Intelligent Energy, which makes zero-emission fuel cells, intends to float on the London Stock Exchange in an offering that would value to company at £600m ($1bn).
Investors have committed to buying a £56m ($95.5m) stake as part of the flotation, valuing the company’s 181 million shares at £3.40 ($5.80) and the company at £615.40m ($1.05bn). It will use some of the money raised as part of the flotation to fund the launch of a new portable energy pack it has developed.
The company, whose fuel cells generate electricity using hydrogen and only produce water as a by-product, has raised funding of $153m since 2005. Its technology can be used to power cars, motorcycles and mobile phones.
The technology’s origins go back to the 1980s and 1990s at Loughborough University, which spun out Advanced Power Sources in 1995. That spin-out then became Intelligent Energy in 2001. The founding academics today own a 4% stake.
The company currently employs 320 people at its factory at Loughborough University’s Holywell Park, with a further 30 staff in the US, India and Japan.
Henri Winand, chief executive, said: “The listing is a significant strategic step for Intelligent Energy and will provide us with the funds to exploit fully the exciting commercial opportunities available to the company.”
