Clean energy company Logan Energy has secured a £ 1million investment from Kelvin Capital to support a hydrogen energy joint venture in China.
Edinburgh-based Logan will work with Henan Lanxing Power Equipment Co on plans to reduce carbon emissions by pushing the development of hydrogen and fuel cells. Logan technology uses the electrolysis of water to convert wind, solar, hydro and tidal electricity into hydrogen, which can then be stored in fuel cells. Its projects in the UK and Europe have used energy cells to power the heating and cooling systems of buildings.
The Chinese partnership will create eight new jobs in design, production, maintenance and business development.
China aims to create a “hydrogen society” to meet climate and pollution targets and hopes that hydrogen will account for 10% of its energy use by 2040.
Bill Ireland, CEO of Logan Energy, said: “We are absolutely delighted that Lanxing has invested in Logan Energy. This demonstrates our position in the industry and in particular the need for skilled integration specialists in the rapidly expanding global hydrogen market.
“We have experienced organic growth over the past 10 years, but this initial investment is critical to supporting the expansion of Logan Energy to meet the growing demand for our clean energy solutions. “
John McNicol, Chief Investment Officer of Kelvin Capital, said: “Renewable energy is at the forefront of the world and Kelvin Capital is delighted to have been able to support this fantastic opportunity for Logan Energy, an established company offering full-service fuel cell and hydrogen technologies.
“This perfectly demonstrates Kelvin Capital’s growing international investor base during a record year of investment. We look forward to supporting Logan’s ambitious plans and introducing them to our extensive network of contacts in the UK and China to maximize the great potential they have in this market.