Loughborough University spin-out Intelligent Energy has raised $30m (£17.7m) from both existing and new investors to accelerate the commercialisation of its fuel-cell power systems.
Current partners and customers include Scottish & Southern Energy, with whom the company has formed a joint venture to commercialise fuel-cell combined heat and power (CHP) systems, and the Suzuki Motor Corporation.
Intelligent Energy’s successes in recent years include the development of the world’s first hydrogen fuel-cell motorcycle and supplying the fuel-cell system to Boeing that powered the world’s first fuel-cell aircraft.
It is also leading a consortium that aims to put a fleet of fuel-cell taxis on the streets of London in the Olympic year of 2012. It also hopes to run a fleet of fuel-cell motorcycles at the same time.
The company was formed in 2001 following the acquisition of Advanced Power Sources, a company established by four Loughborough University researchers, Dr Paul Adcock, Dr Phil Mitchell, Dr Jon Moore and Tony Newbold.
It has attracted substantial investment and employs more than 100 people, approximately 80 of which are based at its Loughborough Innovation Centre headquarters.