January 16 (Renewables Now) - Scotland-based clean energy company Logan Energy this week announced it has raised GBP 1 million (USD 1.3m/EUR 1.2m) from Glasgow-based Kelvin Capital to invest in a hydrogen joint venture (JV) in China.
The JV with China-based industrial machinery products maker Henan Lanxing Power Equipment Co will push hydrogen and fuel cell development to reduce carbon dioxide (CO2) emissions. This comes as China aims at hydrogen making up 10% of its energy use by 2040.
Logan technology converts electricity from wind, solar, hydro and tidal power into hydrogen via the electrolysis of water. The hydrogen can then be stored in fuel cells. The company uses energy cells for heating and cooling systems in buildings in its projects in the UK and across Europe.
“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,” CEO Bill Ireland noted.
(GBP 1.0 = USD 1.306/EUR 1.170)