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Logan Energy Restructures for Growth
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Edinburgh based Logan Energy Limited, the fuel cell and hydrogen solutions provider, has undergone a share restructure
Submitted on 06/07/12, 03:13 AM
Edinburgh based Logan Energy Limited, the fuel cell and hydrogen solutions provider, has undergone a share restructure. Previously Atlanta based Logan Energy Corporation held a majority shareholding in Logan Energy Limited but the redistribution of shares has given Logan Energy Limited independent status. The realignment will enable the company to obtain second round financing that will fund its expansion into new markets.
The equity is now spread across five shareholders: SSE Ventures Ltd., Scottish Enterprise's Scottish Investment Bank, Logan Energy Corporation and Logan Energy Limited's two working directors John Lidderdale and Bill Ireland. The existing shareholders SSE Ventures Ltd., Scottish Enterprise and Logan Energy Corporation are fully supportive of the move and are excited about the opportunities the development of the business going forward.
Distributed fuel cell based systems are often the most effective way of achieving customer's goals. Drivers are different in Europe, where the focus is around carbon reduction and maximising energy efficiency. In other parts of the world the focus is on security of supply.
Logan Energy Ltd has been installing fuel cells since 1995. To date they have installed over 170 systems and are currently responsible for over 18MWe of output.
John Lidderdale, Managing Director of Logan Energy said; "The new structure enables us to secure the second round funding that, in turn, will allow us to stay ahead of the growth curve in our market place which is currently doubling every year and is likely to far exceed this."