U.K. fuel cell developer raises $17million - Embedded.com

U.K. fuel cell developer raises $17million

LONDON — Intelligent Energy, a developer of fuel cell power systems, has raised over $17 million.

Intelligent Energy (Loughborough, England) is focused on the provision of cleaner power and carbon abatement, via a range of fuel cell, fuel processing, desulphurisaiton and hydrogen generation technologies. It's business model is to work companies in the transportation, oil and gas, aerospace, defence, distributed generation and portable power markets.

The fundraising was comprised of a number of private placements, followed by an open offer to all existing shareholders. Subscribers for new ordinary shares included Credit Suisse Securities (Europe) Ltd, Black River Commodity Clean Energy Investment Fund LLC, Black River Global Equity Fund Limited, Meditor Capital Management Ltd and Evolution Placements Corp.

Intelligent Energy's current partners and customers include Boeing, for whom its has developed a fuel cell system to power a light aircraft; PSA Peugeot Citrokn, with whom the company is developing automotive fuel cell systems and The Suzuki Motor Corporation, with whom the company is working on the development of prototype hydrogen fuel cell mo torcycles using Intelligent Energy's advanced fuel cell power systems.

The company's fuel processing and hydrogen generation platforms are fuel-flexible, providing hydrogen from a range of both conventional fossil fuel and sustainable fuel feedstocks.

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