Scottish and Southern Energy
(SSE) announced yesterday that it has acquired a 21 per cent stake inLogan Energy Limited
, a newly established subsidiary of Logan Energy (US) for £375,000.
This investment has been matched by a corporate co-venturing investment from Scottish Enterprise, which is acquiring a 15 per cent stake.
Logan Energy (US) is a fuel cell installation and maintenance company that has installed more than 75 fuel cell plants of over 8MW in 65 locations. Its fuel cell solutions are designed for residential, commercial, and industrial applications.
According to SSE, Logan Energy Limited will develop Logan's UK and European market, which is at various stages of discussions for over 20 potential fuel cell CHP installations.
Since negotiations commenced, Logan Energy Limited has won the contract to supply a 200Kw fuel cell for Transport for London offices in Southwark, London. SSE has also awarded Logan Energy Limited the contract to install a 200Kw fuel cell CHP facility at its new operations centre in Havant, Hants.
‘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,’ said David Gardner, head of ventures at SSE. 'SSE recognises the importance of the fuel cell market in the UK which is why it recently invested in Intelligent Energy, a fuel cell development company, and this new investment in Logan Energy Limited complements this investment very effectively.'