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 based on Loughborough University technology, 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. Yukos’ company’s assets were sold to a range of Russia-based oil producers in 2006 and it is unknown which one inherited its stake in Intelligent Energy.
Intelligent has not revealed its total funding thus far or any of its investors between 2005 and 2014, but press reports indicate it is likely to be have raised more than $200m, and it closed a $51m fundraise as recently as October 2013. It plans to deploy the funding in accelerating development of newly launched company divisions, while retaining greater flexibility in pursuing its business plan.
