Intelligent Energy secures $30M to commercialize its fuel cell power systems

Loughborough, England-based Intelligent Energy said today it has raised $30 million in funding from both existing and new unnamed investors, adding to about $50 million it has previously raised.

The company, which develops fuel cell and hydrogen generation technologies used by companies including Boeing, said the funding came at a material uplift in price received per ordinary share compared to past funding rounds.

The funding is expected to be used for the next stage of Intelligent Energy’s growth to accelerate the commercialization of its fuel cell power systems. The company said today’s round is planned to be followed by an open offer to all existing shareholders later in the year.

“Our target markets offer very significant growth opportunities on a global scale, and with these funds we will continue to accelerate the commercialization phase of our business plan by driving the delivery of our blue chip partners’ clean fuel and power products to their consumer markets,” said Intelligent Energy’s CEO Henri Winand, in a news release.

Intelligent Energy has partnerships on a global level with companies in the transportation, oil and gas, aerospace, defense, distributed generation and portable power markets, including Scottish & Southern Energy and Suzuki Motor.

In March 2008, power company Scottish & Southern Energy said it would invest £1 million ($1.6 million) in a fuel cell joint venture with Intelligent Energy (see Scottish and Southern investing in fuel cell venture). The two companies said they planned to develop fuel cell-based combined heat and power, or CHP, systems for the light industrial, commercial and residential markets in the UK and Ireland.

Not including today’s round, Intelligent Energy has raised about $50 million from investors, starting in 2005 when it brought in £11.3 million ($18.6 million) from existing shareholders Evolution Placements, Meditor Capital Management and Yukos Oil.

In 2007, Intelligent Energy raised $17 million through a number of private placements, followed by an open offer to all existing shareholders. Subscribers for the ordinary shares included Credit Suisse Securities (Europe), Black River Commodity Clean Energy Investment Fund, Black River Global Equity Fund, Meditor and Evolution Placements (see Fuel cell companies get topped up).

Last year, Intelligent Energy completed a $13.6 million round of private funding. The names of investors were not disclosed. Intelligent Energy said the funds would be used to provide for its growth plans as it moves toward commercialization of its hydrogen fuel cell technology (see Market welcomes cleantech).

In 2008, Intelligent Energy also received U.S. federal funding to advance its development of cleaner fuel technologies. The U.S. National Institute of Standards and Technology awarded nearly $700,000 to Intelligent Energy to develop fuel flexible desulfurization systems for clean power applications (see Second generation biofuels get a leg up).

Intelligent Energy claims to have developed the world’s first hydrogen fuel cell motorbike and also supplies its fuel cell system to Boeing. In 2008, Boeing flew a small, manned airplane powered by hydrogen fuel cells, calling it a first for aviation history. Boeing worked with industry partners including Intelligent Energy and UQM Technologies, which makes electric motors (see Boeing tests fuel cell-powered plane). Boeing had been working on the plane for over a year (see Boeing prepares fuel cell plane for testing).

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