July 4 (Bloomberg) -- Intelligent Energy Holdings Plc, a U.K. fuel-cell maker that works with Suzuki Motor Corp., raised 55 million pounds ($94 million) in an initial share sale on the London Stock Exchange.
The company, which said on June 27 it planned to raise at least 40 million pounds, sold about 16 million shares priced at 340 pence apiece, according to an e-mailed statement. It raised a further 16.6 million pounds from GIC Pte, Singapore’s sovereign wealth fund.
“It’s really about the cost of capital and there is a lot of newsflow out there going in the right direction for fuel cells and hydrogen,” Henri Winand, chief executive officer of Loughborough-based Intelligent Energy, said today by phone. “For the divisions we have -- motive, consumer electronics and distributed power and generation, it is hitting the sweet spot in terms of growth.”
The shares fell as much as 9.4 percent to 308 pence and traded at that price as of 10.56 a.m. in London.
Demand for fuel cells, which use hydrogen to generate clean electricity, has grown as governments and consumers seek less-polluting sources of power 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.
The company in 2007 partnered with Suzuki to develop a prototype fuel-cell motorcycle. In January, Intelligent Energy said it’s working with Ascend Telecom Infrastructure Private Ltd. to install technology at its telecommunications towers across India.
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