New Investment in Premium Pow

RNS Number : 0685X

Scottish & Southern Energy PLC

19 June 2008

 



SCOTTISH AND SOUTHERN ENERGY PLC 
New investment in Premium Power Corporation 

Scottish and Southern Energy plc ('SSE') has invested $1 million in Premium Power Corporation (PPC), a US-based specialist supplier of energy storage systems.

SSE has acquired the shareholding from its strategic investment partner, Vantage Point Venture Partners (VPVP) and represents the first direct investment by SSE's ventures team in a US-based clean-tech company.

Premium Power Corporation develops and supplies energy storage systems that can be used in a number of applications associated with the generation and transmission of electricity. SSE has placed a contract with PPC for the supply and installation of a trial system at its transmission sub-station in Nairn, near Inverness.

 
David Gardner, Head of Ventures at SSE, said: 'This investment in Premium Power is our first direct investment in the US clean-tech sector. The technologies being developed by PPC have the potential to support many of SSE's core businesses and as such are another example of how our investments have a direct business benefit as well as making financial sense. '

 

END

 

 

MSCSFMSAUSASEEM