The investment from Intelligent Energy and SSE of £2.7 million was triggered by the joint venture company IECHP reaching all its pre-agreed milestones. A further £1 million has been secured from Scottish Enterprise’s Scottish Venture Fund.
IECHP was originally set up in 2008 and the latest investment underscores SSE and Intelligent Energy’s commitment to bringing clean CHP technologies to market for residential, commercial and light industrial users.
SSE has also purchased an undisclosed number of shares in Intelligent Energy.
“This investment is further evidence of our support for new technology development through investment and strategic partnerships with leading players in the clean technology sector,” says Ian Marchant, CEO of SSE.
Intelligent Energy has a range of fuel cell and hydrogenation technologies and is leading the consortium to deliver a fleet of zero-emission fuel cell hybrid taxis to London for the 2012 Olympic Games.