Leading clean power systems company Intelligent Energy has raised $13.6 m from a recent round of private funding.
Loughborough, 2 July 2008
The funds will be used to provide for Intelligent Energy’s growth plans as it moves towards commercialisation of 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,” he added.
Intelligent Energy 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 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 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.
About Intelligent Energy
Intelligent Energy is a fuel cell power systems company, with a range of leading fuel cell, fuel purification and hydrogen generation technologies. The company is focused on the provision of cleaner power and low carbon technologies. Intelligent Energy partners with leading companies globally, in the transportation, oil and gas, aerospace, defence, distributed generation and portable power markets. Current partners and customers include Scottish & Southern Energy, PSA Peugeot Citroën, and The Suzuki Motor Corporation.
Media contacts
James Kennedy
AxiCom PR for Intelligent Energy
james.kennedy@axicom.com
T +44 (0)208 392 4091
Dr Jon Moore
Director of communications, Intelligent Energy
jon.moore@intelligent-energy.com
T + 44 (0)1509 225863