UK clean power firm raises $30 million

Loughborough-based clean power systems company Intelligent Energy said today that it’s 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 the firm’s growth, as it accelerates the commercialisation of its fuel-cell power systems for targeted mass markets.

Intelligent Energy’s range of clean power system platforms is based on its proprietary fuel-cell technology. The firm has been able to target global mass markets through strong partnerships with customers such as Scottish & Southern Energy Plc and the Suzuki Motor Corporation.

“There now exists a stronger sense of realism within the clean energy sector, with major players now expected to produce tangible results,” said Henri Winand, Intelligent Energy’s CEO. “Only companies with solid execution and scalable businesses with clear pathways to commercialisation 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.”

Winand added, “All our target markets offer very significant growth opportunities on a global scale and with these funds we will continue to accelerate the commercialisation 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 fund-raising will be followed by an open offer to all existing shareholders later in the year.