11 May 2004 11:25
Intelligent Energy plans flotation to develop fuel cells.
An energy company specialising in fuel cell technology is to float on the London stock market with an expected price
tag of about #120 M. Intelligent Energy, which was founded three years ago and already boasts a blue-chip client list
including Boeing and one of the world's top five car manufacturers, is aiming to raise between #40 M and #60 M when
it lists on the Alternative Investment Market next month. Harry Bradbury, Intelligent Energy's chief executive who
founded the company in 2001 is the biggest individual shareholder with a stake of nearly 20%. Yukos owns 26%. The
company aims to tap into the growing requirement for low-emission cars which do not pollute the environment and highly
portable generating units to provide electricity in developing countries where the cost of full-scale power stations
would be prohibitive. The company said it was engaged in discussions with 70 potential partners, a third of whom were
negotiating specific programmes with it. Of these, Intelligent Energy said a "significant proportion" could
lead to agreements being signed. Intelligent Energy has already developed, in partnership with Boeing, a light aircraft
powered by a fuel cell and is now working on fuel cells that would provide ancilliary power for commercial airliners.
The company is also working with the South African chemicals group Sasol and the country's main electricity
provider Eskom to bring power to remote areas. It is also working with Japan Steelworks on storing and dispensing
energy. Mr Bradbury said Intelligent Energy's aim was to license its know-how to industrial partners, rather than
manufacture and sell fuel cells itself.
[Chemical Business NewsBase - The Independent] |
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