Intelligent Energy, a Loughborough, UK-based clean power technology company, has completed a $35m (approximately £22m) round of funding from existing and new institutional shareholders.
This investment, achieved through a placement at £2.30 per share, values the company (on a fully diluted basis) at approximately $0.5bn.
Intelligent Energy intends to use the capital to increase its commercialisation efforts within the consumer electronics and stationary power markets. The company recently announced a Joint Venture with Suzuki Motor Corporation to create SMILE FC System Corporation, to develop and manufacture air-cooled fuel cell technologies for various industry sectors.
They have taken a 50% stake each in the company, which is led by Mr. Osamu Honda, Executive Vice President and representative director for the Suzuki Motor Corporation.
Led by Chief Technology Officer and Executive Director Dr. Philip Mitchell, Intelligent Energy has developed proprietary fuel cell and hydrogen generation technology platforms for the stationary power, motive and consumer electronics sectors. The company currently employ over 250 people in the UK (London and Loughborough, in Long Beach, US, Japan and India).