11th Mar 2008 09:57
Scottish & Southern Energy PLC11 March 2008 SCOTTISH AND SOUTHERN ENERGY PLC New fuel cell joint venture with Intelligent Energy Scottish and Southern Energy plc ("SSE") and Intelligent Energy have todayannounced the formation of a joint venture company which will develop clean andreliable, fuel cell based, combined heat and power systems ("CHP") for the lightindustrial, commercial and residential markets in the United Kingdom andIreland. SSE will initially invest £1 million for a 50 per cent share in the new company,which will be called IE CHP (UK & Eire) Ltd. Intelligent Energy and SSE willmake phased investments to the business as it reaches a series of mutuallyagreed milestones. The joint venture will combine Intelligent Energy's leading fuel cell andhydrogen generation technologies with SSE's customer base and serviceoperations, and confirms SSE's commitment to enhancing its portfolio of cleanenergy alternatives. Ian Marchant, Chief Executive of Scottish and Southern Energy, said, "This jointventure represents a clear statement of intent by SSE that we will continue toexpand and develop our portfolio of clean energy businesses. We are particularlypleased at commencing our commercial involvement in CHP fuel cell technologyusing Intelligent Energy's fuel cell and reforming expertise, which we believeis clearly suited to our business priorities in this future market." Commenting on the relationship with SSE, Henri Winand, Chief Executive ofIntelligent Energy, said "We are delighted to be partnering with Scottish andSouthern Energy to progress fuel cell development in the CHP market. Together,we have the potential to create a new and energy efficient product portfoliothat offers a competitive choice to the consumer. This joint venture shows thatclean alternatives for energy generation have a real future and we very muchlook forward to working with Scottish and Southern on this exciting newproject." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SSE