Intelligent Energy grew from a fuel cell project at the University of Loughborough in 1988. The company has developed air-cooled hydrogen PEM (proton exchange mechanism) fuel cells from 1 watt to 20 kilowatt for a variety of applications including: stand-alone electricity generators for house or industry; vehicles such as the Suzuki Burgman scooter; drones; and portable chargers for mobile phones. They hold over 1000 patents and joint ventures with manufacturers in several countries. The company’s Indian subsidiary (Essential Energy) has a provisional contract to operate and manage the power generation for 27,000 telecom towers. These had diesel generators, which IE expect to replace gradually with fuel cells.
IEH was de-listed from AIM in October 2017 and incorporated into its principal investor, Meditor Energy, part of the Meditor Group, an investment manager.
Further Information: Until 2014 the company had grown steadily from sales, grants and joint development agreements with larger automotive and other companies. The Indian telecom tower contract increased revenues hugely. However the margins were small initially (as was expected) and the planned replacement of diesel generators by fuel cells was slow (by mid 2016 there were 7).
The drain on cash led to a re-structuring at the beginning of 2016. Strategy was re-focused on existing commercial opportunities and the development of future technologies such as evaporative cooling cells was put on hold. Headcount outside India was halved and the divisions re-organised. £27million was raised from convertible loan notes. Revenue for the year to Sept 2016 was £91.8m for a loss of 82.7m.
Contact Details: Intelligent Energy Limited, Charnwood Building, Holywell Park, Ashby Road, Loughborough, Leicestershire LE11 3GB, U.K.
Tel +44 1509 271271
Fields of interest: Energy Storage