Intelligent Energy has raised US$51m to finance the next phase of development for its fuel cell systems.
The money, the most raised since the company started operating, will be used to enable the commercial start-up of its consumer electronics and stationary back-up power systems, the Loughborough, UK-based company said in a statement.
The stationary-power unit will be located in India, it said.
The company’s fuel-cell technology uses hydrogen to generate clean electricity. It can be integrated into portable electronic devices, to generate heat and power for domestic and distributed generation and also in vehicles.
Henri Winand, Chief Executive Officer, said: “We have raised this finance at a time when we are making significant strides in our principal market sectors.”
Intelligent Energy and Suzuki in February last year started a joint venture to develop and make fuel-cell systems for a range of industries including car manufacturing.