21st Apr 2008 10:00
Scottish & Southern Energy PLC21 April 2008 SCOTTISH AND SOUTHERN ENERGY PLC New Investment in Logan Energy Limited Scottish and Southern Energy plc ("SSE") has acquired a 21% stake in LoganEnergy Limited, a newly established subsidiary of Logan Energy (US) Inc., inreturn for £375,000 and goodwill brought to the new business. This investment has been matched by a corporate co-venturing investment fromScottish Enterprise, which is acquiring a 15% stake. This is the first suchinvestment by Scottish Enterprise's Scottish Co-investment Fund. Logan Energy (US) Inc. ("Logan") is an established fuel cell installation andmaintenance company. It has installed more than 75 fuel cell plants of over 8MWin 65 locations. It has a product catalogue that includes a wide range of powerplant options designed for Residential/Light Commercial, Commercial andIndustrial applications. Logan Energy Limited will develop Logan's UK and European market. This businessis currently at various stages of discussion on over 20 potential fuel cell CHPinstallations. Since negotiations commenced, Logan Energy Limited has won thecontract to supply a 200Kw fuel cell into the Transport for London offices atPalestra. SSE has also awarded Logan Energy Limited the contract to install a200Kw fuel cell CHP facility at its new operations centre in Havant. David Gardner, Head of Ventures at SSE, said: "Logan Energy has a strong trackrecord in installing and maintaining fuel cell CHP plants that it is nowbringing to the UK. This deal provides SSE with an experienced partner in thefuel cell installation market and is an important part of our strategy todevelop a portfolio of clean energy businesses. "SSE recognises the importance of the fuel cell market in the UK which is why itrecently invested in Intelligent Energy, a fuel cell development company, andthis new investment in Logan Energy Limited complements this investment veryeffectively." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SSE