Scottish and Southern Energy (SSE) has acquired the shareholding from its strategic investment partner, Vantage Point Venture Partners. This represents the first direct investment by SSE’s ventures team in a US-based clean technology company.
Premium Power (PPC) develops and supplies energy storage systems that can be used in a number of applications associated with the generation and transmission of electricity.
SSE has placed a contract with PPC for the supply and installation of a trial system at its transmission substation in Nairn, near Inverness, Scotland.
David Gardner, head of ventures at SSE, said: This investment in Premium Power is our first direct investment in the US clean-tech sector. The technologies being developed by PPC have the potential to support many of SSE’s core businesses and as such are another example of how our investments have a direct business benefit as well as making financial sense.
