Fuel cell firm Intelligent Energy raises USD11m

Intelligent Energy has raised $11.4 m in equity funding from undisclosed new and existing investors. The UK-based firm develops fuel cells for use in vehicles, power generation and portable electronics, and plans to use the funding to accelerate commercialisation. Intelligent Energy is also developing hydrogen generation technologies.

“We are experiencing real customer pull for our fuel cell power systems across our market segments,” says director of corporate finance, Dr Mark Lawson-Statham. “This is not surprising as, like us, a number of our partners and customers are seeing major commercial tipping points across the automotive, consumer electronic, backup power and combined heat and power (CHP) markets.”

Last year, Intelligent Energy’s joint venture with Scottish and Southern Energy (SSE) secured around $6m in equity investment. The venture combines the firm’s technologies with SSE’s customer base and servicing business, and is developing a small CHP system for residential, commercial and light industrial applications. Since 2009, Intelligent Energy has raised around $55m in equity funding.