Loughborough UK, 14th April, 2011 – Intelligent Energy, the global clean power systems company, today announced it has recently completed a fundraising round of approximately £7 million ($11 million) from existing and new institutional shareholders. This investment, achieved through a placement at £1.70 per share, enables Intelligent Energy to accelerate the commercialisation of its advanced fuel cell power systems.
“This material up round helps us to further accelerate the commercialisation of our clean power systems,” commented Dr. Mark Lawson-Statham, Director of Corporate Finance at Intelligent Energy. “We are experiencing real customer pull for our fuel cell power systems across our market segments. This is not surprising, as like us, a number of our partners and customers are seeing major commercial tipping points across the automotive, consumer electronic, backup power and combined heat and power markets.”
Late last year, the company announced its joint venture with Scottish and Southern Energy, IECHP (UK and Eire) Ltd., had received a £3.7 million investment from Scottish and Southern Energy, Scottish Enterprise and Intelligent Energy, to continue the development of fuel cell combined heat and power (CHP) systems for residential, commercial and light industrial markets in the UK and Ireland.
“Volatile oil prices and the fragility of our current energy infrastructure, further highlights the need for clean and reliable energy technologies,” said Dr. Henri Winand, Chief Executive of Intelligent Energy. “This investment allows us to continue the commercialisation of our fuel cell technology, some of which is already undergoing public road testing. Our Fuel Cell Black Cabs have debuted on the streets of London, while the Suzuki Burgman Fuel Cell Scooter recently obtained European Whole Vehicle Type Approval – a first for any fuel cell vehicle.”
About Intelligent Energy
Intelligent Energy is a global clean power systems company, with a range of leading fuel cell and hydrogen generation technologies. The company partners with leading global companies in the transportation, oil and gas, aerospace, defence, distributed generation and portable power markets. Current partners and customers include Scottish & Southern Energy plc and The Suzuki Motor Corporation, with whom Intelligent Energy built the Burgman Fuel Cell Scooter, a recent recipient of European Whole Vehicle Type Approval, which qualifies the scooter as safe to use on EU public roads. Other successes include developing the world’s first hydrogen fuel cell motorbike and supplying the fuel cell system to Boeing which powered the world’s first manned fuel cell aircraft.