IECHP (UK and Eire) Ltd., a Loughborough , UK-based company that develops fuel-cell combined heat and power systems for the residential, commercial and light industrial markets, has received a further £3.7m investment.
Having met mutually agreed milestones, the founders of IECHP (UK and Eire), Intelligent Energy Holdings and Scottish and Southern Energy (SSE) invested £2.7m. Scottish Enterprise, which committed £1m via its Scottish Venture Fund, also participated in the financing.
The company was created in 2008 in order to combine Intelligent Energy’s fuel cell and hydrogen generation technologies with SSE’s customer base and servicing business. In the circumstance, the founders invested a total of £1.3m.
In conjunction with the trasaction, Scottish and Southern Energy purchased shares in Intelligent Energy Holdings.