Intelligent Energy IPO raises £55 million for Fuel Cell Development
Intelligent Energy Ltd. recently closed what has been identified as "one of the UK's biggest ever clean tech IPOs," raising around £55m. The IPO was described as London's biggest pure technology transaction in five years and will fuel hopes that the market for clean tech listings is gathering fresh momentum. The firm offered 16.2 million shares representing 8.76 per cent of the company to investors at a price of 340 pence each.
"I am pleased to be announcing the successful completion of our IPO," said Dr Henri Winand Intelligent Energy’s CEO. "We have been delighted with the level of investor support throughout the IPO process and we welcome additional high-quality institutions to our share register. With a total capital raise in excess of $120m, including the exercise of warrants by GIC, we are very well placed to capitalize on the exciting opportunities presented to us in our Consumer Electronics, Distributed Power and Generation and Motive divisions." He also indicated that the proceeds of the IPO would help support the launch of its new Upp mobile device charging unit, which was recently approved as safe for use by air passengers.
Intelligent Energy is an intellectual property rich company with over 23 years in R&D, resulting in over 550 patents (granted or pending). The company specializes in the development of modular, low carbon fuel cell systems for our blue chip partners and their global mass markets. With over 300 staff based across operating sites and offices around the world, Intelligent Energy develops technology that is tailored to suit partners’ power technology needs – collaborating from early in the design process and embedding our proprietary technology platform into their products. The company is currently focused on three market sectors – automotive, consumer electronics and distributed power and generation.
