.
The newly established subsidiary of Logan Energy Inc. is currently at various stages of discussion on over 20 potential Fuel Cell Combined Heat and Power (CHP) installations and recently won the contract to supply a 200 kW fuel cell into a Transport for London office in London. SSE has also awarded Logan Energy Limited the contract to install a 200 kW Fuel Cell CHP facility at its new operation centre in Havant.
In their first equity investment deal together SSE and SCF have provided £375,000 ($750,000) each in return for a 15% stake each. The agreement takes SSE's stakeholding to 21%.
The funding will be used by Logan Energy Limited to develop its UK and European market.
David Gardner, Head of Ventures at SSE, says, 'Logan Energy has a strong track record in installing and maintaining fuel cell CHP plants that it is now bringing to the UK. This deal provides SSE with an experienced partner in the fuel cell installation market and is an important part of our strategy to develop a portfolio of clean energy businesses.'