Logan Energy has secured £1 million investment from Kelvin Capital to back a hydrogen power joint venture in China.
Edinburgh-based Logan plans to work with Henan Lanxing Power Equipment Co to cut carbon discharges by pushing hydrogen and energy component advancement.
The joint venture with Lanxing will begin sometime in 2020 and will see Logan Energy perform similar business functions in China to its current hydrogen tech activities throughout the UK and Europe.
China is planning to make a “hydrogen society” to meet atmosphere and contamination objectives and expectations hydrogen will represent 10% of its vitality use by 2040.
Bill Ireland, CEO of Logan Energy, stated: “We are completely enchanted that Lanxing have put resources into Logan Energy. This shows our remaining in the business and explicitly the requirement for capable combination authorities in the quickly growing worldwide hydrogen showcase.
“We have become naturally in the course of recent years yet this underlying speculation is pivotal to supporting the development of Logan Energy to fulfill the developing need for our perfect vitality arrangements.”
John McNicol, venture chief of Kelvin Capital, stated: “Sustainable power source is at the cutting edge all around and Kelvin Capital are enchanted to have had the option to help this awesome open door for Logan Energy, a built up organization who offer full assistance power module and hydrogen advances.
“It superbly exhibits the developing universal financial specialist base of Kelvin Capital in what has been a record year of venture. We will anticipate supporting Logan’s driven plans and acquainting them with our broad system of contacts in the UK and China to augment the extraordinary potential that they have in this commercial center.”
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks
