Intelligent Energy – the global power technology company founded on Loughborough University research – today announced confirmation of its Initial Public Offering to trade on the London Stock Exchange.
The offer price of 340 pence per share, estimates the total market capitalisation at £639 million ($1.1 billion) – sufficient to qualify for inclusion in the FTSE 250 index. The offer comprises 16,474,251 new and existing ordinary shares, representing 8.76% of Intelligent Energy's issued share capital on admission and raises gross proceeds for the company of approximately £55 million.Intelligent Energy partners bluechips, OEMs and public research programmes, to accelerate the global deployment of clean technology for the automotive, consumer electronics and distributed power and generation markets. An IP rich company with over 25 years in R&D, resulting in over 550 patents (granted/pending), it has a workforce of over 350 and its global headquarters is based on Loughborough University Science and Enterprise Parks.
Intelligent Energy’s milestones include the world’s first fuel cell powered manned flight (2008); spearheading a consortium to bring fuel cell electric black taxis to London (2012); launching Upp™, a personal energy device; and providing cost-efficient clean power for India’s telecom towers (2014).
Dr Henri Winand, Chief Executive Officer of Intelligent Energy Holdings plc, commented:
"I am pleased to be announcing the successful completion of our IPO. We have been delighted with the level of investor support throughout the IPO process and we welcome additional high quality institutions to our share register. With a total capital raised in excess of $120 million, including the exercise of warrants by GIC, we are very well placed to capitalise on the exciting opportunities presented to us in our Consumer Electronics, Distributed Power & Generation and Motive divisions. We are proud to be listing in London, as a home-grown UK technology company that has developed from its origins at Loughborough University."
Professor Steve Rothberg, Loughborough University Pro Vice Chancellor for Enterprise, said: “This is yet another significant milestone for Intelligent Energy, which is a key partner in the thriving Energy cluster of the University’s Science and Enterprise Parks.” He continued: “In recognition of their technology breakthrough, we recently presented Outstanding Contribution to Enterprise Awards to the founding academics Dr Paul Adcock, Philip Mitchell, Jon Moore and Tony Newbold, and our pride in their achievements continues to grow.”