LOUGHBOROUGH, England - Wednesday, February 29th 2012 [ME NewsWire]
Clean Power Technology Firm Announces $35 Million Funding Round to Accelerate Commercialisation in Stationary Power and Consumer Electronics Markets
(BUSINESS WIRE)--Intelligent Energy, the clean power technology company, today announced the completion of its latest round of funding, raising in excess of $35 million (£22 million) from existing and new institutional shareholders. This investment, achieved through a placement at £2.30 per share, values the company (on a fully diluted basis) at approximately $0.5 billion and will enable Intelligent Energy to increase its pace of commercialisation within the consumer electronics and stationary power markets.
“Intelligent Energy’s growth continues to gather momentum as we see firm traction for our clean and efficient power technology in each of our key market sectors: motive, consumer electronic and stationary power,” said Dr. Henri Winand. “Hot on the heels of our landmark joint venture announcement with Suzuki, this latest round of funding is firmly aimed at reflecting this success within our consumer electronics and stationary power divisions. Partners and customers are ready to take advantage of our scalable power cores in these markets, worth around $410bn and $150bn respectively, so it’s an incredibly exciting time for us.”
Earlier this month, Intelligent Energy announced the creation of SMILE FC System Corporation, a Joint Venture company formed with the Suzuki Motor Corporation, to develop and manufacture air-cooled fuel cell technologies for various industry sectors. Both companies have taken a 50 percent stake in SMILE FC System Corporation, which is led by Mr. Osamu Honda, Executive Vice President and representative director for the Suzuki Motor Corporation.
Dr. Mark Lawson-Statham, Director of Corporate Finance, commented, “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.”
About Intelligent Energy
Intelligent Energy is a leading clean power technology company with a globally scalable business, operating in the stationary power, motive and consumer electronics sectors. Our proprietary and highly efficient power cores are designed to be integrated into high volume, mass market products and have received commercial approval from significant global brands.
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