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Energy pounds 600m tag on fuel cell firm in flotation plan

June 28, 2014



Intelligent Energy, a green power company originally formed by academics from Loughborough University, yesterday unveiled plans to float on the London Stock Exchange, with an expected value of pounds 600m.

The fuel cell developer hopes to take advantage of investor interest in new listings to raise at least pounds 40m of new money to expand its work offering power systems for everything from iPhones to Suzuki motorbikes.

Fuel cell technology was first used in spacecraft of the 1960s and 70s but has been miniaturised and made more powerful and cheaper by companies such as Intelligent Energy.

Philip Mitchell, a member of the original start-up team in 2001, will own about pounds 6m of the floated business but plans to offload about 20% of this "for personal liquidity reasons".

Chief executive Henri Winand said the flotation "will provide us with the funds to exploit fully the exciting commercial opportunities available to the company". Terry Macalister


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Source: Guardian (UK)


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