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News Release from: Scottish Enterprise | Subject: Logan Energy
Edited by the Processingtalk Editorial
Team on 01 May 2008
Scottish investment into fuel cell CHP
systems
Scottish and Southern Energy (SSE) and the Scottish Enterprise Scottish Co-investment Fund (SCF) have completed their first equity investment deal together, putting GBP750k into Logan Energy
The investment of GBP750k into Logan Energy Limited, a newly established subsidiary of Logan Energy (US) comprises GBP375k from each investor in return for a 15% stake each This agreement takes the SSE stake-holding to 21%
This article was originally published on Processingtalk on 24 May 2007 at 8.00am (UK)
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The company is also preparing to move to a new location in the East of Scotland in the near future, from its current base in Nottingham.
The funding will be used by Logan Energy to develop its UK and European market.
The business 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 200kW fuel cell into a Transport for London office in London.
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SSE has also awarded Logan Energy the contract to install a 200kW Fuel Cell CHP facility at its new operation centre in Havant, Hampshire.
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".
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 compliments this investment very effectively".
Andrew Sloane, investment manager for the Scottish Co-investment Fund, adds, "The market for Fuel Cells in the UK and Europe is still in its early stages.
We know there is a market demand to develop and consume cleaner, more efficient power and we believe this will drive many market opportunities for Logan Energy to expand and grow in Scotland.
The Scottish Co-investment Fund has excelled in producing private sector leverage of GBP2.50 for every GBP1 of public money - an excellent example of economic development through sharing risk".
The Logan Energy parent company, Logan Energy (US), is an established fuel cell installation and maintenance company.
It has installed more than 75 fuel cell plants of over 8MW in 65 locations around the world.
It has a product catalogue that includes a wide range of power plant options designed for residential/light commercial, commercial and industrial applications.
A fuel cell is an electrochemical device that converts chemical energy directly into electricity without combustion, in contrast to more conventional electric generation technologies such as natural gas turbines or fossil-fuelled boilers.
Direct electrochemical conversion is environmentally attractive because of inherently low emissions, lower carbon intensity, as well as less noise and vibration because it is a "solid state" process.
The Scottish Co-investment Fund has recently been awarded GBP32 million, to be invested over the next seven years, through European Structural Funding.
This funding, matched with GBP40 million from Scottish Enterprise, will mean young, cutting edge Scottish companies can access a GBP72 million equity investment fund for their development and growth.
The Scottish Co-investment Fund is currently recruiting new investment partners to join its existing portfolio of 26 partners.
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