Latest news from Loughborough University
27 April 2011 | PR 11/47
Intelligent Energy Raises £7 Million to accelerate commercialisation plans
Intelligent Energy, the global clean power systems company that was originally a spin-out from Loughborough University has recently completed a fundraising round of approximately £7 million from existing and new institutional shareholders. This investment, achieved through a placement at £1.70 per share, enables Intelligent Energy to accelerate the commercialisation of its advanced fuel cell power systems.
“This material up round helps us to further accelerate the commercialisation of our clean power systems,” commented Dr. Mark Lawson-Statham, Director of Corporate Finance at Intelligent Energy. “We are experiencing real customer pull for our fuel cell power systems across our market segments. 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 markets.”
“Volatile oil prices and the fragility of our current energy infrastructure, further highlights the need for clean and reliable energy technologies,” said Dr. Henri Winand, Chief Executive of Intelligent Energy. “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.”
Late last year, the company announced its joint venture with Scottish and Southern Energy, IECHP (UK and Eire) Ltd., had received a £3.7 million 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.
“This highly successful fundraising round marks yet another critical milestone for Intelligent Energy, reinforcing its preeminent position in fuel cell and hydrogen generation technologies,” said Professor Phill Dickens, Loughborough University’s Pro Vice Chancellor (Enterprise). He concluded: “From the company’s origins in ground breaking transport and chemistry research in the late 1980s to its current status as a leading company employing 180 people worldwide, the University is immensely proud of Intelligent Energy’s achievements.”
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Notes for editors:
Loughborough is one of the country’s leading universities, with an international reputation for research that matters, excellence in teaching, strong links with industry, and unrivalled achievement in sport and its underpinning academic disciplines.
It was awarded the coveted Sunday Times University of the Year 2008-09 title, and is consistently ranked in the top twenty of UK universities in national newspaper league tables. In the 2010 National Student Survey, Loughborough was voted one of the top universities in the UK, and has topped the Times Higher Education league for the UK’s Best Student Experience every year since the poll's inception in 2006. In recognition of its contribution to the sector, the University has been awarded six Queen's Anniversary Prizes.
Loughborough is also the UK’s premier university for sport. It has perhaps the best integrated sports development environment in the world and is home to some of the country’s leading coaches, sports scientists and support staff. It also has the country’s largest concentration of world-class training facilities across a wide range of sports.
It is a member of the 1994 Group of 19 leading research-intensive universities. The Group was established in 1994 to promote excellence in university research and teaching. Each member undertakes diverse and high-quality research, while ensuring excellent levels of teaching and student experience.