Intelligent Energy (IE), Scottish and Southern Energy (SSE) and Scottish Enterprise are to invest £3.7m into IECHP (UK and Eire), a joint venture formed between IE and SSE.
IECHP (UK and Eire) has been developing fuel-cell combined heat and power (CHP) systems for the residential, commercial and light industrial markets in the UK and Ireland since 2008.
The joint venture combines Intelligent Energy’s fuel cell and hydrogen generation technologies with Scottish and Southern Energy’s customer base and servicing business.
Having invested an initial £1.3m, the companies pledged to make a further series of investments once certain milestones had been reached.
By meeting those milestones, IECHP (UK and Eire) has now triggered a further £2.7m investment.
Dr Mark Lawson-Statham, board member of IECHP (UK and Eire), said: ‘The further investment from SSE and Intelligent Energy Holdings (IEH)serves to underscore the strong commitment of both companies to bring clean CHP technologies to the market.’