Scottish and Southern Energy Plc (SSE) announced on Monday that it had bought a 21 per cent stake in Logan Energy Limited at a cost of £375,000 plus goodwill brought to the new business.
Logan Energy Limited is a newly established subsidiary of US company Logan Energy Inc, an established fuel cell installation and maintenance company. The new subsidiary is responsible for developing Logan's UK and European market and recently won the rights to provide 200Kw of fuel cell for the Transport for London offices in Palestra.
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