Edinburgh's Logan Energy moves into Chinese hydrogen fuel market with £1m joint venture deal
Edinburgh-headquartered Logan Energy will embark on a joint venture with a Chinese manufacturer after securing £1 million investment.
The hydrogen and fuel cell specialist has unveiled a funding agreement with Henan Lanxing Power Equipment that will see the Scottish firm expand its technology capabilities and develop operations in the Chinese market.
The investment will also help Logan Energy to create eight jobs across its design, production, servicing and business development teams.
China’s science and technology minister recently called on the country to create a “hydrogen society”, seeing the gas as a valuable way to meet its climate and pollution goals without increased reliance on imported fuels.
Logan Energy currently designs, installs, commissions and maintains energy centres across the UK and Europe.
Chief executive Bill Ireland said: “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 ten years but this initial investment is crucial to supporting the expansion of Logan Energy to meet the growing demand for our clean energy solutions.”
“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 at Kelvin Capital, which supported the transaction, said: “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.”