Mirant, the US energy producer, has invested £3 million in Cheng Power Systems power enhancement technology. The funding supports the development and commercialisation of two Cheng products – the low NOx system and the Advanced Cheng Cycle for gas turbines (to increase turbine thermal efficiency). The investment is the first of its kind for Mirant, which started up its venture capital group in January. The $3 million is part of a $9 million round of funding for CPS led by Saw Mill Capital.
Mirant also intends to purchase a 40 percent stake in the five member Norwegian industrial consortium Industrikraft Midt-Norge, moving the company closer to its target of more than 10 000 MW of capacity in Europe by 2005. Income from the venture will be used to contribute to the financing of IMN’s planned CHP plant in Skogn, Norway. The plant, integrated with a paper mill, will produce 800 MW.
