Intelligent Energy fuelled by $30m in fresh funding

The ability of clean tech firms to continue to attract investor interest was underlined yesterday when UK-based fuel cell developer Intelligent Energy announced that it has raised an additional $30m in funding "at a material uplift in price received per ordinary share compared to previous funding rounds".

The company said it raised the funds from new and existing investors and would now use the new cash to accelerate plans to commercialise its fuel cell technologies. It added that the latest round of fundraising would be followed later in the year by an open offer to all existing shareholders.

Chief executive Henri Winand said that the scale of the funding round underlined the level of investor confidence in the company, which has specialised in the development of fuel cell and hydrogen production technologies for a range of different applications, including static generators and vehicle fuel cells.

"There now exists a stronger sense of realism within the clean energy sector, with major players now expected to produce tangible results," he said. "Only companies with solid execution and scalable businesses with clear pathways to commercialisation have been able to attract financing in such a challenging environment."

Intelligent's position has been strengthened by a number of high-profile partnerships, including a deal last year with energy giant Scottish and Southern Energy that saw the two companies form a joint venture focused on the development of small scale combined heat and power fuel cell boilers and a similar alliance with the Suzuki Motor Company.

Winand said the new funds would help the company build on these partnerships and begin the roll out of commercial products. "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," he said.