Sigma, the specialist asset manager, is pleased to announce that the Sigma Sustainable Energies Fund (“SSEF”), which invests in companies developing technologies in the area of clean energy and energy efficiency, has led a total investment of approximately £0.7m into St Andrews Fuel Cells Limited, a spin-out company from St Andrews University which is developing innovative fuel cell technology.
Acting as lead investor, the SSEF has invested £250,000 in St Andrews Fuel Cells Limited, with the balance of the funds coming from existing investors NESTA Investments and Imprimatur Capital, and new investors, the Low Carbon Seed Fund and Scottish Enterprise Scottish Seed Fund. In addition to the money raised at this round, St Andrews Fuel Cells Limited has secured significant grant funding.
St Andrews Fuel Cells Limited was spun out from the University of St Andrews in 2005 having been created to exploit an innovative new solid oxide fuel cell design, called ‘SOFCRoll’. The business is focused on making SOFCRoll a commercially viable technology for low kilowatt, portable fuel cell applications and combined heat and power systems.
Mark Hogarth, Investment Director of Sigma, said,
“We are delighted to be investing in St Andrews Fuel Cells Limited alongside NESTA Investments, Imprimatur Capital, the Low Carbon Seed Fund and the Scottish Enterprise Scottish Seed Fund. The company has the opportunity to deliver a low cost solution for low kilowatt portable fuel cell applications and combined heat and power systems.
Clean energy and energy efficiency are a key focus for Sigma and the SSEF was Sigma’s first fund specifically dedicated to investment in these areas. In June 2007 we launched a second larger fund, the Sigma Sustainable Energy Fund II, which has had a first and second closing raising £45m of funds so far from investors including Scottish and Southern Energy plc, Bank of Scotland Corporate, Sir Tom Hunter’s West Coast Capital, Elsina Limited (a vehicle advised by Vincent Tchenguiz’s Consensus Business Group) and Sigma Technology Investments Limited. This second fund recently completed its first investment in a marine energy company, called Aquamarine Power Limited, which is developing both tidal and wave energy conversion technologies.”
Enquiries
Sigma Capital Group plc
Mark Hogarth, Investment Director
T: 0131 220 9444
Graham Barnet, Chief Executive
Biddicks
Katie Tzouliadis/ Sophie Lane
T: 020 7448 1000
Arbuthnot Securities
Tom Griffiths/ Neil Kirton
T: 020 7012 2000
Company website: www.sigmacapital.co.uk
About Sigma Sustainable Energies Fund
The Sigma Sustainable Energies Fund is a £6m fund that was established in January 2006 to invest up to £500,000 in Scottish companies developing technologies in the field of clean energy and energy efficiency. Investors in the fund are Scottish and Southern Energy plc, the European Regional Development Fund, Scottish Enterprise Fife and Sigma.
About Sigma Sustainable Energy Fund II
The Sigma Sustainable Energy Fund II is a new venture capital fund established by Sigma Capital Group plc to invest in companies throughout the UK and Europe that are developing technologies relating to clean energy and energy efficiency.
The SSEF II currently stands at £45m following two closings and remains open to new investors until the 16th June 2008. Investors so far include Scottish and Southern Energy plc, Bank of Scotland Corporate, Sir Tom Hunter’s West Coast Capital and Elsina Limited (a vehicle advised by Vincent Tchenguiz’s Consensus Business Group).