Intelligent Energy raises £8.5m in funding for fuel cell development

June 13 - Fuel Cell Today - Intelligent Energy has secured more funding to enable the further development of its fuel cell applications, it has been reported.

According to the Free Radicals clean technology investment newsletter, Henri Winand, chief executive of the Loughborough-based firm, announced at last month's Essential Cleantech conference in London that investors including Credit Suisse Securities, Black River, Meditor Capital Management and Evolution Placements Corporation have backed Intelligent Energy with a combined £8.5 million in funds.

"I've always been convinced that their technology is ahead of everyone else's in the [proton exchange membrane] sector," commented Alan Walker, manager of the Black River Commodity Clean Energy Investment Fund, on his decision to support Intelligent Energy in Free Radicals.

Intelligent Energy's Environmentally Neutral Vehicle, which is powered by a 1kW fuel cell named CORE, is now set for series production in the second half of this year.