£1m funding for Logan Energy
Edinburgh firm Logan Energy has secured £1 million funding.
Kelvin Capital has backed the clean energy solutions provider via its international collaboration with Henan Lanxing Power Equipment.
It will allow Logan to build on its hydrogen technology capabilities and develop operations in the Chinese market.
As well as supporting this new joint venture, the cash injection will be used to create eight new jobs across the design, production, servicing and business development departments.
Bill Ireland, CEO of Logan Energy, said: “We are absolutely delighted that Lanxing have invested in Logan Energy. This demonstrates our standing in the industry and specifically the need for competent integration specialists in the rapidly expanding global hydrogen market.
“We have grown organically over the past 10 years but this initial investment is crucial to supporting the expansion of Logan Energy to meet the growing demand for our clean energy solutions.”
In the summer of this year, China’s Science and Technology Minister, Wan Gang, called for China to look into developing a “hydrogen society”. As a result, China is now driving hydrogen and fuel cell development.
The country sees hydrogen as a valuable way for China to meet its climate and pollution goals without increased reliance on imported fuels, and hopes that hydrogen will account for 10% of its energy system by 2040.
Ireland continued: “We are currently expanding into new areas and markets, and are excited to work with Lanxing to deliver innovative hydrogen technology solutions in China and further afield.”
John McNicol, Investment Director of Kelvin Capital, said: “Renewable energy is at the forefront globally and Kelvin Capital are delighted to have been able to support this fantastic opportunity for Logan Energy, an established company who offer full service fuel cell and hydrogen technologies.
“It perfectly demonstrates the growing international investor base of Kelvin Capital in what has been a record year of investment. We will look forward to supporting Logan’s ambitious plans and introducing them to our extensive network of contacts in the UK and China to maximise the great potential that they have in this marketplace.”
Looking to the next 12-months, Logan Energy will be focusing on reinforcing its core team, as well as continuing to develop its product offerings and expanding its operations on a regional, national and international level.
Logan Energy designs, installs, commissions and maintains Energy Centres across the UK and Europe, and has built up a over decade of knowledge in stationary fuel cell and combined heat and power projects.
To date, Logan Energy and its five subsidiaries have installed, commissioned and maintained over 1MWe of fuel cells.