Funding secured to launch hydrogen tech JV
Published: 15 January 2020 - Carly Wills
Clean energy solutions provider, Logan Energy, has secured £1m investment from Kelvin Capital via its international collaboration with Henan Lanxing Power Equipment Co Ltd (Lanxing) to build on its hydrogen technology capabilities and develop operations in the Chinese market.
This joint venture with Lanxing will kick off in 2020 and will see Logan Energy perform similar business functions in China to its current hydrogen tech activities throughout the UK and Europe.
Lanxing has invested in Logan Energy’s integration expertise to develop the hydrogen market in China because there is currently no other hydrogen tech specialist like Logan Energy in the country or surrounding territories.
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.
In the summer, 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 ten per cent of its energy system by 2040.
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."
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.