UK-based fuel cell and hydrogen systems company Intelligent Energy has raised $30 million from both existing and new investors. The company says the funds will support the acceleration of the commercialization of its fuel cell power systems into its targeted mass markets.
The recent round of fundraising will be followed by an open offer to all existing shareholders later in the year.
Current partners and customers include Scottish & Southern Energy plc with whom the company has formed a joint venture to commercialize fuel cell combined heat and power (CHP) systems, and the Suzuki Motor Corporation (earlier post).
Intelligent Energy’s achievements in recent years include the development of the world’s first hydrogen fuel cell motorbike (earlier post) and supplying the fuel cell system to Boeing which powered the world’s first manned fuel cell aircraft (earlier post).