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Intelligent Energy gets $30m for fuel cell chp work

Intelligent Energy has secured $30 million (USD) from investors which it will use to accelerate the commercialisation of its fuel cell-based combined heat and power (CHP) systems for the industrial, commercial and residential UK market.
Intelligent Energy hopes its fuel cell technology will tap into the UK mass market through its joint venture with Scottish & Southern Energy. SSE initially invested £1 million for a 50% share in the new company, IE CHP. The venture combines Intelligent Energy’s fuel cell and hydrogen generation technologies with SSE’s customer base and service operations.

Intelligent Energy was formed as a Loughborough university spin-off company in 2001. The latest round of funding of $30m means that to date the firm has raised £80m to drive fuel cell development.

Intelligent Energy's chief executive Henri Winand: 'With these funds we will continue to accelerate the commercialisation phase of our business plan by driving the delivery of our blue chip partners' clean fuel and power products to their consumer markets'.

'Only companies with solid execution and scalable businesses with clear pathways to commercialisation have been able to attract financing in such a challenging environment,' added Dr. Winand.

Intelligent Energy's headquarters and chief fuel cell r&d and production facility is based in Loughborough University's campus. Fuel cell work being undertaken includes materials testing, systems design, application engineering, durability testing, field trials and manufacturing development.
22 July 2009

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