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Intelligent Energy announces $35 million fuel cell funding round

Loughborough UK– Intelligent Energy, the clean power technology company, today announced the completion of its latest round of funding, raising in excess of $35 million (£22 million) from existing and new institutional shareholders. This investment, achieved through a placement at £2.30 per share, values the company (on a fully diluted basis) at approximately $0.5 billion and will enable Intelligent Energy to increase its pace of commercialisation within the consumer electronics and stationary power markets.

“Intelligent Energy’s growth continues to gather momentum as we see firm traction for our clean and efficient power technology in each of our key market sectors: motive, consumer electronic and stationary power,” said Dr. Henri Winand. “Hot on the heels of our landmark joint venture announcement with Suzuki, this latest round of funding is firmly aimed at reflecting this success within our consumer electronics and stationary power divisions. Partners and customers are ready to take advantage of our scalable power cores in these markets, worth around $410bn and $150bn respectively, so it’s an incredibly exciting time for us.”

Earlier this month, Intelligent Energy announced the creation of SMILE FC System Corporation, a Joint Venture company formed with the Suzuki Motor Corporation, to develop and manufacture air-cooled fuel cell technologies for various industry sectors. Both companies have taken a 50 percent stake in SMILE FC System Corporation, which is led by Mr. Osamu Honda, Executive Vice President and representative director for the Suzuki Motor Corporation.

Dr. Mark Lawson-Statham, Director of Corporate Finance, commented, “This funding round, and the recently announced Joint Venture with Suzuki, further underlines Intelligent Energy’s rapid transition from a world class developer of power technologies to a company that is, through its relationships with key global OEMs, taking products deep into high volume markets.”

About Intelligent Energy

Intelligent Energy is a leading clean power technology company with a globally scalable business, operating in the stationary power, motive and consumer electronics sectors. Our proprietary and highly efficient power cores are designed to be integrated into high volume, mass market products and have received commercial approval from significant global brands.

February 29, 2012 - 2:00 PM No Comments

ReliOn E-1100v Fuel Cell Product Offers Footprint Space Savings

ReliOn

Product has already found a market in Europe

Spokane, Wash.: ReliOn, the leading provider of high reliability fuel cell solutions for backup power applications, today announced its new E-1100v fuel cell system.  The E-1100v fuel cell is a fully integrated system producing up to 1,100 Watts of power in an industry first vertical-mount chassis.  The product was developed for use with customers for whom total footprint at small power levels is most important.  The E-1100v fuel cell system is available in both 24V or 48V DC and has a variety of indoor and outdoor mounting options including rack, wall and cabinet.

Like all of ReliOn’s fuel cell products, the E-1100v is a clean energy solution; emissions are limited to warm air and a small amount of water.  The E-1100v system is exempt from the most stringent air quality standards, such as those set by the California Air Resources Board, because it produces no harmful emissions.  The product is commercially available and began shipping at the end of 2011. First customer commitments have been received in Europe for the internal communications network of a premier electrical utility and an emergency backup power application for a Fortune 100 industrial customer.

Mark Cohen, ReliOn’s Vice President of Product Line Management commented, “The E-1100v fuel cell system continues ReliOn’s history of innovation and product improvement.  For customer applications where space is an issue, this addition to our product suite offers a flexible option, while continuing to provide the high reliability and ease of use our customers have come to expect from ReliOn.”

The E-1100v fuel cell system joins ReliOn’s E-series product line – the E-200, E-1100 and E-2500 – which provides backup power solutions between 50W and 20kW.  The company has delivered more than 4 megawatts of product at over 1,400 commercial customer sites in the United States and 34 additional countries.  While many of ReliOn’s customers are wireless telecommunication providers, the company also serves markets including wireline telecommunications, government, security, utility communications and transportation networks.

ReliOn products are used for backup power and site hardening in both traditional configurations and as part of a clean technology system integrated with solar and wind power.  ReliOn continues its commitment to certifications and standards with products being tested or certified to stringent standards from CSA, UL, CE, Telcordia NEBS and China TTL Labs.

About ReliOn:

ReliOn’s continuous innovation in core technology has made it a leader in the development and marketing of modular, fault-tolerant fuel cell products for customers seeking solutions to critical backup power applications.  With more than 1,400 sites serving customers in 42 U.S. states and 34 countries, ReliOn customers enjoy the benefits of high reliability, low operating costs and easy maintenance. ReliOn fuel cells…simply powerful.  www.relion-inc.com.

February 29, 2012 - 7:05 AM No Comments

Global Fuel Cell Supply Chain Will Require Major Capital Investment for Growth, According to Pike Research

BOULDER, Colo.–After a long gestation period, the fuel cell industry has reached a significant turning point. To date, the industry has been supported to a very large degree by government-funded R&D and subsidies. Now, however, an increasing number of industries are moving to adopt fuel cells in limited volumes based on economic and business factors. Leading developers are experiencing double- and even triple-digit growth rates (from an admittedly low base). For the industry to move into a period of sustained and healthy growth, the supply chain must become capable of providing high-quality, economically competitive critical components. At the same time, without a growing industry, the supply chain cannot benefit from component standardization, volume manufacturing, and cost reductions. According to a new report from Pike Research, continued growth in manufacturing capacity and further progress down the cost curve will require significant investments in capital equipment over the next several years to support advanced manufacturing processes. As a result, the cleantech market intelligence firm believes that significant attrition will occur in the supply base over the next few years.”

“With total 2011 revenue for the entire fuel cell supply base of only $295 million, the next few years will be a critical time for suppliers,” says research director Kerry-Ann Adamson. “Although we anticipate a certain amount of contraction along the supply chain in the short term, we believe that this will make the industry in general stronger and more resilient, by the 2015-2016 time frame.”

The proton exchange membrane (PEM) fuel cell stack supply chain comprises a mix of privately-held companies with fuel cell-specific expertise developed to serve this market and divisions of large companies that have repurposed existing capabilities for the same reason. Pike Research has identified 70 companies active in the PEM fuel cell stack supply chain, spread relatively evenly across the various components (membranes, bipolar plates, gas diffusion layers, and so on). Overall, 55% of the companies are located in Asia Pacific and Europe, but a number are based in North America as well.

Pike Research’s report, “The Fuel Cell Stack Supply Chain”, focuses on suppliers of the components that make up the fuel cell stack including catalysts, membranes, membrane electrode assemblies (MEAs), gas diffusion layers (GDLs), and bipolar plates (BPPs) for proton exchange membrane (PEM) fuel cells, high temperature PEM (HT-PEM) fuel cells, and direct methanol fuel cells (DMFC). The study includes an evaluation of the market opportunities and key constraints in the fuel cell supply chain, along with an assessment of the key commercial stage companies active in this market. Detailed market size figures and forecasts are included for each component category through 2017, segmented by world region. An Executive Summary of the report is available for free download on the firm’s website.

Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1-303-997-7609.

February 29, 2012 - 6:23 AM No Comments