SSE will initially invest £1m for a 50 per cent share in the new company, which will be called IE CHP (UK & Eire). Loughborough-headquartered Intelligent Energy and SSE will make phased investments to the business as it reaches a series of mutually agreed milestones.
The joint venture will combine Intelligent Energy’s fuel cell and hydrogen generation technologies with SSE’s customer base and service operations. The CHP systems the company develops will be targeted toward the light industrial, commercial and residential markets in the UK and Ireland.
Ian Marchant, chief executive of Scottish and Southern Energy, said: ‘We are pleased at commencing our commercial involvement in CHP fuel cell technology using Intelligent Energy’s fuel cell and reforming expertise, which we believe is clearly suited to our business priorities in this future market.’