Intelligent Energy, a Loughborough University spinout that makes hydrogen fuel cells, has completed a potential $22m deal with France-based Société Bic, a company known for its Bic pens.
Through the $22m, Intelligent Energy has acquired the portable fuel cell and disposable fuel cartridge assets of Société Bic. Combined with the fuel cell technology created by Intelligent Energy this acquisition moves the company closer to the mass-market application of fuel cell technology.
Henri Winand, chief executive of Intelligent Energy, said: “This acquisition of BIC’s assets is an important step in realising this vision, and accelerating our roadmap to bring our world class hydrogen fuel cell technology to portable electronic devices everywhere.”
The deal for the technology cost Intelligent Energy $13m on completion with $2m more to be paid once the transition services are completed. A further $7m is to be paid if the company reaches specified financial goals.
Intelligent Energy listed on the London Stock Exchange in July 2014. It trades under ticker symbol IEH.
