Intelligent Energy Ltd., a maker of fuel cells for cars, businesses and homes that’s working with Suzuki Motor Corp. (7269), raised $51 million to expand.
The money, the most raised since the company started operating, will be used to expand research and development and enable the commercial start-up of its consumer electronics and stationary back-up power systems, the Loughborough, England-based company said today in an e-mailed statement. The stationary-power unit will be located in India, it said.
The company’s fuel-cell technology uses hydrogen to generate clean electricity. It can be integrated into portable electronic devices such as laptops or used to generate heat and power for domestic and distributed generation, small-scale power production near the point of use. It can also be used in vehicles such as cars and motorbikes.
“We have raised this finance at a time when we are making significant strides in our principal market sectors,” Henri Winand, chief executive officer, said in the statement.
Intelligent Energy and Suzuki in February last year started a joint venture to develop and make fuel-cell systems for a range of industries including car manufacturing.
To contact the reporter on this story: Louise Downing in London at email@example.com
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org