LG invests heavily in Rolls-Royce Fuel Cell Systems Inc.
Korean electronics and telecommunications conglomerate LG has taken a large step forward I its support for hydrogen fuel cells. The company has announced the investment of $45 million in Rolls-Royce Fuel Cell Systems, a subsidiary of Rolls-Royce Holdings. Through this investment, the fuel cell industry in Ohio, where Rolls-Royce’s manufacturing facilities are located, is expected to experience rapid growth. Though Rolls-Royce will still be involved in the manufacturing of fuel cell energy systems in Ohio, the development arms of the conglomeration will now be named after LG.
Fuel cell industry could grow quickly with the help of the new LG Fuel Cell Systems
As per its investment, LG own the majority share of Rolls-Royce Fuel Cell Systems. The company will now be named LG Fuel cell Systems. The company’s longstanding mission remains intact, though it will have access to more resources under the direction of LG. The company aims to develop large fuel cells for industrial, commercial, and utility use. These fuel cells are meant to be feed fuel through a natural gas pipeline. The new LG Fuel Cell Systems could have a profound impact on the Ohio fuel cell industry.
Acquisition causes some concern in Ohio’s political world
Previously, Rolls-Royce Fuel Cell Systems had won more than $5 million in grants from the Ohio government over the past ten years. The state also paid for the construction of the manufacturing headquarters for the company, which cost approximately $8 million. LG’s acquisition of the company has caused some concern that the state’s investments will have been for naught, but Governor John Kasich remains optimistic that the new company will be a boon to the state’s fuel cell industry.
Fuel cell industry may benefit from emissions standards coming from governments
Fuel cells have long been a popular energy option in the industrial world. The energy systems are capable of producing large quantities of electricity without releasing harmful emissions. As more companies find themselves facing strict emissions standards imposed by the local and federal governments, the interest in alternative energy systems continues to grow.
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