14th Jun 2007 14:30
Scottish & Southern Energy PLC14 June 2007 SCOTTISH AND SOUTHERN ENERGY PLC INVESTMENT IN SUSTAINABLE ENERGY FUND Scottish and Southern Energy plc ("SSE") is to invest £10m in a new fund (theSigma Sustainable Energy Fund II) to target sustainable, renewable and energyefficient technologies. The fund will be managed by a subsidiary of SigmaCapital Group, an AIM-listed fund management company that also owns SigmaTechnology Investments Limited, an investor in the fund. Bank of ScotlandCorporate and West Coast Capital are also investing in the fund, which will havean initial value of £35m. The 10-year fund will have an investment period offive years and has been established for investment mainly in the UK but alsothroughout Europe. SSE expects that its investment will yield business development opportunities ingeneration, storage and consumption technologies which have the potential tohelp the UK meet its target for reducing emissions of carbon dioxide and alsohelp to reduce dependence on fossil fuels. Such technologies may becommercialised or have a clear path to commercialisation but require furtherinvestment, which the new fund will be able to provide. SSE will also have theopportunity to earn a return from investments, and will be able to establishdirect commercial relationships with investee companies. SSE is already an investor in a separate £6m Sigma Sustainable Energies Fund.Its early investments include Ocean Power Delivery Ltd, which is developing thePelamis marine energy device, and Xipower Ltd, which has developed patentedbattery, power management and monitoring technologies. Ian Marchant, Chief Executive of SSE, said: "SSE is already involved in a widerange of leading-edge projects with the objective of meeting demand forelectricity while reducing emissions of carbon dioxide. I believe that this newfund will give us new opportunities to work with a range of companies which havedeveloped technologies to help deliver more sustainable means of producing andusing energy. It complements our existing plans to reduce the carbon from energyproduction and to reduce energy consumption and is a real step forward towards amore sustainable future." Enquiries to: Scottish and Southern Energy plcJustyn Smith - Head of Media Relations + 44 (0)845 0760 530Sharron Miller-Mckenzie - Press Office Manager + 44 (0)845 0760 530 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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