Intelligent Energy Plans London Stock Market Listing

May 09, 2004 by Jeff Shepard

Intelligent Energy Ltd. (London) announced that it plans a London stock market listing valuing it at around £200 million ($350 million), making it one of the world's top six in its sector and Europe's biggest. The listing would raise between £40 million and £60 million through the sale of existing and new shares.

Chief Executive Harry Bradbury said, "We are not setting ourselves up to manufacture. We are collecting blue-chip partners to develop pre-production prototypes to embed our technology into their products. The playground for us is in the development space for the big blue chips that are in this sector. Our addressable market is today, and not down the road."

Intelligent Energy's partners include aircraft manufacturer Boeing Co. and a number of top car manufacturers. The fundraising would accelerate the development of its technology and expansion of partnerships, and allow further strategic acquisitions of companies rich in intellectual property. Intelligent Energy is also developing technologies focused on commercializing energy services in hydrogen generation and fuel storage.