UK-based IE-CHP, which produces hydrogen fuel cells and other clean energy technologies, has raised £800,000 ($1.3m) in funding, which includes involvement from SSE Ventures, the corporate venturing unit of utility Scottish and Southern Energy (SSE).
Fuel cell technology developer Intelligent Energy and the Scottish Investment Bank, the investment arm of Scottish Enterprise, also participated.
The additional capital will be used for product development of its prototype smart power units, which use mains gas to generate hot water and electricity in people’s homes.
“IE-CHP’s smart power technology is different, in that it works with existing boilers,” says Mark Bugler, IE-CHP technical director. “This makes it much easier to install in people’s homes than was possible with earlier approaches, and it opens up a potentially enormous UK market.”
This latest round brings the total raised by IE-CHP to £5m ($8.3m).