Intelligent Energy Holdings Plc, a U.K. fuel-cell manufacturer that works with Suzuki Motor Corp., received $63 million from Singapore’s sovereign wealth fund to expand in consumer electronics.
Intelligent Energy sold about 15 million new ordinary shares to wealth fund GIC Pte at 2.50 pounds ($4.12) apiece, the company said today in an e-mailed statement. The proceeds will finance growth in both electronics and Indian power generation.
“GIC sees long-term value in Intelligent Energy’s technology being deployed across a range of markets and applications,” Jason Triplitt, head of European equities at GIC Asset Management Pte Ltd., said in the statement. The investment gives the manufacturer “flexibility,” according to the filing.
Demand for fuel cells, which use hydrogen to generate clean electricity, has grown as consumers seek less-polluting sources of power and governments study ways to boost energy efficiency amid rising consumption. The cells can be employed in portable electronic devices such as laptops or in small-scale district power and heat plants. They’re also used in cars and motorbikes.
Intelligent Energy, based in Loughborough, England, said in January it’s working with Ascend Telecom Infrastructure Private Ltd. to install technology at its telecommunications towers across India.