July 29 (Bloomberg) -- Intelligent Energy Holdings Plc, a U.K. fuel-cell maker that works with Suzuki Motor Corp., signed a two-year “multi-million” pound agreement with a Japanese automotive company.
The agreement will enable Intelligent Energy to further develop its technology for use in vehicles such as cars and motorbikes, the Loughborough, U.K.-based company said today in an e-mailed statement. It declined to name the Japanese company.
“Japan is taking the lead globally in the adoption of fuel cell engine technology for automotive use,” Henri Winand, chief executive officer of Intelligent Energy, said in the statement. “It’s a very exciting place to do business for us.”
The company on July 4 said it raised 55 million pounds ($93.4 million) through an initial share sale on the London Stock Exchange. Its systems use hydrogen to generate clean electricity and they can be employed in portable electronic devices such as laptops, in small-scale district power and heat plants and in vehicles.
Intelligent Energy 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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