Intelligent Energy Raises $13.6 Million From Recent Round Of Private Funding

July 07, 2008 by Jeff Shepard

Intelligent Energy announced that it has raised $13.6 million from its latest round of private funding. The funds will be used to provide for the company’s growth plans as it moves towards commercialization of what it describes as its clean and efficient hydrogen fuel cell technology in applications across a broad range of global target markets.

"This latest injection of funds is a statement of confidence in our well-balanced, diversified business plan, and will allow us to build on recent progress in a range of clean power collaborations," said Henri Winand, Chief Executive Officer at Intelligent Energy. "Investment in viable clean and efficient technology is more urgent than ever. We will use this capital to continue to prove the potential and robustness of our technology in new sectors, while advancing more mature projects towards the market."

Intelligent Energy states that it has delivered a series of landmark fuel cell power systems in recent months to validate its claims as a leading innovator of clean fuel and power technologies for the new energy economy, including the Suzuki Crosscage fuel cell motorcycle, the H2Origin, a fuel cell electric hybrid delivery vehicle developed with PSA Peugeot Citroën, and what is described as the world’s first manned fuel cell powered aircraft, in a partnership with Boeing Research & Technology Europe. In addition, Intelligent Energy and Scottish & Southern Energy recently formed a joint venture to provide hydrogen fuel cell combined heat and power (CHP) systems for domestic and business users in the UK and Ireland. Furthermore, Intelligent Energy has recently been selected as a lead partner on a project that aims to deliver fuel cell powered taxis for London in time for the 2012 Olympics, in a collaboration part-funded by the UK’s Technology Strategy Board.

Hydrogen fuel cells produce power from hydrogen and air, the only emissions coming in the form of water vapour. Intelligent Energy’s proprietary fuel cells are said to be more power dense than other alternative designs and are capable of functioning at full power at temperatures as low as -20°C, making them well suited to a range of applications in the automotive, aerospace and defence, oil and gas, and distributed and portable power sectors.