Latest news from Loughborough University
21 Oct 2013
Intelligent Energy Holdings plc completes $51 million capital raising
Global power technology company announces its largest ever capital raise
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
Intelligent Energy Holdings plc (“Intelligent Energy” or “the Company”), the global power technology company founded on Loughborough University research, has announced the completion of a $51* million capital raise (the “Capital Raise”). The proceeds of the Capital Raise will be used to finance the next stages of the Company’s development. This is its largest ever fund raising since its inception.
The Company, which is headquartered at Loughborough University Science and Enterprise Park, highlighted in its Annual Report to 30 September 2012 that the planned commercial launch of consumer electronics and stationary power systems, together with the development of remote asset monitoring capabilities, would require Intelligent Energy to seek additional growth capital in the financial year to 30 September 2013. Having completed the Capital Raise, Intelligent Energy can now proceed with capitalising on the exciting opportunities in front of it, namely to:
- fund and enable the commercial launch of the consumer electronics division, with its attendant global opportunities;
- fund and enable the commercial launch of the stationary power division, initially in India; and
- maintain, and fund an expansion of, core R&D activities (including in relation to the development of remote asset monitoring capabilities) and develop further management risk control systems.
Commenting, Paul Heiden, Chairman of Intelligent Energy, said: “We are delighted to be announcing a further private funding for Intelligent Energy, which is our largest ever. It is a testament to the regard in which our management, strategy and prospects are held. We now look forward to focusing fully on seeking to capitalise on the many opportunities provided by our superb technology and to deliver value to shareholders.”
Dr. Henri Winand, Chief Executive Officer of Intelligent Energy, commented: “We have raised this finance at a time when we are making significant strides in our principal market sectors: motive, consumer electronics and stationary power. We have recently signed important agreements in two of these sectors, and in the third, motive, our Joint Venture with Suzuki has achieved an important milestone. The fund raising will strengthen our strategy of providing world-leading fuel-cell technology to our global partners.”
Selected highlights in last financial year
Intelligent Energy signed separate agreements within its consumer electronics division earlier this year with Etisalat Nigeria, a world-leading telecoms company, and with Cable & Wireless Communications’ Sure operation (now owned by the Batelco Group) to test personal energy devices powered by Intelligent Energy’s fuel-cell technology. In India, Intelligent Energy’s stationary power division signed an MOU with Microqual Techno Limited to provide telecoms infrastructure using equipment mounted on existing power transmission towers and a Statement of Intent with Indian Oil, the country’s largest oil and gas company, to jointly develop a range of fuel-cell power systems for the Indian market. In February, SMILE FC System Corporation, a Joint Venture formed with the Suzuki Motor Corporation, announced the completion of a ready-to-scale production line in Japan to ultimately supply fuel cell stacks for integration with Suzuki vehicles.
Rothschild acted as financial adviser to Intelligent Energy in relation to the Capital Raise.
Notes for editors
Article reference number: PR 13/199
- About Intelligent Energy
Intelligent Energy delivers efficient and clean energy technology for the global consumer electronics, automotive and stationary power markets – from compact energy packs for mobile devices, to power-trains for zero-emission vehicles, and stationary power units for the always-on infrastructure.
Our unique technology architecture is used by global blue chip companies to create differentiated, cost-efficient fuel cell power systems for mass market applications. It enables Intelligent Energy and our industry partners to solve the challenges of continuous power and productivity, by creating convenient everyday energy solutions to power your life. Intelligent Energy operates globally, with offices in the Americas, Europe and Asia. www.intelligent-energy.com
- This announcement does not constitute or form part of any offer or invitation to purchase or subscribe for any securities of the Company. The publication or distribution of this announcement in certain jurisdictions may be restricted by law and persons in such jurisdictions should inform themselves about and observe such restrictions. Without limitation to the foregoing, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia (the "United States" or "US")) or in any other jurisdiction in which the same would be unlawful. No public offering of any securities of the Company is being made in any such jurisdiction or elsewhere. In particular, no securities of the Company have been or will be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States, and accordingly securities of the Company may not be offered, sold or transferred, directly or indirectly, in, into or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any relevant state or jurisdiction of the United States. There is no intention to conduct a public offering of securities in the United States.
No securities of the Company have been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the accuracy or adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.
- 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 2011 National Student Survey, Loughborough was voted one of the top universities in the UK, and has topped the Times Higher Education league for the Best Student Experience in England 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.
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