News Column

Intelligent Energy Confident In Full-Year Outlook As Revenue Grows

August 19, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Intelligent Energy Holdings PLC said Tuesday that revenue in the third quarter continued to increase, and gave a confident outlook for the remainder of the year across its business divisions.

The renewable energy technology company commercialises its technology in three divisions - Automotive, Consumer Electronics and Distributed Power and Generation.

Intelligent Energy said it has a strong balance sheet following its initial public offering in June, with a cash balance of GBP98.6 million at August 18 and no debt. The company said it is well positioned in the short term to fund opportunities that arise.

"Since the IPO, the growth opportunities... have expanded further. We remain focused on both delivering the existing milestones in DP&G [Distributed Power and Generation] and CE [Consumer Electronics] and developing our Motive business. As a result, we remain confident in the outlook for the business," said Chief Executive officer Henri Winand in a statement.

The company's current financial year ends September 30.

Intelligent Energy said its two new trading divisions - Distributed Power & Generation and Consumer Electronics - started trading in the third quarter with initial low volumes.

It said within its Distributed Power & Generation division, plans are progressing to deliver 5,000 telecom tower sites under contract for power management by the end of September.

The company said discussions are ongoing in its Consumer Electronics business with the company's manufacturing partners to enable the production of more than 50,000 first generation Upp devices as part of the initial roll-out for the product launch.

The Upps device allows mobile users to power USB-compatible portable electronic devices with a single Upp cartridge, typically delivering up to one week of energy for smartphones.

"The phasing of production is currently being ramped up and discussions with major launch customers continue; this should result in the aforementioned volumes being delivered before the end of this calendar year," the company said in a statement.

Intelligent Energy said revenue within its Motive division consists solely of its joint development activity with blue chip partners, and remains in-line with its expectations.

The company said it expects to release its full-year results on December 1, 2014.

Intelligent Energy shares were up 1.4% Tuesday morning, trading at 217.55 pence.

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Source: Alliance News

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