Intelligent Energy Raises $30 Million

July 21, 2009 by Jeff Shepard

Intelligent Energy announced that it has raised $30 million (USD) at a material uplift in price received per ordinary share compared to previous funding rounds. The money raised from both existing and new investors will be used to provide for the next stage of Intelligent Energy’s growth, as it accelerates the commercialization of its fuel cell power systems into its targeted mass markets.

Intelligent Energy’s range of clean power system platforms based on its proprietary fuel cell technology has enabled it to target global mass markets through strong partnerships with blue chip customers that include Scottish & Southern Energy Plc and Suzuki Motor Corp..

"There now exists a stronger sense of realism within the clean energy sector, with major players now expected to produce tangible results," explained Intelligent Energy’s Chief Executive, Henri Winand. "Only companies with solid execution and scalable businesses with clear pathways to commercialization have been able to attract financing in such a challenging environment. The investment is a testament to the continued excellence in product development and very real commercial progress that Intelligent Energy has demonstrated with its partners. All our target markets offer very significant growth opportunities on a global scale and with these funds we will continue to accelerate the commercialization phase of our business plan by driving the delivery of our blue chip partners’ clean fuel and power products to their consumer markets."

The recent round of fundraising will be followed by an open offer to all existing shareholders later in the year.