Industry News
Intelligent Energy raises further £8.5m for fuel cell applications development
12th June 2007
The Loughborough-based fuel cell technology developer Intelligent Energy, which has produced an ENV fuel cell-powered motorcycle prototype, has completed its latest round of funding to bring fuel cell applications to fruition, reports the Free Radicals clean technology investment newsletter.
Speaking at last month’s Essential Cleantech conference in London, chief executive Henri Winand revealed that Intelligent Energy had raised £8.5m from several investors including Credit Suisse Securities, Black River, Meditor Capital Management and Evolution Placements Corporation. The latter two companies had both participated in Intelligent Energy’s previous funding round in October 2005, when it raised £11.3m.
Alan Walker, who manages the Black River Commodity Clean Energy Investment Fund, told the newsletter, “I’ve always been convinced that their technology is ahead of everyone else’s in the PEM sector.”
Free Radicals reports that Intelligent Energy has a relationship with Boeing, which recently announced it would be conducting experimental flight tests this year of a manned light aircraft powered only by an Intelligent Energy fuel cell system and batteries. The firm also has relationships with PSA Peugeot Citroën, for whom it is developing automotive fuel cell systems, and with Suzuki, which is helping Intelligent Energy develop its ENV hydrogen fuel cell-powered motorcycle.
Intelligent Energy aims to launch series production of the ENV (Environmentally Neutral Vehicle) bike in the second half of this year. Powered by a 1kW fuel cell called the CORE, it has a top speed of 50mph and a range of 100 miles. The projected price per bike is less than $5,000. The CORE fuel cell is also removable, and can be used to power appliances around the home.
Other planned applications for the company’s fuel cell systems include domestic power supply and the refrigeration of medicines in developing countries.
(www.intelligent-energy.com, www.envbike.com, www.freeradicals-news.com/download/frnewsletter71.pdf)
News Headlines
