Scottish & Southern Energy PLC
11 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 today
announced the formation of a joint venture company which will develop clean and
reliable, fuel cell based, combined heat and power systems ('CHP') for the light
industrial, commercial and residential markets in the United Kingdom and
Ireland.
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 will
make phased investments to the business as it reaches a series of mutually
agreed milestones.
The joint venture will combine Intelligent Energy's leading fuel cell and
hydrogen generation technologies with SSE's customer base and service
operations, and confirms SSE's commitment to enhancing its portfolio of clean
energy alternatives.
Ian Marchant, Chief Executive of Scottish and Southern Energy, said, 'This joint
venture represents a clear statement of intent by SSE that we will continue to
expand and develop our portfolio of clean energy businesses. We are particularly
pleased at commencing our commercial involvement in CHP fuel cell technology
using Intelligent Energy's fuel cell and reforming expertise, which we believe
is clearly suited to our business priorities in this future market.'
Commenting on the relationship with SSE, Henri Winand, Chief Executive of
Intelligent Energy, said 'We are delighted to be partnering with Scottish and
Southern Energy to progress fuel cell development in the CHP market. Together,
we have the potential to create a new and energy efficient product portfolio
that offers a competitive choice to the consumer. This joint venture shows that
clean alternatives for energy generation have a real future and we very much
look forward to working with Scottish and Southern on this exciting new
project.'
This information is provided by RNS
The company news service from the London Stock Exchange
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