Intelligent Energy Completes $51 million Capital Raising

17 Oct 2013

Intelligent Energy

Intelligent Energy Holdings plc (Intelligent Energy) has announced the completion of a $51 million (£31.9 million) capital raise. The proceeds of the capital raise will be used to finance the next stages of the Company’s development. This is its largest ever fund raising since its inception.

The Company highlighted in its Annual Report to 30 September 2012 that the planned commercial launch of consumer electronics and stationary power systems, together with the development of remote asset monitoring capabilities, would require Intelligent Energy to seek additional growth capital in the financial year to 30 September 2013. Having completed the Capital Raise, Intelligent Energy can now proceed with capitalising on the exciting opportunities in front of it, namely to:

fund and enable the commercial launch of the consumer electronics division, with its attendant global opportunities;

fund and enable the commercial launch of the stationary power division, initially in India; and

maintain, and fund an expansion of, core R&D activities (including in relation to the development of remote asset monitoring capabilities) and develop further management risk control systems.

Commenting, Paul Heiden, Chairman of Intelligent Energy, said:

“We are delighted to be announcing a further private funding for Intelligent Energy, which is our largest ever.  It is a testament to the regard in which our management, strategy and prospects are held.  We now look forward to focusing fully on seeking to capitalise on the many opportunities provided by our superb technology and to deliver value to shareholders.”

Dr. Henri Winand, Chief Executive Officer of Intelligent Energy, commented:

“We have raised this finance at a time when we are making significant strides in our principal market sectors: motive, consumer electronics and stationary power. We have recently signed important agreements in two of these sectors, and in the third, motive, our Joint Venture with Suzuki has achieved an important milestone. The fund raising will strengthen our strategy of providing world-leading fuel-cell technology to our global partners.”

Selected highlights in last financial year.

Intelligent Energy signed separate agreements within its consumer electronics division earlier this year with Etisalat Nigeria, a world-leading telecoms company, and with Cable & Wireless Communications’ Sure operation (now owned by the Batelco Group) to test personal energy devices powered by Intelligent Energy’s fuel-cell technology. In India, Intelligent Energy’s stationary power division signed an MOU with Microqual Techno Limited to provide telecoms infrastructure using equipment mounted on existing power transmission towers and a Statement of Intent with Indian Oil, the country’s largest oil & gas company, to jointly develop a range of fuel-cell power systems for the Indian market. In February, SMILE FC System Corporation, a Joint Venture formed with the Suzuki Motor Corporation, announced the completion of a ready-to-scale production line in Japan to ultimately supply fuel cell stacks for integration with Suzuki vehicles.

     

Source: Intelligent Energy

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