The fuel cell developer, which has received funding from investors including defunct Russian oil company Yukos, has secured $63m from Singapore's sovereign wealth fund.
GIC, Singapore’s sovereign wealth fund, has purchased a 10% stake in UK-based, Yukos-backed fuel cell technology developer Intelligent Energy for $63m.
Founded in 2001, Intelligent Energy’s technology is used in a range of clean energy devices including consumer electronics, fuel cell vehicles and stationary energy storage.
Prior to the bankruptcy of its parent company, Russia-based oil producer Yukos, European subsidiary Yukos International invested in Intelligent’s £11.3m ($21m) venture capital round in 2005 alongside British Virgin Islands-based venture firm Evolution Placements.…
