Intelligent Energy Ltd, a fuel cell technology company, says it plans to float on the Alternative Investment Market via a placing to raise between 40-60 mln stg.
The company is involved in commercializing energy services in hydrogen generation, fuel storage and power generation using proton exchange membrane (PEM) fuel cell technology.
The proceeds will used to expand the group's existing and pipeline partnering activities and technology platforms and to allow further strategic acquisitions of intellectual property rich companies.
Chief executive Harry Bradbury said: "Our competitive advantage — a broad technology portfolio and ability to partner with major corporates and governments — is proving successful, enabling us to address energy needs across a wide range of markets. An AIM listing will be an important step forward in our ability to maximise the value creation opportunities ahead."
JP Morgan Securities Ltd is acting as nominated adviser and sole book runner of the placing and admission and as joint broker with Evolution Beeson Gregory Ltd.
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