News of the company's plans comes just months after it raised
Intelligent Energy, a spin-out from
The company's technology was originally developed to power electric cars, but has been adapted for other uses, including a recent tie-up that keeps Indian mobile phone networks working during power cuts.
In a statement issued to
"At some point it is reasonable for investors to expect a return on their investment. An IPO is potentially one such route and the board continues to review its options."
A spin-out from
At the time of its fundraising in October, Dr Henri Winand, Intelligent Energy's chief executive, said: "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
"The fundraising will strengthen our strategy of providing world-leading fuel-cell technology to our global partners."
A similar fundraising exercise in 2012 saw the company attract nearly £20m of new money, valuing it at approximately £300m, with an IPO expected to put a price-tag on the company significantly in excess of that.
The fundraising exercise comes amid a range of projects aimed at exploiting Intelligent Energy's technology amid a race to win contracts from the world's largest car manufacturers. It has a contract with
Fuel cells that use the power generated when hydrogen is combined with oxygen are emerging as an alternative to conventional battery power for electric cars.
A report by the management consultancy McKinsey concluded that fuel cells were the "lowest-carbon solution for medium and larger cars", which it said account for half of all cars and 75% of CO2 emissions.
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