Scottish & Southern Energy PLC
21 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 Logan
Energy Limited, a newly established subsidiary of Logan Energy (US) Inc., in
return for £375,000 and goodwill brought to the new business.
This investment has been matched by a corporate co-venturing investment from
Scottish Enterprise, which is acquiring a 15% stake. This is the first such
investment by Scottish Enterprise's Scottish Co-investment Fund.
Logan Energy (US) Inc. ('Logan') is an established fuel cell installation and
maintenance company. It has installed more than 75 fuel cell plants of over 8MW
in 65 locations. It has a product catalogue that includes a wide range of power
plant options designed for Residential/Light Commercial, Commercial and
Industrial applications.
Logan Energy Limited will develop Logan's UK and European market. This business
is currently at various stages of discussion on over 20 potential fuel cell CHP
installations. Since negotiations commenced, Logan Energy Limited has won the
contract to supply a 200Kw fuel cell into the Transport for London offices at
Palestra. SSE has also awarded Logan Energy Limited the contract to install a
200Kw fuel cell CHP facility at its new operations centre in Havant.
David Gardner, Head of Ventures at SSE, said: '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 Limited complements this investment very
effectively.'
This information is provided by RNS
The company news service from the London Stock Exchange
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