First published on the Cleantech Investor website, 29 February 2012
Fuel cell company Intelligent Energy has announced the completion of a funding round, raising over US$35 million (£22 million). The latest funding round, at a price of £2.30 per share, values the company at US$0.5 billion. Investors, who included both existing and new institutional shareholders, were not disclosed. Intelligent Energy has developed proprietary power cores, designed to be integrated into high volume, mass market products. The funds are earmarked for the roll out of the company's products into the consumer electronics and stationary power markets.
Dr Henri Winand, CEO of Intelligent Energy, commented on the funding that:
“Partners and customers are ready to take advantage of our scalable power cores in these markets, worth around $410bn <consumer electronics> and $150bn <stationary power> respectively, so it’s an incredibly exciting time for us.”
In addition to consumer electronics and stationary power, motive is also a key market sector for the company. Intelligent Energy recently created SMILE FC System Corporation, a joint 50/50 venture with the Suzuki Motor Corporation, for the development and manufacture of air-cooled fuel cell technologies for various industry sectors. SMILE FC is led by Mr. Osamu Honda, Executive Vice President and representative director at Suzuki.
Intelligent Energy's Corporate Finance Director, Dr. Mark Lawson-Statham, commented that:
“This funding round, and the recently announced Joint Venture with Suzuki, further underlines Intelligent Energy’s rapid transition from a world class developer of power technologies to a company that is, through its relationships with key global OEMs, taking products deep into high volume markets.”
Intelligent Energy will present at the EV Investor Club on 8 March 2012