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Asian demand for efficiency drives fuel cell expansion
- 12 years ago (2012-03-01)
- Junior Isles
Intelligent Energy Ltd., a UK producer of hydrogen-based fuel cells, said growing demand in Asian for small-scale power generation has allowed it to raise $35 million to finance expansion.
Intelligent Energy raised the majority of its funds from institutional investors in London and private equity firms, according to Chief Executive Officer, Henri Winand. Investors included Artemis Global Energy, Altima Partners LLP and F&C Asset Management Plc.
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The money will primarily fund stationary, distributed energy generation - small-scale power production near the point of use. Asian demand has grown as governments strive for energy efficiency and call for efficient cells at car fuelling stations, as primary and backup power sources for businesses and homes, and in off-grid areas.
“For distributed generation our key market is India, and China is also a growth market,” Winand said. “We are in talks with companies in China at the moment to form partnerships.”
Intelligent Energy currently values the market for stationary power applications at $150 billion. The company’s sales totalled about $20 million in the year through September and are expected to at least double by the end of September 2012, Winand said. .