€5m funding for industrial working group led by Intelligent Energy to develop its proprietary 90kW Evaporatively Cooled (EC) fuel cell stack for mass manufacture
Intelligent Energy ('IE') announced today it will lead a pan-European, three year industrial working group known as VolumetriQ consisting of BMW, Daimler and industrial manufacturers Johnson Matthey Fuel Cells, Solvay, ElringKlinger and Pretexo (please see attached)
· This programme is supported by €5 million of funding from the FCH JU. Broadly, the FCH JU is a unique €1.3bn public private partnership focused on the technological development and pre-industrial preparation of fuel cells and hydrogen energy technologies in Europe.
· The industrial grouping and funding is focused on the mass manufacturing readiness of Intelligent Energy's 90kW Evaporatively-Cooled (EC) PEM fuel cell stack, itself a core component of IE's high power "fuel cell engines".
· The programme outputs must meet key criteria, including power density, and achieve standard automotive drive cycle times as well as be suitable for mass manufacturing. This must all be supported by a resilient and quality supply chain.
· The results of this programme will bring a significant opportunity to IE's automotive OEM partners to deliver Intelligent Energy's proprietary 90kW automotive fuel cell architecture in the next generation of Fuel Cell Electric Vehicles (FCEVs).
· By working with credible industry partners to commericialise IE's high power technology, the announcement is typical of the partnerships IE seeks as part of its corporate strategy.
· With recent events in the automotive world focusing both regulatory and public attention, not just on diesel engines, but on the internal combustion engine more broadly, such partnerships underline that Intelligent Energy has, and continuously refreshes, the technology portfolio and manufacturing IP and knowledge required to offer a real alternative to automotive OEMs in an economically efficient and rapid way.
· The announcement of this €5m funding for an industrial grouping follows the very recent announcements by Intelligent Energy of:
o On 1st October 2015: a £1.2 billion deal in India to replace small diesel generators, demonstrating how IE's fuel cell technology is being pulled to market with a volume customer base.
o On 30th September 2015, the £6.5m extension of a joint development programme with one of its existing Asian automotive OEM customers to continue the drive towards commercialisation of Intelligent Energy's fuel cell technology in the customer's product range.
· IE currently serves nearly 25% of the largest global car OEMs (who each make more than 1,000,000 cars a year) allowing those OEMs to leverage IE's technology and intellectual property portfolio.
If you have any questions or would like more information please contact Investor Relations at: ir@intelligent-energy.com
