DIRECTORS at Edinburgh-based fuel cell supplier Logan Energy have led a management buy-out from their American parent company in order to secure second-round funding.
Atlanta-based Logan Energy Corporation will continue to hold a minority stake in the firm, alongside the Scottish Investment Bank (SIB) and SSE Ventures, the investment arm of the Scottish Hydro Electric owner.
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 marketplace, which is currently doubling every year and is likely to far exceed this.”
SSE holds a 21 per cent stake in the firm, while the Scottish Investment Bank has a 15 per cent holding. The US parent firm said it is “redistributing” its shares to the directors.