Logan Energy secures £1m funding to launch joint venture with Henan Lanxing Power Equipment Co.
Logan Energy has secured a £1m investment to build on its hydrogen technology capabilities and develop operations in the Chinese market.
Clean energy solutions provider, Logan Energy, has secured £1 million investment from Kelvin Capital via their 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 have 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 of this year, 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 10% 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.
“We have grown organically over the past 10 years but this initial investment is crucial to supporting the expansion of Logan Energy to meet the growing demand for our clean energy solutions.”
He continued: “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 of Kelvin Capital, said: “Renewable energy is at the forefront globally and Kelvin Capital are delighted to have been able to support this fantastic opportunity for Logan Energy, an established company who offer full service fuel cell and hydrogen technologies.
“It perfectly demonstrates the growing international investor base of Kelvin Capital in what has been a record year of investment. 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.”
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.