Loughborough University spin-out Intelligent Energy has recently completed a fundraising round of approximately £7m from existing and new institutional shareholders.
The investment, achieved through a placement at £1.70 per share, will enable the company to accelerate the commercialisation of its fuel-cell power systems.
’This investment allows us to continue the commercialisation of our fuel-cell technology, some of which is already undergoing public road testing. Our fuel-cell black cabs have debuted on the streets of London, while the Suzuki Burgman fuel-cell scooter recently obtained European Whole Vehicle Type Approval — a first for any fuel-cell vehicle,’ said Dr Henri Winand, chief executive of Intelligent Energy.
Late last year, the company announced that its joint venture with Scottish and Southern Energy, IECHP (UK and Eire), had received a £3.7m investment from Scottish and Southern Energy, Scottish Enterprise and Intelligent Energy to continue the development of fuel-cell combined heat and power (CHP) systems for residential, commercial and light industrial markets in the UK and Ireland.
The fuel-cell hybrid black cab — developed by a consortium including Intelligent Energy, Lotus Engineering, LTI Vehicles and TRW Conekt — is set to make its commercial London debut in 2012. Click here to read more.